Publicly listed Indian manufacturer Renaissance Jewellery has acquired New York City–based Jay Gems, the parent company of Jewelmark, Simply Diamonds, and the Enchanted Disney Fine Jewelry brand, for $26 million.
Renaissance is also the parent company of jewelry manufacturer Verigold.
The acquisition, which was completed in early August, was officially conducted by the company’s U.S subsidiary, Renaissance Jewelry New York.
According to a Renaissance statement, Jay Gems posted $79 million in sales last year, about half of which came from the Enchanted Disney Fine Jewelry collection. The Enchanted Disney line, which is now sold at Zales, Helzberg Diamonds, Fred Meyer Jewelers, and Reeds, includes engagement rings, earrings, and pendants. The collection features designs based on classic Disney princesses and heroines such as Snow White and Belle from Beauty and the Beast, as well as its signature villains, such as Ursula from The Little Mermaid.
In June, Signet Jewelers CEO Gina Drosos singled out the Enchanted Disney line as one of her company’s strongest sellers. The brand’s Facebook page has garnered more than 67,000 likes.
In the statement, Sumit Shah, vice chairman of Renaissance Jewellery, said that with his company’s “financial strength and global distribution… we expect to be able to grow Enchanted Disney Fine Jewelry into a global brand within five years.”
Siraj Shah will continue as president of Jewelmark, and Roopam Jain will continue as president of Simply Diamonds and the licensed brands. The two founded Jay Gems in 2001.
Renaissance will now oversee three divisions in the United States: Simply Diamonds, which targets independent jewelers; Jewelmark, which focuses on bridal, basics, and finer program jewelry for specialty fine jewelers; and Verigold, which sells fashion items at a price point.
Renaissance Jewellery’s global sales totaled $282 million in 2018, up 24 percent from the previous year. Since 2016, the company has offered another licensed line, Hallmark-branded jewelry, which is now sold at J.C. Penney and Kohl’s.
(Image courtesy of Jewelmark)
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