The Rapaport Group said Monday that it has acquired a 50 percent stake in India’s leading jewelry magazine, The Art of Jewellery. Through its association with Rapaport, The magazine will be able to penetrate new markets throughout India and rapidly expand its reach, both companies said in a statement.
The Art of Jewellery also serves as the organizer for the South India Jewellery Show, held annually in Bangalore. It has been the prime mover in promoting the jewelry trade through innovative and well acknowledged initiatives like Gold Shopping Festivals. In its six years of publishing, the magazine has won several awards and accolades for its contribution to the industry. The Rapaport Group said it will bring its extensive knowledge and global expertise of the diamond industry to the company’s resources.
Martin Rapaport, who will be appointed chairman of the board of directors, said, “The Indian gem and jewelry sector is one of the fastest growing markets in the world. We are excited to partner with The Art of Jewellery, India’s premier jewelry magazine and a well established reputable brand, whose mission of education, enlightenment and market development we share. This investment is a sign of our deep long-term commitment to Indias jewelry sector. We appreciate India’s wonderful jewelry community for its consistent encouragement and support of our activities in India.”
Sumesh Wadhera, chief executive officer, The Art of Jewellery, added, “Our clients and associates will immensely benefit from Rapaports information services and global expertise in the diamond industry. Together, we will strive to provide world class information and services to the Indian gem and jewelry trade.”
As part of its expansion, The Art of Jewellery plans to open offices in Surat, Kolkata, and Chennai; and introduce more trade shows in various parts of India as well as provide cutting-edge online information services. The company will retain its distinct brand identity and will operate independently of the Rapaport Group. The Art of Jewellery’s head office will remain in Bangalore and all employees will remain with the company.