The Dynamix Jewelry Group, a jewelry manufacturer based in India, has entered into an agreement to acquire all of JewelAmerica Inc., a New York City-based fine jewelry manufacturer and distributor. The transaction, announced by JewelAmerica Friday, is expected to be completed next month.
Last year, the Dynamix Jewelry Group, with interests in several jewelry manufacturing and chain producing factories in India, made an initial investment in JewelAmerica through an affiliated company, JewelAmerica said in a statement.
JewelAmerica is a designer, manufacturer, and distributor of precious metal jewelry including rings, earrings, and necklaces set with diamonds and color stones sold primarily to volume retailers through its five divisions: Jewelmont/Jene, Oro Dall ‘Italia, Jana, Baith, and Astoria.
JewelAmerica was founded in 1981 by Zvi and Rachel Wertheimer and several years later they partnered with Israel Ashkenazy. Together, the three founders expanded the company from specializing in gold jewelry to selling other popular priced diamond and color stone jewelry.
JewelAmerica founders will have continuing roles after the acquisition as Rachel Wertheimer and Israel Ashkenazy will remain as senior executives in sales and merchandising.
John Esposito, who joined the company as chief financial officer in 2007, will become chief operating officer.
“After a one year association with Dynamix, it was clear that, to compete in the ever changing U.S. jewelry market and to provide the best service to our valued customers, this transaction was the next logical step for the growth of the business,” said Zvi Wertheimer, JewelAmerica chief executive officer.