Two diamond powerhouses are joining forces.
Rosy Blue has become a minority investor in Leo Schachter Diamonds, the latter company announced today.
Further details, including the exact percentage of Rosy Blue’s ownership, were not available. The transaction is anticipated to close soon, said a statement.
Leo Schachter will continue to operate independently under the majority ownership of the Schachter family and with its current executive team, the statement added.
According to the statement, the two companies will “seek to create operational efficiencies by tapping into each other’s vast processing and administrative infrastructure around the globe with a view to delivering even better value to our respective clientele.”
The press release adds that this linkup will mark the culmination of an over-thirty-year trading relationship between the two groups.
Both companies are De Beers sightholders and are clients of Russian diamond producer Alrosa. Leo Schacter, founded in 1952, has a variety of brands under its umbrella, including the Leo, Love’s Embrace, and millennial-focused LVE. Its leadership now includes a fourth generation at the helm: Dov Tannenbaum, Leo’s grandson.
Rosy Blue is also more than 50 years old; it began in the business as “B Arunkumar.” It is now a global leader with a presence in over 12 countries.
“We feel that the relationship and collaboration which we have enjoyed with the Rosy Blue family for over two generations will produce a unique and innovative platform for the demands of today’s diamond industry,” said Elliot Tannenbaum, principal of Leo Schachter, in a statement.
“Rosy Blue has enjoyed a very long and trusting relationship with Leo Schachter,” said Amit Bhansali, managing director of Rosy Blue, in a statement. “The forward-thinking and responsible nature of Elliot and his team will be a great benefit to Rosy Blue as we navigate the evolving market.”
(Images courtesy of Rosy Blue and Leo Schachter Diamonds)