TanzaniteOne names first Chinese sightholder
September 17, 2013
Bermuda--Chinese retailer Chow Tai Seng is now a TanzaniteOne sightholder, and will sell polished tanzanite stones through its 2,200 jewelry stores in the People’s Republic of China.
The agreement brings TanzaniteOne’s sightholder count to eight. The other sightholders are: AG Color Inc., Colorjewels, Intercolor, KGK Gems, KL Tambi, Rare Multicolor Gems and STS Jewels Inc.
Chow Tai Seng is TanzaniteOne’s first Chinese sightholder. Its other sightholders are based out of New York and India.
The retailer also is TanzaniteOne’s first “polished” sightholder, meaning they will receive cut and polished tanzanite, as opposed to rough gems.
The sightholder agreement is designed to allow for the creation of a large-scale stone supply channel into the “booming” Chinese colored gemstone market, TanzaniteOne said.
TanzaniteOne’s partnership with Chow Tai Seng gives it a foothold with a major retailer in a growing market for luxury goods.
China is the world’s most populous country, home to more than 1.35 billion people. The retailer’s 2,200 stores mean that it is bigger than either of the United States’ two largest jewelry chains, Zale Corp. and Sterling Jewelers Inc., which operate about 1,700 and 1,400 locations, respectively.
“Chow Tai Seng is one of the world’s most dynamic jewelry companies and I am delighted by today’s agreement that allows (TanzaniteOne parent company) Richland to expand its production into such a high-growth luxury goods market,” said Bernard Olivier, CEO of Richland Resources.
TanzaniteOne is a fully owned subsidiary of Richland Resources, which also holds prospective assets in sapphire, tsavorite and graphite. TanzaniteOne’s stores originate from the single source of the gemstone, in the foothills of Mount Kilimanjaro in Tanzania.