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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 Headed to Jail for Scheme Targeting Military Families

He was charged with felony conspiracy to engage in illegal financing and debt collection practices.

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A California jeweler has been sentenced to 90 days in jail for a scheme targeting military families.

Ramil “Randy” Abalkhad, owner of Romano’s Jewelers, was charged with felony conspiracy to engage in illegal financing and debt collection practices targeting sailors and Marines in San Diego.

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Abalkhad was sentenced to three years of felony probation, including a requirement that he serve 90 days in jail. Abalkhad will also be required to pay restitution to victims and to cancel outstanding debts owed by those victims.

Co-defendant Melina Abalkhad, who was previously sentenced, will be required to complete a misdemeanor diversion program for her role in operating Romano’s affiliate, MBNB Financial.

“Mr. and Mrs. Abalkhad thought they could get away with targeting our young men and women in uniform,” said Attorney General Xavier Becerra. “Today’s sentencing should send a clear message to them and others looking to commit predatory crimes against our service members.”

According to a press release from the attorney general’s office, Romano’s had several retail locations in California, including stores near Camp Pendleton Marine Corps Base. The stores allegedly targeted young Marines and sailors, some fresh out of boot camp, encouraging them to buy jewelry for themselves and for their families and loved ones on credit.

According to the criminal complaint, Abalkhad failed to provide legally required disclosures about monthly payments, interest rates or others terms of financing. Those customers who fell behind on their payments were allegedly harassed by the defendants’ debt collectors. In addition, the complaint alleged that Romano’s used debt collectors who falsely posed as attorneys and illegally threatened servicemembers with court martial and other military disciplinary actions.

The California Department of Justice filed a 14-count felony complaint charging Abalkhad with conspiracy to violate the Unruh Act, which protects consumers who buy goods or services on credit, and the Rosenthal Fair Debt Collection Practices Act, which protects Californians against unlawful debt collection practices.

A third defendant, MBNB employee Ramiro Salinas, was also charged with conspiracy to engage in unlawful debt collection. He was sentenced on Oct. 18.

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Pandora Is Having an Absolutely Horrible Year on the Stock Market

The share price recently fell 12% in a day.

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The share price of Danish jewelry maker Pandora A/S has fallen more than 50 percent this year, including a 12 percent decrease on Dec. 12.

Last week’s plunge followed a warning by Carnegie, a brokerage, to its clients to be ready for a rough fourth quarter and 2019, Bloomberg reports.

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In all, Pandora’s market value has fallen by about $7 billion this year, bringing the company’s value to less than $5 billion. At its peak about two years ago, Pandora’s value was $18 billion, Bloomberg notes.

The last time Pandora had a year this bad in terms of stock performance was 2011. The company’s markekt value fell by 84 percent that year.

So why the terrible year?

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Per Hansen, investment economist with Nordnet in Denmark, says Pandora “doesn’t just need better sales momentum and a complete overhaul in terms of the cost side,” according to Bloomberg.

Rather, Hansen says, it “also needs to find itself again and stabilize the downward spiral.”

Read more at the Bloomberg

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CEO of Dominion Diamond Steps Down; New Chief Named

He was in the role for just over a year.

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Patrick Evans has resigned as CEO of Dominion Diamond Corp. after just over a year on the job.

He left the Canadian mining company on Dec. 5, Bloomberg reports. He had begun the role in November 2017.

Stepping into the position is Shane Durgin, who had been serving as chief operating officer.

Dominion was purchased by Montana-based Washington Cos. last year for $1.2 billion.

Evans was hired “to oversee and ensure a smooth transition following the acquisition of Dominion Diamond Mines by Washington,” said Larry Simkins, president of Washington Cos., in a memo to staff.

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Bloomberg reports that Evans would not comment except to say he would continue as an adviser for the company through the end of 2019.

Read more at the Bloomberg

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