Indian/Belgian diamond company Rosy Blue is to become a minority investor in Leo Schachter, the firms announced.
The announcement points to the finance problems affecting all sectors of the diamond trade.
The transaction is expected to close soon, and will mark a culmination of over 30 years of a trading relationship built between the two groups, the Leo Schachter firm said in a statement.
"Leo Schachter will continue to operate independently under the Schachter family’s majority ownership, by its principals and the leadership of the current executive team.
"Leo Schachter and Rosy Blue will seek to create operational efficiencies by tapping into each other’s vast processing and administrative infrastructure around the globe with a view to delivering even better value to our respective clientele."
Elliot Tannenbaum, Principal at Leo Schachter, noted that "From its inception in the diamond business 65 years ago, our two families have been blessed in identifying enduring partnerships where hard work, merged with diverse talents and ways of thinking have produced excellent results. We feel that the relationship and collaboration which we have enjoyed with the Rosy Blue family for over two generations will produce a unique and innovative platform for the demands of today's diamond industry."
Amit Bhansali, Managing Director of Rosy Blue NV said, “Rosy Blue has enjoyed a very long and trusting relationship with Leo Schachter thanks to our shared values built on hard work and integrity. The forward-thinking and responsible nature of Elliot and his team will be a great benefit to Rosy Blue as we navigate the evolving market.”
