Israel-based diamond industry enterprise The Dalumi Group has acquired online diamond and luxury jewelry e-commerce brand Zoara.com
With sales in over 40 countries worldwide, Zoara focuses on online sales of loose diamonds, diamond engagement rings and diamond jewelry.
The acquisition “repositions Zoara as a leading e-commerce site in its market,” according to a press release.
“Dalumi’s position as a DTC site holder and diamond manufacturer will provide considerable advantages to customers as Zoara can now offer the most competitive prices to its end consumer,” said Tomer Tzach, CEO of Zoara. “Dalumi’s involvement in the international diamond markets spans rough diamond sourcing, manufacturing and distribution, to marketing and even branded lines.This expansive operation will contribute to optimizing Zoara’s sourcing and production.”
Zoara will present an updated online product catalog of luxury diamond jewelry and over 200,000 loose diamonds.
Dalumi Managing Director Kobi Itzchaki said customer shopping habits are changing.
“The modern consumer is looking for variety, instant access to products, a seamless shopping experience and significant savings,” Itzchaki said.
The acquisition announcement comes just days after news broke that online jeweler Blue Nile (Nasdaq: NILE) would be acquired in a $500 million deal that will take it company private. Blue Nile is being bought by an investor group made up of funds managed by Bain Capital Private Equity and Bow Street LLC.