GradingJan 13, 2023
Sarine To Acquire Majority Stake in GCAL MajorsJan 20, 2023
Quality Gold Acquires Herco
Herco President Reuven Itelman is retiring and selling the company, which will relocate to Ohio from California.
Quality Gold has announced plans to acquire Herco, the San Francisco-based jewelry wholesaler founded in 1979 that specializes in higher-end 14- and 18-karat gold and platinum jewelry.
Fairfield, Ohio—Quality Gold has made another acquisition.
The jewelry wholesaler and distributor announced late Thursday it is buying Herco Jewelry Company, the San Francisco-based wholesaler started by the Itelman family in 1979.
Herco President Reuven Itelman is retiring and said he wanted to find a buyer that would keep the Herco name alive.
He believes he found that in Quality Gold.
“In speaking with and getting to know [Quality Gold co-founder and CEO] Michael Langhammer, I have complete confidence that the long-lasting Herco reputation that has been important to me is now in good hands with Quality Gold. Quality Gold has a strong relationship with independent jewelers and a plan for Herco to live on,” Itelman said.
For Quality Gold, the acquisition of Herco gives it the ability to distribute more 18-karat gold and platinum jewelry and tap into Herco’s network of luxury independent retailers, all while still offering jewelry under the Herco brand.
Herco generated more than $25 million in revenue (unaudited) in its latest fiscal year ended Dec. 31, 2022.
Quality Gold Chief Operating Officer Jason Langhammer called it a “smart and strong addition” for the company.
“We expect as a result of this transaction, there is the potential for significant synergies that will make Herco, and by extension Quality Gold, stronger companies. We look forward to building upon their success and continuing to offer the Herco brand to retailers,” he said.
Terms of the transaction are not being disclosed.
Quality Gold will begin fulfilling Herco orders in mid- to late February and will honor all current retailer memos, the company confirmed.
Over time, Herco’s operations will move from San Francisco to Quality Gold’s headquarters in Fairfield, Ohio, a Cincinnati suburb. Quality Gold said information is not available at this time as to whether it will retain any of Herco’s employees.
The deal is expected to be completed by mid-February.
“I am incredibly grateful to the entire jewelry community that my family and I have had the pleasure to be part of for 43 years,” Itelman said.
“Over the years, I’ve developed relationships with manufacturers and retailers worldwide. There is nothing more beautiful than the jewelry business. It is where art, engineering, and design come together. It has given me great fulfillment in my life, and I’ve learned so much from others who care deeply about this industry.”
The pending purchase of Herco is the latest in a series of acquisitions for Quality Gold, which most recently bought IBGoodman Manufacturing Co.
Last fall, Quality Gold announced plans to go public via a merger with Special Purpose Acquisition Company (SPAC) Tastemaker Acquisition Corp.
That deal is expected to close sometime in the first quarter of 2023.
Once it does, Quality Gold will become Quality Gold Holdings Inc. and trade on the Nasdaq stock exchange under the ticker symbol “QGLD.”
More on Majors
The Latest
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
