De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Richemont Buys Buccellati in Private Deal
The luxury conglomerate acquired the 100-year-old Italian jeweler, adding to a portfolio that already includes brands like Cartier and Piaget.
Geneva—Richemont has acquired Italian jewelry brand Buccellati from privately held conglomerate Gangtai Group Corporation Ltd. for an undisclosed amount, the company announced Friday.
Richemont Chairman Johann Rupert described the Milan-based brand as “one of the few maisons in the dynamic branded-jewelry market that is complementary to our existing jewelry maisons in terms of style, origins and craftsmanship.”
The luxury conglomerate’s brand portfolio includes Cartier, Van Cleef & Arpels, Piaget, Montblanc, Vacheron Constantin, Jaeger-LeCoultre and Baume & Mercier.
Founded in 1919 by Mario Buccellati, the company said it handcrafts its jewelry in four in-house workshops located throughout Italy, using techniques dating back to the Renaissance. In addition to jewelry, Buccellati, which recently celebrated its 100th anniversary, also designs watches and silverware.
Richemont reportedly had been in talks with Italian private equity firm Clessidra to acquire the company back in 2016, as per a Reuters report, but was unable to reach a deal.
Instead, Gangtai Group acquired an 85 percent stake in the jeweler for an estimated $282 million.
Sources told Reuters in October 2018 that Richemont was again in talks to buy Buccellati after restrictions on investments abroad led to difficulties with Gangtai’s investment.
The private transaction closed Sept. 26.
Richemont said it does not expect the transaction to have a material financial impact on its consolidated net assets or operating results for the fiscal year ending in March.
Buccellati’s quarterly results will be reported under Richemont’s jewelry maisons business area.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.