TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
MajorsApr 28, 2016
Richline Buys Custom Jewelry Site Gemvara
The online retailer, which has what is probably the most coveted customization software in the jewelry industry, was acquired for an undisclosed sum.
This screenshot of Gemvara.com taken Wednesday afternoon shows the website’s customization software at work. Richline now owns the website and plans to integrate the customization software into its own sites and that of retailers that carry its brands.
New York--The Richline Group announced Wednesday that it has acquired Gemvara, the online-only retailer that’s built its business around custom jewelry, for an undisclosed sum.
The acquisition gives Richline Group control of what is probably the most coveted customization software in the jewelry industry.
“We believe there’s a much bigger digital presence required for the future in the jewelry business,” Richline Chief Marketing Officer Mark Hanna told National Jeweler on Wednesday. “We felt we could build the expertise over time, or we could find the expertise.
“We don’t find that there’s any better innovative online experience in the jewelry industry than what Gemvara’s platform provides for the consumers.”
He said Richline will integrate the Gemvara technology into websites such as those for Chrysalis, the bracelet brand it acquired last year, and Honora, both of which already sell direct to consumers online. This, however, remain a “small business” for Richline, he said, with their retail sales primarily being used to provide data to help retailers.
The manufacturer and marketer also will allow its retail customers to integrate Gemvara’s customization technology into their websites, beginning with a couple of jewelers later this year and then expanding in 2017.
“We felt we could build the expertise over time or we could find the expertise. We don’t find that there’s any better innovative online experience in the jewelry industry than what Gemvara’s platform provides for the consumers.”--Mark Hanna, The Richline GroupThe e-tailer also will continue to do what it has done since its founding in 2006: sell jewelry direct to consumers online.
Although Gemvara has experimented with pop-up shops in the past, Hanna said it is “not in their plans at all” for it to do so in the future.
Gemvara will maintain its offices in Boston and has retained most of its employees, though CEO Matt Nichols acknowledged in an interview with a Boston technology publication that there were some layoffs as a result of the acquisition.
The company’s top management, President and Chief Operating Officer Jon Blotner and Nichols, will remain with Gemvara as well. Hanna said Richline’s plans are to grow the Gemvara staff from here.
Nichols joined Gemvara in 2011 as chief financial officer after working on the corporate development team at Google and as a principal at Highland Capital Partners, which invested in Gemvara.
He was promoted to CEO in March 2015, succeeding
Janet Holian, who became CEO after Gemvara founder Matt Lauzon, who started with the company with co-founder Jason Reuben as Paragon Lake, stepped down.
Blotner did not respond to request for comment on the acquisition Wednesday.
New York-based Richline Group is owned by Berkshire Hathaway Inc., the Warren Buffett-led conglomerate that also owns Ben Bridge Jeweler and Helzberg Diamonds.
Blotner did not respond to request for comment on the acquisition Wednesday.
New York-based Richline Group is owned by Berkshire Hathaway Inc., the Warren Buffett-led conglomerate that also owns Ben Bridge Jeweler and Helzberg Diamonds.
More on Majors
The Latest
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketLab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
SourcingJul 23, 2024
De Beers’ Production Drops 15% in Q2The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
