In the latest sightholder initiative, the U.S. branch of the Laxmi Diamond Group, one of India’s largest sightholders, has merged with New York’s Suberi Brothers. The new company, Suberi Brothers LLC, will be headed by Suberi CEO Marvin Markman and utilize all of the company’s current top management.
Markman says the merger will give the company access to more rough diamonds as well as greater financial strength. “This will bring together their resources as a sightholder with our marketing and branding,” he says. Laxmi hopes eventually to sell 50% of its output of polished diamonds through Suberi.
Suberi also will market Laxmi’s Noor line, which gives princess cuts a larger appearance.
The non-American branches of Laxmi will not fall under the new company.