Both De Beers and a US-based buyout fund have separately expressed interest in acquiring a 51% stake in Rajesh Exports, an Indian retailer and jewelry producer.

The Economic Times quoted the current owners of 61.5% of the company as laconically saying that there is currently a lot of interest in the company.

According to industry sources, the De Beers move is linked to its interests in jewelry retailing in India. Reportedly, Rajesh Exports, which deals predominantly in gold jewelry, is about to launch into the area of diamonds.

Rajesh Exports caught international attention in 2004 when its revenues leaped more than 13 times during that year, reaching Rs 3,000 crore.