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Supplier of Disney-Themed Jewelry Acquired in $26M Deal

Collections center on properties such as Cinderella, Snow White and Tinker Bell.

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Renaissance Jewellery, based in India, bought Jay Gems in a $26 million deal, Rapaport News reports.

U.S.-based Jay Gems is a supplier of Disney-themed jewelry. It has a presence across the U.S., the United Kingdom and Canada with clients such as Zale, JC Penny, Signet, H Samuel, Fred Meyer, Helzberg, Peoples, Charm, Reeds and Riddles.

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The deal was completed through a subsidiary, Renaissance Jewellery New York. As a result, Renaissance’s portfolio has expanded to include Enchanted by Disney Fine Jewellery, as Jay Gems held the exclusive licensing agreement with Disney Consumer Products Inc. for the line.

The Enchanted line includes collections themed around Disney properties such as Cinderella, Snow White, Tinker Bell and Frozen.

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Rapaport notes that Jay Gems posted $79 million in revenue in its most recent fiscal year.

The website quoted Sumit Shah, vice chairman of Renaissance, saying, “With the financial strength and global distribution of RJL, we expect to be able to grow Enchanted Disney Fine Jewelry into a global brand within five years.”

Read more at Rapaport News

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Jeweler Sentenced for Theft, Ordered to Pay $85,000 in Restitution

He’ll have to serve 4 years of probation.

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A Colorado jeweler who was accused with stealing gold, jewelry and money from customers has been ordered to pay restitution and serve a probationary sentence.

David Kushnir, who operated D & D Jewelers in Thornton, pleaded guilty to theft, KMGH-TV reports. He was accused of stealing from nine customers, according to the news outlet.

The court ordered Kushnir to pay about $85,000 in restitution and serve four years of economic crime supervised probation.

In January, authorities accused Kushnir of defrauding customers after they brought their diamonds, watches and other jewelry to him for repair or consignment sale at his business. It was also alleged that he sold fake diamonds to three victims.

The Sentinel newspaper reported in January that in one case, he was accused of removing a movement piece worth $40,000 from a Rolex watch he was asked to repair and then substituting “a Chinese piece.”

Read more at KMGH-TV

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Pandora to Buy Back $75M in Jewelry from Retailers

The effort is part of a broader restructuring program.

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Pandora plans to buy back about $75 million in jewelry from retailers.

The idea is to help retailers avoid holding onto stock for too long, Rapaport News reports.

The repurchased inventory will be smelted, with new jewelry to be made from the material.

Rapaport reports that the program will be rolled out in “select global markets.”

The effort is part of a broader Pandora restructuring program expected to cost the company over $224 million.

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The plan comes as Pandora prepares for a brand relaunch that will kick off Aug. 28 in Los Angeles.

At the event, the company “will reveal its new company purpose, brand expression and visual identity, and show the Autumn 2019 collection.”

Read more at Rapaport News

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Online Costume Jewelry Retailer Ventures Into Gold and Diamonds

Prices range from $55 to nearly $1,000.

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BaubleBar, known for selling trendy costume jewelry online, is entering the world of gold and diamonds.

Its collection, launching Aug. 14, consists of rings and earrings, WWD reports. The jewelry will be sold online and will include “streamlined hoop and stud shapes for earrings and simple, embellished bands for rings.”

The news site added: “Some more directional earrings take the shape of letters or safety pins.”

Prices range from $55 to nearly $1,000.

Daniella Yacobovsky-Fiala, co-founder of BaubleBar, said the company is responding to demand.

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“Since the beginning, the voice of our customer has led our product evolution,” she said.

BaubleBar began dabbling in fine jewelry in October 2017, when it rolled out its Everyday Fine collection. The line consisted of 18K gold-plated sterling silver pieces selling for under $100.

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