The announcement coincided with its full-year results, with growth driven by its jewelry brands.
De Grisogono Files for Bankruptcy in Switzerland
The luxury jewelry house wasn’t able to secure a buyer despite talks lasting several months.
Geneva—De Grisogono, the luxury jewelry house caught up in a corruption investigation in Angola, has filed for bankruptcy in Switzerland.
According to a Jan. 29 company statement provided to National Jeweler, De Grisogono has spent the last several months looking for a buyer but came up empty, forcing the company to file for bankruptcy by cause of insolvency.
“Without financial support from the current shareholders and without a new investor, unfortunately, the company cannot continue as a going concern,” the statement reads.
If its bankruptcy filing is accepted, De Grisogono said all 65 of its employees in Switzerland will be let go.
The statement did not address the future of its stores—De Grisogono has 13 of its own boutiques as well as a presence in 101 retailers across the world, according to its website—or its jewelry inventory.
The news comes just after an investigation by the International Consortium of Investigative Journalists and 36 media partners was made public alleging De Grisogono was a vital part of a money-laundering scheme that funneled billions of dollars from the Angolan government into the pockets of members of the former first family.
“Luanda Leaks,” as it has been dubbed, laid out allegations that Isabel dos Santos—the billionaire daughter of former Angolan president José Eduardo dos Santos—her husband Sindika Dokolo and their intermediaries built an empire comprised of more than 400 companies and subsidiaries to launder the funds.
This included Dokolo allegedly partnering with Angolan state-owned diamond firm Sodiam to create a Malta-based company that allowed them to buy a stake in De Grisogono and then pump millions in government money into the brand.
Dos Santos and Dokolo have been named as suspects in an investigation into corruption by Angola’s prosecutor, and an Angolan court has frozen her assets.
Both have repeatedly denied their wrongdoing or receiving any profits from their political connections.
According to British newspaper The Guardian, dos Santos also made a statement last week, just days after the release of the Luanda Leaks report.
It reads in part: “The allegations which have been made against me over the last few days are extremely misleading and untrue. We will seek to clarify our position in relation to the latest accusations … This is a very concentrated, orchestrated and well-coordinated political attack, ahead of elections in Angola next year.”
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.