SECAUCUS, NJ – Frederick Goldman Inc., one of the largest jewelry manufacturers and marketers in North America, announced the purchase of Love Earth, a lab-grown bridal and fashion jewelry business.
Financial terms of the deal were not disclosed.
“The market for lab-grown diamonds is expanding rapidly,” said Jonathan Goldman, CEO of Frederick Goldman. “We have spent the past year studying how we would enter this business. Our purchase of the Love Earth brand has expedited those plans.
“As an industry, we need to find new and innovative ways to excite the consumer and compete with other discretionary purchases. We believe that lab-grown diamonds are one of those ideas.”
Dan Schneider, founder of Love Earth, has joined Frederick Goldman vice president of sales for the brand.
“I look forward to contributing to the company’s success, providing their retail customers with the lab-grown products, programs and support required to successfully expand their market share,” Schneider said.
In conjunction with the acquisition, Frederick Goldman has built a separate facility to manufacture lab-grown jewelry, according to a press release.
The Love Earth collection will be available in stores June 2019.