Calcutta, Oct. 8: The Rs 4,000-crore branded diamond and gold jewellery maker, Gitanjali Group, is looking at acquisitions in the US and China.

After jewellery brands, Gitanjali is planning to bring luxury apparel brands in the country and is negotiating with some of them for contract manufacturing at its special economic zones (SEZs).

Mehul Choksi, chairman, Gitanjali Group, said, “US is a mature market for branded jewellery and inorganic growth options can be pursued quickly.”

Last November, Gitanjali acquired Samuels Jewelers, a $100-million outfit with a chain of 100 stores in the US.

“We are on the look out for companies of similar size with revenues of $100 million and more,” Choksi said.

Gitanjali plans to increase the number of stores in the US to 250 by the end of the fiscal at an investment of over Rs 150 crore.

It is in the process of deciding whether to expand the Samuels brand or introduce its own overseas brand Giantti.

In China, Gitanjali already owns 25 stores and is looking at expanding its presence either inorganically or through Giantti.

Gitanjali, which has six SEZ projects in the country, exports diamonds worth Rs 2,000 crore.

It is set to invest Rs 1,000 crore in its SEZ facilities across the country. In contract manufacturing, it is keen on jewellery-related lifestyle products such as watches.

“In the age of outsourcing there is no reason why if we have state-of-the-art infrastructure in place, luxury watches cannot be made in India,” Choksi said.

For its lifestyle mall in Calcutta, the group will bring Nina Ricci, Moschino and Roberto Cavalli brands.

Choksi also met Bengal commerce and industry minister Nirupam Sen today and expressed his intention to set up an SEZ in the city for gems and jewellery.

The group will invest Rs 2,000 crore in Bengal over the next five to seven years.

Gitanjali has taken up three lakh sq feet in the Mani Kanchan SEZ and 80,000 sq feet for the lifestyle mall in the Bengal Peerless Axis Mall in New Town, Rajarhat.

It is also setting up a training institute in gems and jewellery in Calcutta.