Diamonds Direct has acquired two sister companies—Distinctive Diamonds and Global Diamonds—giving it four new stores.
The purchase brings the Charlotte, N.C.–based company’s brick-and-mortar total to 14 stores. Terms were not disclosed.
Distinctive Diamonds opened its first location in Indianapolis in 2002 and expanded into St. Louis in 2015. Global Diamonds opened in Jacksonville, Fla., in 2014 and expanded into Salt Lake City in 2016.
Both companies were formerly owned by Doron Arabov, brother of former Diamonds Direct owner, Alon Arabov.
“This is a very natural next step for everyone,” says Diamonds Direct president Itay Berger. “We have always shared the same vision, same vendors. We are just going to bring a lot more to what is working so well. We are going to enhance all of it and take it to a whole different level.”
Distinctive Diamonds former co-owner Eli Benisty, as well as Global Diamonds former co-owner Birko Roland, will stay involved in those stores, Berger says.
For now, the four stores will continue to operate under their original names, though Berger says the company is still determining whether they will be rebranded as Diamonds Direct stores.
The latest purchases show Diamonds Direct, which was purchased by Blackstone Tactical Opportunities in 2015, branching out from its traditional base in the Southeast and Texas.
“Salt Lake City will be a little bit of a reach but it’s a very solid market for us,” Berger says. “We are definitely in growth mode, but it has to be the right synergy. It has to make sense. We have to be able to bring additional value to those markets.”
As part of the new venture, Distinctive Diamonds has signed an endorsement deal with the Indianapolis Colts football team. Global Diamonds has an existing deal with the Utah Jazz basketball team.
Last year, Diamonds Direct purchased Dallas-based Diamond Doctor, acquiring its first store in a major metro.
(Photo of Diamonds Direct’s Charlotte, N.C., store courtesy of Diamonds Direct)