Sponsored by Tasha R
Angolan State-Owned Diamond Co. Backs Out of De Grisogono
Sodiam said it is divesting a stake in the Geneva-based brand for “reasons of public interest and legality.”
Luanda, Angola--An Angolan state-owned diamond company is pulling its investment in a Swiss jewelry company with ties to the country’s former first family.
Bloomberg reported Tuesday that Sodiam, a subsidiary of Endiama, the country’s national mining company, announced it would divest its stake in Geneva-based De Grisogono after a board meeting Dec. 1, saying it was doing so for “reasons of public interest and legality.” It did not give details on how the transaction would be completed.
De Grisogono reportedly is controlled by Sindika Dokolo, the husband of Isabel Dos Santos, the daughter of former Angolan President Jose Eduardo dos Santos and the richest woman in Africa, according to Forbes.
The move from Sodiam comes as newly elected Angolan President Joao Lourenco aims to distance the country from the business interests of his predecessor’s family. He has removed Isabel as head of Sonangol, Angola’s state oil company, and announced plans to auction a new telecoms license to compete with Unitel SA, which she controls.
Though De Grisogono doesn’t normally comment on its ownership structure, Marketing Director Gianluca Maina sent the following statement to National Jeweler via email following Sodiam’s announcement.
“Following a recent change in their leadership, Sodiam, a minority shareholder, has announced its intention to exit as an investor in De Grisogono,” he told National Jeweler via email. “This decision won’t have any impact on our majority shareholders who have reconfirmed their continued commitment to our brand and its future and we continue to have strong financial support.”
He added that over the last four years, De Grisogono has increased marketing investment in the brand, added diamond products, moved to a new headquarters and opened new boutiques to expand its international footprint. “As a result De Grisogono today is stronger than ever--with more visibility, better boutiques and incredible stock--and we are starting to reap the benefits of this investment.”
De Grisogono’s connection to Angola’s former first family led gem explorer Yianni Melas to go on a hunger strike recently in Geneva, where he was boycotting not only the brand but also Christie’s auction of the “The Art of De Grisogono, Creation I,” a necklace featuring a 163.41-carat flawless, D color diamond at center that was mined in Angola.
Melas has been calling for a boycott of the brand since this spring, using his his Instagram account to help raise awareness.
When the necklace sold for $33 million (including buyer’s premium),
The low amount of the donation spurred Melas to continue his hunger strike in Athens, eventually extending it to a total of 30 days to represent the total the necklace sold for (minus buyer’s premium), he told National Jeweler. He has two days remaining.
The Latest
Three Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
A federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Cynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
The new space was designed to evoke a warm, inviting vibe.
Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
The auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
The four finalists will present their pieces at the 2025 JCK Las Vegas show.
The “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
The money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
The event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
Local reports identified the woman as the wife of the jewelry store owner.
A collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
The Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
Hampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
The group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
The collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
This year’s theme asks designers to take inspiration from classic fairy tales.
Senior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
The latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
No. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
Instead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.