Gitanjali Gems taps Saudi retail market

Gitanjali Gems has entered into a MOU for a 50:50 joint venture with Sulieman Al Othaim of Saudi Arabia, one of the leading retail chains in the Middle East. The joint venture will facilitate the entry of the company into the mainstream retail segment in Saudi Arabia leveraging Sulieman Al Othaim's chain of specialty stores across the region.

The company will market and distribute new jewellery brands such as Rayana, La Baguette and Hart to Hart for the local market and Indian brands like Nakshatra, Asmi and Sangini. Apart from this, these brands would also be marketed through other independent retail chains.

The stock has gained 0.61% at Rs213 on volumes of over 1,474,000 shares on the BSE.