The company made this announcement after market hours on Thursday, 16 August 2012.

Meanwhile, the BSE Sensex was down 13.21 points or 0.07% to 17,644.

On BSE, 3.90 lakh shares were traded in the counter as against average daily volume of 3.74 lakh shares in the past one quarter.

The stock hit a high of Rs 355.80 and a low of Rs 349.15 so far during the day. The stock had hit a 52-week high of Rs 443.40 on 13 March 2012. The stock had hit a 52-week low of Rs 286.20 on 30 December 2011.

The stock had outperformed the market over the past one month till 16 August 2012, surging 10.49% compared with the Sensex's 3.24% rise. The scrip had also outperformed the market in past one quarter, jumping 13.08% as against Sensex's 10.15% surge.

The jewellery retailer has equity capital of Rs 92.06 crore. Face value per share is Rs 10.

Gitanjali Gems said the acquisition of 15.3% stake in Verite Co. in Japan will provide supply chain synergies to the Group. This stake will also increase the presence of the Gitanjali group in one of the leading diamond jewellery markets of the world, Gitanjali added.

Verite Co. is a listed entity on the Tokyo Stock Exchange and operates a network of 101 jewellery retail stores in Japan.

Gitanjali Gems' consolidated net profit rose 20.9% to Rs 148.98 crore on 31.4% growth in net sales to Rs 3384.73 crore in Q1 June 2012 over Q1 June 2011.

Gitanjali Gems is one of the leading players in the Indian jewellery space.