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Gitanjali Gems to set up JV with Dubai co
MUMBAI |
MUMBAI (Reuters) - Diamond and jewellery maker Gitanjali Gems Ltd said on Wednesday its unit will set up a joint venture with Dubai's Damas LLC for retail trading of jewelleries and related accessories.
Damas LLC has received an approval from the Foreign Investment Promotion Board for setting up the JV, Gitanjali said in a statement to the Bombay Stock Exchange.
Gitanjali Gems sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India
Ahead of the announcement, shares ended down 2.5 percent at 128.75 rupees in a firm Mumbai market.
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