(NEW YORK) – In a sign of the growing importance of brands in the global jewelry market, India’s publicly-listed Renaissance Jewellery Ltd. (RJL) has acquired privately-held Jay Gems Inc. of New York, the parent company of Jewelmark, Simply Diamonds and Enchanted Disney Fine Jewelry. The purchase is valued at $26 million.
RJL’s global sales were $282 million in 2018, up 24% over the previous year. The US market, served by subsidiaries Renaissance Jewelry New York and Verigold Jewelry, accounts for 40% of RJL sales. Jay Gems had revenue of $79 million in its last financial year. Enchanted Disney Fine Jewelry, which launched in 2016, now represents half of Jay Gems’ overall revenue.
“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,” says Sumit Shah, Vice Chairman, Renaissance Jewellery Ltd. “We are also investing in the management of Jay Gems, who will continue to operate the company within the RJL portfolio of brands.”
Renaissance will now have three operating divisions in the U.S. market: Simply Diamonds, focusing on the independent jewelry business; Jewelmark, focusing on bridal, basics, and finer program jewelry for specialty fine jewelry stores; and Verigold, focusing on fashion, items at a price, and innovative programs.
“The strategic alliance of these two organizations delivers greater value to our customers moving ahead with a great mix of branded product, items at a price, and a strong independent jewelry business,” says Siraj Shah, who will continue as president of Jewelmark. New York-based Jay Gems supplies more than 6,000 retailers in the United States, Canada, and the United Kingdom, including the Signet Group, Fred Meyer, Helzberg, Charm, Reeds, Riddles and over 800 independent fine jewelers. Simply Diamonds is a member of RJO, CBG, IJO and SJTA.
“As the industry consolidates to a new equilibrium, the companies that continue to innovate, add value, and deliver excellence will survive,” says Roopam Jain, who will continue as President of Simply Diamonds and licensed brands. “We are positioning Simply Diamonds to cater to the current and future needs of the best operators of independently-owned jewelry stores. Renaissance expands our potential to deliver excellence.”
Enchanted Disney Fine Jewelry, which features Disney Princess inspired engagement rings and earrings, rings, and pendants, was an immediate success for Jay Gems, with rapidly-growing distribution at every level of the jewelry market. Bridal is an important category for Enchanted Disney Fine Jewelry: according to a study by the Knot/XO Group, one in four U.S. brides want something from Disney to be a part of their wedding. Disney Consumer Products is the biggest licensing company in the world with 2017 global sales of $56.6 billion, including $5.5 billion for the Disney Princess brand. RJL also has experience launching a successful licensed jewelry brand. In 2016, the company launched Hallmark branded jewelry, which is sold at JCPenney, Kohl’s, and other major retailers.