News Summary

MIDDLETOWN — Middletown-based Rogers Ltd. Inc. has been acquired by a large international jewelry wholesaler based in India that wants to get into the retail market in the United States.

The acquisition by Gitanjali Gems Ltd., a Mumbai, India-based firm was announced Monday in Mumbai and in Middletown. Terms of the acquisition were not been disclosed.

Rogers operates 46 retail jewelry stores in 11 states with annual revenues exceeding $80 million. When measured by the number of retail locations, it is the nation's 21st largest specialty retailer of fine jewelry.

The company operates in regional shopping malls and lifestyle centers located primarily in the Midwest and North Central U.S. and has about 600 employees companywide, according to Rogers' spokeswoman Mary Kuramoto.

She said that 88 employees work at Rogers' Middletown headquarters.

Rogers' former CEO and now chairman emeritus, Jeffrey Lazarow, said, "Gitanjali's acquisition of Rogers Ltd. will allow the Rogers organization to more aggressively compete into today's marketplace. Gitanjali's ability to source diamonds and branded jewelry directly to Rogers will enable Rogers to provide more value and an even broader selection for our consumers."

Kuramoto said the company will be a wholly owned subsidiary of Gitanjali and will keep the Rogers name as well as the Andrews Jewelers name under which it operates in other locations.

She said the company has been in Middletown since 1920 and was purchased by the Lazarow family in 1949.

"At this point, it's business as usual and we're coming to work each day," Kuramoto said. "We expect to have a great holiday season."

Kuramoto described the acquisition as "a win-win situation" and that Gitanjali "was very impressed" with Rogers' operation.

"This will allow Rogers to access product that we were not able to get into and it will provide a wider selection of product for our customers," Kuramoto said. "It's a really good opportunity and we're all pleased about it."

The acquisition of Rogers is one of many acquisitions that Gitanjali Gems has completed in the U.S. retail market in the last 12 months. Gitanjali desires to build its retail presence by owning and operating traditionally strong retail brands such as Rogers. The Rogers stores will continue to operate under the brand of Rogers.

Nehal Modi, CEO of Gitanjali U.S.A. Inc., said that "the industry is prime for integration and we viewed this opportunity with Rogers' market presence and management talent as an ideal complement to our ongoing operations in the United States. The combination of Gitanjali's extensive industry resources with Rogers' strong market position provides an exciting and unique opportunity for all of those associated with Gitanjali and Rogers."

About Rogers Jewelers ...

Started in Middletown in 1920; Purchased by the Lazarow Family in 1949.

Number of Stores: 46 in 11 Midwest and North Central States operating under the Rogers and Andrews brand names. The company sells fine jewelry items in a wide range of styles and prices, with a principal emphasis on diamonds and gemstones. Rogers services the middle and upper-middle market segment and carries not only nationally branded designs, but also their own designs.

Number of Employees: More than 600, including 88 at its Middletown corporate offices.

Annual Sales: Exceeds $80 million.

Gitanjali Gems

Headquartered in Mumbai, India. Gitanjali Gems Ltd., is one of the largest integrated diamond and jewelry manufacturers and retailers in India. Its operations include sourcing of rough diamonds from primary and secondary source suppliers in the international market, cutting and polishing the rough diamonds for export to its international markets, and the sale of diamond and other jewelry through Gitanjali's retail operations in India, as well as in international markets.

The company exports its cut and polished diamonds, and its diamond and other jewelry products to various international markets including Antwerp and Italy, the United States, the Middle East, as well as to markets in Asia, including Japan, China, Hong Kong and Thailand.

Gitanjali sells its branded diamond and other jewelry products in India through its network of approximately 800 outlets. Gitangali's presence in the USA includes Samuels Jewelers, a leading retail chain operation, Tri-Star Worldwide, a marketer of the Canadian brand, and affliliates JMC and Diamlink, which sell products to independently operated stores as well as to retail chains.

Source: Rogers Ltd. Inc.

Contact this reporter at (513) 705-2871 or erichter@coxohio.com.