A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Angolan State-Owned Diamond Co. Backs Out of De Grisogono
Sodiam said it is divesting a stake in the Geneva-based brand for “reasons of public interest and legality.”
Luanda, Angola--An Angolan state-owned diamond company is pulling its investment in a Swiss jewelry company with ties to the country’s former first family.
Bloomberg reported Tuesday that Sodiam, a subsidiary of Endiama, the country’s national mining company, announced it would divest its stake in Geneva-based De Grisogono after a board meeting Dec. 1, saying it was doing so for “reasons of public interest and legality.” It did not give details on how the transaction would be completed.
De Grisogono reportedly is controlled by Sindika Dokolo, the husband of Isabel Dos Santos, the daughter of former Angolan President Jose Eduardo dos Santos and the richest woman in Africa, according to Forbes.
The move from Sodiam comes as newly elected Angolan President Joao Lourenco aims to distance the country from the business interests of his predecessor’s family. He has removed Isabel as head of Sonangol, Angola’s state oil company, and announced plans to auction a new telecoms license to compete with Unitel SA, which she controls.
Though De Grisogono doesn’t normally comment on its ownership structure, Marketing Director Gianluca Maina sent the following statement to National Jeweler via email following Sodiam’s announcement.
“Following a recent change in their leadership, Sodiam, a minority shareholder, has announced its intention to exit as an investor in De Grisogono,” he told National Jeweler via email. “This decision won’t have any impact on our majority shareholders who have reconfirmed their continued commitment to our brand and its future and we continue to have strong financial support.”
He added that over the last four years, De Grisogono has increased marketing investment in the brand, added diamond products, moved to a new headquarters and opened new boutiques to expand its international footprint. “As a result De Grisogono today is stronger than ever--with more visibility, better boutiques and incredible stock--and we are starting to reap the benefits of this investment.”
De Grisogono’s connection to Angola’s former first family led gem explorer Yianni Melas to go on a hunger strike recently in Geneva, where he was boycotting not only the brand but also Christie’s auction of the “The Art of De Grisogono, Creation I,” a necklace featuring a 163.41-carat flawless, D color diamond at center that was mined in Angola.
Melas has been calling for a boycott of the brand since this spring, using his his Instagram account to help raise awareness.
When the necklace sold for $33 million (including buyer’s premium),
The low amount of the donation spurred Melas to continue his hunger strike in Athens, eventually extending it to a total of 30 days to represent the total the necklace sold for (minus buyer’s premium), he told National Jeweler. He has two days remaining.
The Latest
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Ho Brothers offers scalable solutions for the future of custom jewelry.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.