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Mehul Choksi Gitanjali
Gitanjali Edges Toward Liquidation
Gitanjali Gems, whose chairman is a suspect in India’slargest bank fraud, is expected to go into liquidation, after its lendersrejected a recovery plan.Creditors voted by a 54% majority on March 28 not to extend Gitanjali’s “corporate-insolvency resolution process,” a six-month window during which...
Financial-Legal Apr 18, 2019 Rapaport News
Samuels Jewelers
Samuels Jewelers Files for Bankruptcy
Alleged Indian fraudster Mehul Choksi’s US jewelry chain hasfiled for Chapter 11 protection, according to court papers. Samuels Jewelers has brought in liquidators to begin sellingits assets so it can pay off debt, theTuesday filing at the District...
Retail Aug 08, 2018 Rapaport News
India
India Trade Looks to Ease Banks’ Concerns
India’s diamond industry is working to produceguidelines for banks to reduce their risks when lending to the trade. The nation’s Gem & Jewellery Export Promotion Council (GJEPC) has beencollaborating with the government and lenders...
Financial-Legal May 01, 2018 Joshua Freedman
Gitanjali 150
Gitanjali Loses Sightholder Status
De Beers has terminated the sightholder status of Gitanjali Gems following fraud allegations against the Indian jeweler’s managing director,Mehul Choksi. De Beers took the decision in February, meaning Gitanjalican no longer make any purchases from...
Financial-Legal Apr 16, 2018 Joshua Freedman
Gitanjali Chief Tells Staff to Find New Jobs 150
Gitanjali Chief Tells Staff to Find New Jobs
Gitanjali Gems managing director Mehul Choksi has told the company’s employees to look for another job, as asset seizures have made it impossible to pay salaries, The Times of India reported.Indian authorities are investigating Choksi...
Financial-Legal Feb 25, 2018 Rapaport News
India Bank Allegations Widen 022118 150
Investigation into $1.8B Jewelry Fraud Intensifies
Indian authorities have reportedly arrested five senior executivesat Nirav Modi Group and Gitanjali Gems as investigations continue into amassive fraud case involving the two companies.Punjab National Bank (PNB) has alleged the...
Financial-Legal Feb 21, 2018 Joshua Freedman
gitanjali
Sales and Profit Jump for India’s Gitanjali
Gitanjali Gems’ revenue grew 19% to $2.58 billion (INR 165.73billion) in the fiscal year that ended March 31, the Indian jewelry retailer reported.Diamond sales jumped 20% to $599 million (INR 38.54 billion)for the...
Retail Jun 15, 2017 Rapaport News
gitanjali
Gitanjali Slides on Weak Diamond Sales
Gitanjali Gems’ share price slumped last week after theIndian jeweler reported a drop in sales and profit for its fiscal third quarter,which ended December 31, 2016. The company, one of India’s largest jewelry...
Retail Feb 20, 2017 Rapaport News
gitanjali
Gitanjali’s Sales and Profit Jump
Gitanjali Gems’ revenue and profit soaredin the first fiscal quarter as higher jewelry sales outweighed a dip in diamondrevenue.Group sales on a consolidated basis grew 30percent to $553.5 million (INR 37.1 billion) in the three months that...
Retail Sep 21, 2016 Rapaport News
Gitanjali store
Gitanjali Profit +51% as Jewelry Outpaces Diamonds
Gitanjali Gems,one of India’s largest jewelry retailers, said revenue and profit surged in thepast fiscal year driven by a strong performance in its jewelry division whileits diamond revenue slid. Group salesjumped 22 percent to $2.08 billion (INR...
Retail May 31, 2016 Rapaport News
gitanjali
Gitanjali’s 3Q Revenue, Profit Dip on 20% Drop in Diamond Sales
India-based Gitanjali Gems reported revenue declined 1.5 percent yearon year to $499 million (INR 34 billion) in the third quarter that endedDecember 31 as a slump in diamond sales outweighed an increase in jewelryrevenue.The company sold diamonds worth $120.1...
Retail Feb 14, 2016 Rapaport News
gitanjali
Gitanjali’s 2Q Profit Soars as Revenue Surges 40%
Gitanjali Gems reported revenue surged 40 percent to $520.5million (INR 34 billion) in the second quarter, helped by large sales hikes in India and in itsjewelry division.Profit soared 113 percent to $6.2 million in the threemonths to September 30, the...
Retail Nov 09, 2015 Rapaport News
US Patent and Trademark Office logo
Rosy Blue Jewelry, Gitanjali Gems Receive New Brand Trademarks
The U.S. Patent & Trademark Office (USPTO) assigned the trademark ''Harmony Eternally In Love'' to Rosy Blue Jewelry Inc. of New York on November 12, with the registration number 4433334.Rosy Blue filed for the...
Financial-Legal Nov 19, 2013 Jeff Miller
samuels jewelers
Gitanjali Gems FY Sales +27%, Profit +21%
Gitanjali Gems Ltd. reported that group sales rose 27 percent year on year to $2.9 billion (INR 164 billion) during its financial year that ended on March 31. Strong sales were noted for gold...
Financial-Legal May 28, 2013 Ricci Dipshan
Gitanjali
Gitanjali's 3Q Sales +27%, Profit +34%
Gitanjali Gems Ltd. reported that group sales rose 27 percent year on year to $809.5 million (INR 43.55 billion) during its third fiscal quarter that ended on December 31, 2012. Strong performances at its jewelry...
Retail Feb 14, 2013 Dilipp S Nag
Gitanjali
Gitanjali's 1Q Sales +31%, Profit +21% to $27M
Gitanjali Gems Ltd. reported that sales rose 31 percent year on year to $612.1 million (INR 33.85 billion) during its first fiscal quarter that ended on June 30, 2012. Growth was driven by the strong...
Retail Aug 13, 2012 Dilipp S Nag
Gitanjali
Gitanjali's 4Q Sales +47%, Profit +8% to $19M
Gitanjali Gems Ltd. reported that group net sales rose 47 percent year on year to $642.5 million (INR 35.32 billion) during its fourth fiscal quarter that ended on March 31, 2012. Growth was driven...
Retail May 22, 2012 Dilipp S Nag
Gitanjali
Gitanjali Forms Jewelry Firm in Singapore
Gitanjali Gems Ltd. established a Singapore-based jewelry retail and distribution company with the mission of expanding its business in the country and throughout the Far East region. Leading Singapore Jewels Pte. Ltd. was...
Retail Mar 14, 2012 Dilipp S Nag
Gitanjali
Gitanjali Acquires Japanese Jewelry Firm
Gitanjali Gems Ltd. has acquired Leading Jewels of Japan K K for an undisclosed amount with the aim to expand its business in Japan and the adjoining region. The deal was made through Gitanjali’s Aston Luxury...
Retail Mar 06, 2012 Dilipp S Nag
Gitanjali
CRISIL: ‘Good’ Fundamentals for Gitanjali
CRISIL Research has assigned a fundamental grade of ''3/5'' to Gitanjali Gems Ltd. The grade indicates that the company’s fundamentals are ''good'' relative to other listed equity securities in India, it explained.The researchers noted that the...
Manufacturing Feb 24, 2012 Dilipp S Nag
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