Sumit Diamond Group and Suberi Brothers are merging.
The new entity will be a division of De Beers sightholder Laxmi Group, which has ownership stakes in both companies.
Both companies will keep their names and service clients separately. The combined company will be based out of Sumit’s office at 592 Fifth Ave. in New York City.
The new division will be jointly led by Nick Parekh, Amit Javeri, and Nitin Gajera, a member of the family behind Laxmi.
Laxmi purchased a stake in Suberi in 2004. CEO Marvin Markman has left Suberi.