Sotheby’s created an Instagram filter for the crown, estimated to sell for up to $1.5 million.
Quality Gold Buys Chicago Supplier NAJ
North American Jewelers Inc. is known for bridal and special occasion diamond jewelry and will help Ohio-based Quality expand its engagement ring business.
Fairfield, Ohio--Here comes a lot more bridal for Quality Gold Inc.
The Fairfield-based manufacturer announced last week that it has acquired North American Jewelers Inc. (NAJ), a Chicago-based supplier of bridal and special occasion diamond jewelry.
As part of the deal, Quality Gold also now owns Steckbeck Jewelry Pvt. Ltd., NAJ’s wholly owned subsidiary and manufacturing facility in Mumbai that opened in 2003.
Terms of the deal were not disclosed.
NAJ and Steckbeck CEO Kurt Steckbeck will move over to Quality Gold, becoming the company’s product development director for diamond jewelry and becoming part of the transition team that introduces new bridal lines in the coming year.
The Steckbeck Jewelry management team in Mumbai will remain intact.
NAJ’s Chicago-based operation eventually will migrate to Quality Gold’s corporate headquarters in Fairfield, which is located near Cincinnati.
It was not immediately clear at press time how many, if any, NAJ employees will make the transition.
The purchase of NAJ, a now 30-year-old company, marks a big expansion in the bridal market for Quality Gold, as NAJ has stocked bridal styles as well as CAD and custom design services.
Commenting on the acquisition in a company release, Quality Gold CEO Michael Langhammer said, “I have tremendous respect for the business Kurt has built and the product his factory makes. They have well-made product and a loyal retailer base … Quality Gold will continue where NAJ left off.”
He went on to state that, “Kurt has created ‘Diamond Programs’ for all size retailers. He knows the best-selling styles, he’s been part of sales meetings and negotiated with designers to meet price points. His experience creating customized displays and just-in-time inventory for finished diamond product are all assets to the role he’s assuming at Quality Gold. Quality Gold will benefit from him sharing knowledge as we grow our bridal business together.”
Quality Gold was founded in 1979 and, in addition to its headquarters in Ohio, has operations in Toronto, Arezzo, Italy and Mumbai. It serves more than 23,000 jewelers in the United States and Canada.
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