Majors

Quality Gold Acquires Herco

MajorsJan 20, 2023

Quality Gold Acquires Herco

Herco President Reuven Itelman is retiring and selling the company, which will relocate to Ohio from California.

20230120_Quality Gold Herco acquisition.jpg
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. 

 Related stories will be right here … 
 
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.” 
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Myne London
CollectionsJul 12, 2024
Myne London to Support Malala Fund

The emerald supplier will donate a percentage of sales from its “Star Power” earrings to the nonprofit in support of girls’ education.

The Jewelry Symposium logo
Events & AwardsJul 12, 2024
The Jewelry Symposium Is Looking for Speakers

TJS is seeking jewelry manufacturing and technology experts to speak at its 2025 event.

Sculptural Freeform Earrings
CollectionsJul 12, 2024
Piece of the Week: Marrow Fine’s ‘Sculptural Freeform’ Earrings

The earrings were inspired by the landscape at Joshua Tree and Jean Arp’s abstract sculptures.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Madeline Fraser Gemist
EditorsJul 11, 2024
Q&A: Gemist CEO Madeline Fraser on Jewelry Visualization Technology

Fraser shares why she decided to shift from a direct-to-consumer retailer to a B2B technology company.

Weekly QuizJul 11, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jewelers of America learning workshop Providence logo
Events & AwardsJul 11, 2024
JA to Host Next Learning Workshop in Providence

The one-day workshop will be held July 17 at the Rhode Island School of Design.

Jewelers International Showcase Logo Statue
Events & AwardsJul 11, 2024
Registration Now Open for JIS Fall 2024

The jewelry trade show will take place in Miami Oct. 6-9.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

U.S. Customs and Boarder Protection Paperwork
CrimeJul 10, 2024
US Customs Seizes $10M in Counterfeit Jewelry

Officers intercepted three packages within 24 hours containing fake goods claiming to be from various luxury brands.

Matturi Fine Jewelry totem jewel
Events & AwardsJul 10, 2024
IAC’s Gold and Diamond Conference to Focus on ‘Expanding Horizons’

The 14th annual conference will host panels on cross-sector collaboration, industry sanctions, and more.

Immediate Connections
Events & AwardsJul 10, 2024
Women’s Art Center of the Hamptons to Host Jewelry Exhibition

“Immediate Connections” will be on view from July 18-21.

Navneet Gems salt & pepper sapphires
SourcingJul 10, 2024
Navneet Gems Launches Salt-and-Pepper Sapphires

Sourced from Tanzania, the stones feature a unique hematite inclusion.

Buccellati butterfly brooch
TrendsJul 10, 2024
Amanda’s Style File: Slither and Fly

Snakes, birds, and bugs are all the buzz this summer.

Peter Smith
ColumnistsJul 09, 2024
11 and ½ Thoughts on Leadership

From prioritizing “big rocks” to practicing transparency, Peter Smith explores what it takes to be an effective leader.

John Hardy bracelet and Wölffer Estate Summer in a Bottle rosé
CollectionsJul 09, 2024
John Hardy Toasts to Wölffer Estate With New Collection

The capsule collection is inspired by the Hamptons vineyard’s Summer in a Bottle rosé.

Fuli Gemstones peridot The Curious Gem
SourcingJul 09, 2024
The Curious Gem Now Carrying Fuli Peridot

The U.K.-based online supplier will offer calibrated stones under 1 carat.

Graff’s fancy yellow and white diamond necklace
CollectionsJul 09, 2024
See Graff’s New High Jewelry Creations

The jewels are inspired by modern architecture with a focus on the play of light and movement.

Ravi Bhansali and Isidore Mörsel
SourcingJul 08, 2024
AWDC Re-Elects Isidore Mörsel as Board President

Ravi Bhansali has been elected vice president.

Tiffany Stevens
GradingJul 08, 2024
IGI Names Tiffany Stevens to Lead North American Business

Stevens, the former CEO of the Jewelers Vigilance Committee, will succeed Avi Levy.

Michael Richards and Clayton Bromberg of Underwood’s
IndependentsJul 08, 2024
Underwood’s Appoints Michael Richards as President

Clayton Bromberg will remain as chairman of the Florida jeweler.

Yale Peabody Museum quartz sandstone concretion
SourcingJul 08, 2024
Yale Peabody Museum to Reopen Hall of Minerals

The Connecticut museum will unveil the newly renovated galleries on July 9.

Cece Jewellery Insignia Medallion
CollectionsJul 05, 2024
Piece of the Week: Cece Jewellery’s ‘Insignia’ Medallion

Spin the medallion’s diamond arrow to find out your fate.

SourcingJul 05, 2024
Lucara Names New VP of Mineral Resources

Lauren Freeman, a Ph.D. with more than 25 years of experience in mining, has joined the company.

2004 case.png
Supplier BulletinJul 03, 2024
CASE Awards: Celebrating Creativity & Craftsmanship for 30 Years

Sponsored by Jewelers of America

Sissy’s Log Cabin William Jones IV
IndependentsJul 03, 2024
William Jones IV Promoted to President of Sissy’s Log Cabin

The third-generation leader succeeds Lamar McCubbin, who resigned last month after 11 years in the role.

John Youkilis and Craig MacBean
MajorsJul 03, 2024
Ostbye & Anderson Acquires Fellow Midwest Manufacturer

The Minneapolis-based company bought Victor Corporation, which has been making jewelry in Cincinnati since 1946.

National Jeweler top 10 stories of 2024 graphic
EditorsJul 03, 2024
The Top 10 Stories of 2024 So Far

Editor-in-Chief Michelle Graff shares a rundown of the National Jeweler website’s most popular articles as we hit the halfway point of the year.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy