Publicly listed Indian manufacturer Renaissance Jewellery has acquired New York City-based Jay Gems, the parent company of Jewelmark, Simply Diamonds, and the Enchanted Disney Fine Jewelry brand, for $26 million.
The transaction will help Renaissance get access to Disney’s famous collection of jewellery wear as Jay Gems has an exclusive licensing agreement with the world-famous Enchanted collection by Disney Fine Jewellery. The deal is expected to be announced as early as next week, according to sources.
New York-based Jay Gems has a strong clientele including Zale, JC Penny, Signet, Fred Meyer, and Riddles, with a strong presence across the US, the UK and Canada.
Disney is the biggest licensing company in the world with 55.1 billion global sales in 2017. The brand, Disney Princess itself has sales of three billion globally.
The Enchanted Disney line, which is now sold at Zales, Helzberg Diamonds, Fred Meyer Jewelers, and Peoples Jewellers Canada, includes engagement rings, earrings, and pendants. The collection features designs based on classic Disney princesses and heroines such as Snow White and Belle from Beauty and the Beast, as well as its signature villains, such as Ursula from The Little Mermaid.
In the statement, Sumit Shah, vice chairman of Renaissance Jewellery, said that with his company’s “financial strength and global distribution… we expect to be able to grow Enchanted Disney Fine Jewelry into a global brand within five years.”
Siraj Shah will continue as president of Jewelmark, and Roopam Jain will continue as president of Simply Diamonds and the licensed brands. The two founded Jay Gems in 2001.
Renaissance will now oversee three divisions in the United States: Simply Diamonds, which targets independent jewellers; Jewelmark, which focuses on bridal, basics, and finer program jewellery for specialty fine jewellers; and Verigold, which sells fashion items at a price point.
