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
EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
