Rapaport Group, a New York-based network providing services to the diamond industry, has bought 50 per cent stake in The Art of Jewellery, a domestic diamond trade magazine. the financial details were not disclosed.
“India is a happening market and Rapaport is a world leader in this industry. For us, Rapaport would bring with them their expertise in a number of areas.. Together, we will strive to provide information and services to the Indian gem and jewellery trade,” said Sumesh Wadhera, CEO, The Art of Jewellery.
“Both are privately held companies, so we wouldn’t want to comment on the financial details of the deal,” Martin Rapaport, who will be appointed chairman of the board, said.
“The Indian gem and jewellery sector is one of the fastest growing markets in the world. This investment is a sign of our long-term commitment to India’s jewellery sector,” he added.
The company, which will expand into Surat, Kolkata and Chennai will also introduce a number of trade shows as well as provide online information services.
The Art of Jewellery currently organizes the SIJS jewellery trade event and gold shopping festivals in South India in association with World Gold Council.
– Bengaluru bureau
