Gitanjali Group to set up Rs 636 crore Jewellery Park at Odisha

By

Maverick Martins

Published
Dec 5, 2017

India’s luxury firm Gitanjali Group under its subsidiary Gitanjali Infratech Ltd is planning to invest Rs 636 crore (approx $99 million) to set up a park in Odisha that will process jewellery and luxury goods.
 

The company has already got the nod from the Odisha government to set up the park that will have an area of 100 acres of land at Ramdaspur near Cuttack.
 
Gitanjali Group is expected to generate large scale employment in the area as it looks to scale up its jewellery production to further boost its revenue and profits.

Gitanjali Gems Limited profits climbed 40 percent to Rs 64 crore ($9.8 million) in the July-September period of the 2017-18 fiscal, however its sales revenue saw a marginal decline to Rs 3902 crore (approx $597 million).
 
The proposed components in the park include precious and semi-precious diamond cutting, diamond polishing, designing and manufacturing of gold, silver, platinum and diamond jewellery, manufacturing of fashion jewellery, manufacturing of life style products, retail centres and export houses.
 
The company is expected to bring in its associates and promoters like Asmi, Nakshatra, GILI, Sangini, Nirvana, Kairana, Valente and Viola to the park.
 
Sanjeev Chopra, Principal Secretary, Department of Industries, Government of Odisha, confirmed the news and told the Hindu, “The Park will include processing technologies for cutting and polishing diamonds, precious and semi-precious stones, manufacturing of gold, silver, platinum and imitation jewellery.
 
“The park will expected to generate employment opportunities to the locals in the area over the years,” he added.
 
The project is expected to create around 15000 employment opportunities in the jewellery sector post completion of the park.
 
Gitanjali Group is one of the world’s largest branded jewellery retailers and has more than 4,000 points of sale in India. It also has stores in the US, China and Japan, along with presence in Europe and West Asia.