Star Diamond Forms Alliance with India’s Firestone
January 18, 04
Antwerp’s Star Diamond Group (SDG) said on Thursday it is forming a strategic alliance with India’s Firestone/Jewelry Solutions Group (FJS).
The new joint venture will manage SDG’s rough sales in India and develop sales for polished diamonds globally. Youri Hermans, manager of SDG, and Nirav Modi, who is director of FJS, will jointly manage this new entity.
SDG is one of the world’s oldest and largest sightholders with activities spanning the diamond pipeline from mining to jewelry while FJS, based in Mumbai, manufactures and distributes polished diamonds and owns a jewelry manufacturing plant.
The joint venture aims to co-ordinate SDG’s purchases of Indian polished diamonds and develop worldwide jewelry distribution.
This joint venture is also expected to add significant value to the two companies’ operations as a result of supply chain integration.