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Gitanjali takes full control of Nakshatra
MUMBAI: Mehul Choksi�s Gitanjali Gems, an integrated diamond and jewellery maker cum retailer, has acquired Diamond Trading Company�s stake in Nakshatra. Gitanjali will now own full ownership of the premium jewellery brand. It earlier held a 33% stake.
The buyout is expected to cost between Rs 150 crore and Rs 200 crore, said sources. An official announcement is likely to be made on Tuesday.
When DNA Money contacted Choksi on Monday, he confirmed the Nakshatra acquisition. He, however, declined to give the deal size.
Simultaneously, Gitanjali, in a strategy to vertically integrate the business, has acquired Brightest Circle Jewelry. Brightest makes, distributes and sells diamonds and other jewellery products.
The Gitanjali chairman�s recent moves reveal his bullish confidence on the jewellery sector and his company Gitanjali. More>>
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After the Deluge
Basically, the industrialized world has exported the most cyclical parts of its economy to the developing world. It's not surprising those countries would be hurt. Gabelli: Gross world product is around $40 trillion. The U.S. is $12 trillion, and you see 1% to 2% growth. Japan is $5 trillion. The CRIB countries -- China, Russia, India and Brazil -- are almost 10%, and they are growing at 8% or 9%. For the next 12 to 18 months, there's enough momentum to keep global growth going. Hickey: But the U.S. consumer is 19% of the world economy. Gross: If U.S. growth drops toward zero, the rest of the world will be affected. But the most affected economies are the finance-based economies -- the ones that depended upon financial engineering. The U.S. is the prime culprit, and the U.K. More>>
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Daily Blabber Celebrity Gossip Blog from iVillage Entertainment
Personally, I think she should be banished from the music world for mispronouncing rock legend David Bowie's name when she read the Grammy nominations. Then again, it's not like she's truly a musician... she's more of a lip-syncing little troll. Tracy: Give me break! In a world of pop music tartlets, Avril is one chick who has her head on straight. She does what she wants and makes no apologies -- I find that admirable. She's managed to have a successful career without slutting around Hollywood and is, spitting aside, a strong role model for young girls.
Suzy: Check out this lovely collection of photos -- all pics of that twit totally intoxicated. Boozing, nuzzling other girls, flipping the bird, falling over... I don't know who your role models are, but I seriously question how this untalented urchin can make your list. More>>