Gitanjali buys retail division of Renaissance Jewellery

Gitanjali Gems has bought the retail business of Renaissance Jewellery, and with it the company's sterling silver jewellery brand Lucera.The retail distribution currently includes nine exclusive stores and 32 shop-in-shop outfits, with another 250 outlets planned across the country by 2010, at an investment of RS.35 crore. Renaissance Jewellery is now keen to focus most of its strategies in exports. It aqcuired US-based jewellery wholesaler JBR Inc. for $40 million.