Financial details were not disclosed
MUMBAI: Rapaport Group, a New York-based network providing services to the diamond industry, has bought 50% stake in The Art of Jewellery, a domestic diamond trade magazine. Financial details were not disclosed..
Sumesh Wadhera, CEO, The Art of Jewellery, told DNA Money: “India is a happening market and Rapaport is a world leader in this industry. They wanted to get into India. For us, Rapaport would bring with them their expertise in a number of areas as also marketing support. Together, we will strive to provide world class information and services to the Indian gem and jewelry trade”
“Both are privately held companies, so we wouldn’t want to comment on the financial details of the deal.” Martin Rapaport, who will be appointed chairman of the board, said, “The Indian gem and jewellery sector is one of the fastest growing markets in the world. This investment is a sign of our long-term commitment to India’s jewelry sector.”
The Indian company will retain its brand identity and will operate independently of the Rapaport Group. The company, which will expand into Surat, Kolkata and Chennai will also introduce a number of trade shows as well as provide online information services. The Art of Jewellery currently organizes the SIJS jewellery trade event and gold shopping festivals in South India in association with World Gold Council.
n_john@dnaindia.net
