At the Diamond Trading Company’s recent end of year reviews in India, Suashish Diamonds Ltd., Mumbai, India, and the Star Diamond Group Inc., New York, announced the formation of a new company that will incorporate all the business of Star Diamond Group Inc – USA. The new company (which will be owned by Suashish, the Fiszman family, Nicky and Robby Polak) will be named SuashishStar.
In a statement the two companies said that the transaction represents the “logical culmination of decades of intense involvement between Suashish Diamonds Ltd. and Star Diamond Group Inc – USA.” The new company will start operating by the end of the year.
“We are extremely enthusiastic about this combination of the manufacturing expertise of the east with the marketing and distribution skills of the west,” said Ramesh Goenka, co-chairman of SuashishStar.
“Having successfully worked together for a number of years, both Suashish and Star Diamond Group Inc – USA are convinced that this transaction is a logical development of the relationship that has existed between us, added Robby Polak, co-chairman of SuashishStar. “Our future together promises to be extremely exciting.”
The companies said that SuashishStar’s core competitive advantage is a comprehensive vertical integration of the entire diamond process. The company will offer the following:
· Direct sourcing of rough diamonds – The Diamond Trading Company, Rio Tinto and several other mining houses.
· Diamond manufacturing – with the single largest conglomeration of laser cutting machines in the world and with the ability to develop and manufacture proprietary cuts.
· Jewelry manufacturing – state-of-the-art manufacturing unit of over 100,000 sf in Mumbai, India.
· Extensive distribution capabilities – backed by a highly sophisticated IT infrastructure and distribution center in New York.
· Customized value added services – including branding support, jewelry design, marketing assistance and dedicated production program.