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Diamond Grading Lab Acquired By Chinese Firm

The founding family will retail a 20% stake.

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Fosun International Ltd. is buying an 80 percent share of the Antwerp-based International Gemological Institute, the Financial Times reports.

The newspaper quoted Xu Xiaoliang, co-president of Fosun, saying: “We are very happy to start this partnership with IGI, which provides us a unique opportunity to work with the diamond community around the world.”

IGI, which has 23 laboratories worldwide, bills itself as “the world’s largest independent gem certification and appraisal institute for diamonds, colored gemstones and jewelry.”

Following the acquisition, the Lorie family, which founded the organization, will still own a 20 percent stake, according to the Times.

Marc Brauner, co-CEO of IGI, is leaving the organization.

Fosun is making the acquisition through holding company Yuyuan.

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Read more at the Financial Times

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Online Jewelry Brand Raises $6.2M in Funding

Ross-Simons has taken a majority stake.

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CRANSTON, RI — Luca + Danni Inc., a online jewelry brand based in Rhode Island, has closed on $6.2 million in funding, with Ross-Simons Inc. becaming the majority investor in the deal.

PJC, a Boston-based VC Fund and early investor in Luca + Danni, will retain a stake in the company.

The investments “create a powerful partnership between an iconic jewelry company and three-year-old digital brand,” according to a Luca + Danni press release.

Fred Magnanimi, founder of Luca + Danni, will remain as CEO and board member.

“I started this brand to honor my family’s 50+ year heritage in US made handcrafted jewelry and help others embrace the journey of life as I learned to do after losing my brother to leukemia,” said Magnanimi. “With the amazing resources and strategic support of Ross-Simons and PJC, I am confident we will help millions embrace their own journey and continue to build our community.”

Ross-Simons, also based in Rhode Island, has a long history in retail and direct-to-consumer jewelry sales.

“Luca + Danni is a digitally native brand rapidly taking market share in the jewelry space,” said Jim Speltz, president of Ross-Simons. “Our resources, product expertise, and go-to-market experience matched with Luca + Danni’s powerful brand will foster meaningful growth in the evolving e-commerce world.”

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She Woke Up Without Her Engagement Ring. Guess Where Doctors Found It …

It all started with a dream. (Story with video.)

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A San Diego woman woke up without her engagement ring, and she immediately remembered a dream she’d had the night before.

One where she’d swallowed her engagement ring.

Jenna Evans immediately told her fiance, Bob Howell, and they headed to urgent care. She told the story in a Facebook post that has gone viral, garnering 62,000 shares as of Sept. 16.

She ended up seeing a gastroenterologist, who performed an upper endoscopy.

“Everything went great, they found my ring just beyond my stomach in my intestines, retrieved it and gave it to Bobby, not me,” she wrote.

She also divulged a bit about the dream that got her into the predicament.

“I was having a dream that Bobby and I were in a very sketchy situation involving a high speed train and bad guys (I have very exciting and vivid dreams) and he told me I had to swallow my ring to protect it; so I popped that sucker off, put it in my mouth and swallowed it with a glass of water riiiight about the time I realized what I was doing,” she explained. “I assumed this too was a dream, because WHO ACTUALLY SWALLOWS THEIR ENGAGEMENT RING, so I went back to sleep.”

The ring was made by Simone Jewelry Designs in Houston. CBS8 reports that it includes a 2.4 carat diamond.

Watch a news video about the incident:

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US Claims Overseas Jewelry Chain Supports Terrorism

It’s among 15 entities being targeted for sanctions.

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The U.S. Treasury Department is targeting al-Hebo Jewelry Co., which has stores in Turkey and Syria, for allegedly supporting ISIS.

Treasury’s Office of Foreign Assets Control hit the company, along with more than a dozen other organizations and individuals, with counterterrorism sanctions, according to a press release from the department.

According to the release:

As of late 2017, al-Hebo’s location in Gaziantep, Turkey was involved in an ISIS scheme to convert gold into cash to more efficiently and secretly send funds via hawalas in Turkey to ISIS sleeper cells in Iraq and Syria.

As of early 2017, Raqqah-based al-Hebo was a cash transfer business used by ISIS members.

In September 2016, an employee of Raqqah-based al-Hebo likely coordinated a money transfer on behalf of a now-deceased, Syria-based, ISIS senior operations official.

Turkey-based al-Hebo owner Muhamad Ali al-Hebo is named specifically. As of late 2016, he was “involved in procuring precious metals to enable ISIS to produce its own ISIS coinage,” according to the release.

In all, the Treasury Department is targeting “15 leaders, individuals, and entities affiliated with terror groups,” according to the release. They include entities affiliated with HAMAS, al-Qa’ida and the Islamic Revolutionary Guard Corps Qods-Force (IRGC-QF), as well as ISIS.

“Since the horrific attacks of 9/11, the U.S. government has refocused its counterterrorism efforts to constantly adapt to emerging threats,” said Secretary Steven T. Mnuchin. “President Trump’s modernized counterterrorism Executive Order enhances the authorities we use to target the finances of terror groups and their leaders to ensure they are as robust as possible.

“These new authorities will allow the U.S. Government to starve terrorists of resources they need to attack the United States and our allies, and will hold foreign financial institutions who continue to do business with them accountable. These new tools aid our unrelenting efforts to cut off terrorists from their sources of support and deprive them of the funds required to carry out their destructive activities. They serve as a powerful deterrent to radical terror groups and those seeking to aid their nefarious goals.”

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