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
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
