Buys, a Montreal-based, mostly mass-market Internet jewelry site, has purchased, the domain and site previously owned by Ice purchased Odimo's rights to the domain name and related trademarks for $7.5 million, and diamond and jewelry inventory and related packaging for another $2 million. The transaction comes shortly after Ice completed an external financing round from the venture capital firm Ignition Partners. Odimo also announced that Alan Lipton will step down as president and chief executive officer. He will remain as chairman of the board of directors. Jeff Kornblum, currently chief operating officer, will relace Lipton as CEO and focus on the company's other domain names, and “The watch and luxury categories are operations we believe can be run more efficiently due to their lower cost structure.

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