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Press Release: Gitanjali Gems Ltd. announced the merger of Gems London Co. Ltd. with Tokyo-based Imacbc Co. Ltd. Gitanjali Gems held 30 percent stake in Gems London through its Hong Kong-based wholly owned subsidiary, Aston Luxury Group Ltd. Gems London is one of the largest sellers of jewelry through its TV channel, Gems TV in Japan with revenue for the fiscal year exceeding $90 million. The merger took place on April 1, after which Imacbc shall become a completely integrated company -- from sourcing raw material from Thailand and China and manufacturing in two facilities in China, to retailing in Japan. In addition to selling through Gems TV, Imacbc plans to expand its existing jewelry retail network in Japan. The combined revenue of this consolidated business is expected to more than double in next two years. Imacbac will become the only company in Japan with capabilities to both manufacturer jewelry products and sell them through its own television shopping channel. The integration will shorten lead and response times and allow for business efficiencies throughout the jewelry value chain. The strong base that will emerge will enable the company to develop its business rapidly as it will have the ability to address customer demand in the Japanese market most effectively and efficiently. The business structure will obtain strong competitive advantages from this consolidation and will be of significant relevance to the company’s operations in the global marketplace. Japan is the third largest diamond jewelry market in the world and it offers immense potential to add value to Gitanjali's vertically integrated model.
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