SourcingFeb 14, 2020
De Grisogono USA Files for Bankruptcy in New YorkMajorsJun 01, 2022
Dubai’s DAMAC Group Acquires De Grisogono
The company is launching a luxury apartment building inspired by the brand’s aesthetic.
Dubai-based property development company DAMAC Group recently acquired De Grisogono for an undisclosed price.
Dubai, United Arab Emirates—Swiss jewelry brand De Grisogono has a new owner.
Dubai-based property development company DAMAC Group announced Tuesday it has acquired the company for an undisclosed price.
Hussain Sajwani, founder and chairman of the DAMAC Group, was the top bidder among several others vying for the company.
DAMAC Group is looking to expand into the luxury and high-end fashion worlds, so the acquisition was a natural fit, said Sajwani.
“A relatively young, but established brand, it has immense potential that needs to be uncovered and leveraged. I believe that with DAMAC's expertise and know-how, we will be able to bring the brand to a justifiable success, by strengthening its global development and network,” he said.
De Grisogono was founded in 1993 by Fawaz Gruosi. The brand, known for its use of black diamonds, was a red carpet favorite for celebrities like actress Natalie Portman and supermodel Naomi Campbell.
Its famous “The Art of De Grisogono, Creation I” necklace, which featured a 163-carat, D flawless diamond, sold for $33.7 million in a 2017 Christie’s auction.
The brand made headlines again in January 2020, accused of being at the center of a money-laundering scheme that funneled billions of dollars from the Angolan government and into the pockets of members of the former first family.
The “Luanda Leaks” investigation, led by the International Consortium of Investigative Journalists and 36 media partners, exposed corruption tied to Isabel dos Santos, the daughter of former president José Eduardo dos Santos, and her husband, Sindika Dokolo.
The report detailed De Grisogono’s connection to Dokolo and Sodiam, Angola’s state-owned diamond company.
Later that month, De Grisogono filed for bankruptcy in Switzerland, and then in New York in February.
The DAMAC Group said it has acquired the brand because it’s looking to transform “distressed” luxury assets to profit-making investments.
Sajwani bought struggling Italian luxury fashion brand Roberto Cavalli in November 2019.
He recently won a $120 million bid to acquire land in Miami’s upscale Surfside neighborhood and plans to build a Cavalli-branded condominium project.
There will also be a De Grisogono-inspired luxury apartment building in Dubai, called Safa One by De Grisogono.
Inspired by the “Creation I” necklace, the building will feature cascading waterfalls, hanging gardens, and a man-made beach, with tropical features peppered throughout the towers.
The interiors will reflect the brand’s signature style and “the essence of emerald” throughout its public and private spaces.
The project will have two towers with luxury and super-luxury floors.
More on Majors
The Latest
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
