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Dynamix Jewelry to buy JewelAmerica

20
Sep '08
The Dynamix Jewelry Group, a jewelry manufacturer based in India, announced it has entered into an agreement to acquire all of JewelAmerica Inc in a transaction being completed next month.

Last year, the Dynamix Jewelry Group, with interests in several jewelry manufacturing and chain producing factories in India, made an initial investment in JewelAmerica through an affiliated company.

Dynamix has been expanding its jewelry interests over the years and believes the time is now right to integrate JewelAmerica with its other global business interests.

JewelAmerica is a leading designer, manufacturer and distributor of precious metal jewelry including rings, earrings and necklaces set with diamonds and color stones sold primarily to volume retailers through its five divisions: Jewelmont/Jene, Oro Dall 'Italia, Jana, Baith and Astoria.

JewelAmerica was founded in 1981 by Zvi and Rachel Wertheimer and several years later they partnered with Israel Ashkenazy. Together, the three founders expanded the company from specializing in gold jewelry to selling other popular priced diamond and color stone jewelry.

The founders will have continuing roles in JewelAmerica as Rachel Wertheimer and Israel Ashkenazy will remain as senior executives in sales and merchandising.

John Esposito, who joined the company as Chief Financial Officer in 2007, has also become Chief Operating Officer as JewelAmerica looks to avail itself of the synergies afforded by this transaction.

Commenting on the transaction, Zvi Wertheimer, Chief Executive Officer of JewelAmerica, said "After a one year association with Dynamix, it was clear that, to compete in the ever changing U.S. jewelry market and to provide the best service to our valued customers, this transaction was the next logical step for the growth of the business."

JewelAmerica Inc


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