Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
De Grisogono to Cut Jobs Amid Disappointing Sales
The Swiss jewelry brand could eliminate up to 41 positions as its high jewelry faces “challenging conditions” in key markets.
Zurich, Switzerland--Swiss jewelry brand De Grisogono plans to cut as many as 41 jobs as sales of its high-end pieces have disappointed.
According to a recent report from Reuters, the company will eliminate 31 positions in Switzerland—out of 104 total, about 30 percent of its staff—as well as up to 10 others globally amid “challenging conditions in some key markets,” Reuters said.
The news story also noted the brand will scale back production capacity to reflect the atmosphere and focus on more affordable fine jewelry.
De Grisogono did not respond to a request for confirmation on the Reuters report by press time.
Founded by Fawaz Gruosi in 1993, De Grisogono reportedly is majority-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 former Angolan president came under fire during his tenure for naming family and allies to top business and government posts, and his family’s wealth was often constrasted with the dire poverty of the majority of the country’s citizens.
The reported connection between the Dos Santos family and De Grisogono had gem explorer and dealer Yianni Melas calling for a boycott of the brand across social media and going on a hunger strike in Geneva, Switzerland just as Christie’s was set to auction a De Grisogono necklace featuring a 163.41-carat flawless, D color diamond sourced in Angola.
The necklace sold, though the final buying price—$33.7 million—had some calling the result disappointing and speculating that the high end of the diamond market was struggling.
In late 2017, Angolan state-owned diamond company Sodiam, a subsidiary of national mining company Endiama, divested its stake in the brand as part of new President Joao Lourenco’s goal to distance the country from the business interests of his predecessor’s family.
The Latest
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.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
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.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.