Jewelry Exchange Acquires Interest in EZ Diamonds
The Jewelry Exchange announced that it has acquired a 25% interest in EZ Diamonds. This acquisition vertically integrates the Jewelry Exchange to better control diamond supply, diamond cutting, jewelry manufacturing and direct retailing of its products. This will make the Jewelry Exchange's operations more efficient. According to Bill Doddridge, President, diamond and jewelry pricing will become even more competitive.
EZ Diamonds is a DTC Siteholder, with offices in Hong Kong, Shanghai, Tel Aviv, Switzerland, Belgium and New York. They also operate two diamond cutting factories that employ over 1600 people. The company also owns Voegeli + Wirz AG, a diamond distributor for the top brand Swiss watch companies, bringing their total 2011 sales to $380 million.
The move comes as the Jewelry Exchange celebrates its 35th Anniversary of offering high quality jewelry and diamonds at direct pricing.
The Jewelry Exchange is owned by Goldenwest Diamond Corporation. EZ Diamonds was acquired by Goldenwest International, a subsidiary of Goldenwest Diamond Corporation.