Samuels Jewelers Confirms Talks with Indian DTC Sightholder

Samuels Jewelers has confirmed that it is in talks with a potential buyer. The buyer is a Diamond Trading Company (DTC) Sightholder from India.

The media in India recently speculated that Gitanjali Gems, one of the country’s largest diamond and jewelry manufacturers, was expected to shortly announce its takeover of a major U.S. retail chain. Now, it seems that the chain it was alluding to was Samuels Jewelers. Currently, the majority owner of Samuels is a fund managed by DDJ Capital Management, LLC.

Samuels Jewelers’ President and CEO, Randy McCullough said that the company is very excited about the potential acquisition. MuCullough said it represents an “opportunity to develop a long-standing relationship with a DTC sightholder as both a shareholder and vendor partner."

David Barr, Chairman of Samuels Jewelers, said the chain is “an ideal candidate to complement a sightholder’s strengths in manufacturing of diamonds and jewelry products” as it will be able “to provide additional value to the retail consumer as a result of this fully integrated business model”.

Samuels Jewelers operates a national chain of specialty retail jewelry stores in the U.S. It has 97 outlets in 18 states and is also an online retailer of diamond and gemstone jewelry.