Partnerships / Acquisitions

Dalumi Group Buys Online Luxury Jeweler Zoara.com

The Dalumi Group, the Israeli diamond enterprise, announced Monday (Nov. 7) it has bought online diamond and luxury jewelry eStore Zoara.com.

In a press release, The Dalumi Group said Zoara.com has sales in more than 40 countries around the globe and is a main player in the online sales of loose diamonds, diamond engagement rings and diamond jewelry.

“Dalumi’s position as a DTC site holder and diamond manufacturer will provide considerable advantages to customers as Zoara can now offer the most competitive prices to its end consumer,” said Zoara CEO Tomer Tzach in the press release announcing the deal. “Dalumi’s involvement in the international diamond markets spans rough diamond sourcing, manufacturing and distribution, to marketing and even branded lines. This expansive operation will contribute to optimizing Zoara’s sourcing and production.”

Terms of the deal were not disclosed.

According to the companies, the deal will give Zoara direct access to wholesale suppliers within the industry. Zoara will be able to present an updated online product catalog of luxury diamond jewelry and over 200,000 loose diamonds, which the companies said is unprecedented in terms of its volume and variety in the market.

The deal comes on the same day that jewelry eStore Blue Nile announced it is going private in a $500 million transaction. In a press release, Blue Nile said, in the all-cash deal, an investor group will buy all of Blue Nile’s outstanding shares for around $500 million. Shareholders will get $40.75 a share in cash, which represents a 34 percent premium over the closing price of Blue Nile’s stock on Nov. 4. According to the company, the entire board has signed off on the deal and recommends Blue Nile shareholders also vote their shares in favor of the transaction. Once it is complete, Blue Nile will be a private company. The deal is expected to close in the first quarter of next year. Blue Nile can entertain other offers during a 30-day go-shop period.

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