Dubai Billionaire Buys Troubled Swiss Jeweler De Grisogono
June 14, 22
(IDEX Online) - Celebrity jeweler De Grisogono, which filed for bankruptcy in 2020, has been bought for an undisclosed sum by the Dubai-based Damac Group.
De Grisogono was known for its close links with Hollywood actress Natalie Portman and supermodel Naomi Campbell, as well as its Creation I necklace, featuring the the largest D/IF diamond in the world (pictured), which sold for $33.7m at Christie's Geneva in 2017.
But the Swiss-based company filed for bankruptcy in 2012 after media allegations of a money laundering scandal involving Angolan billionaire Isabel Dos Santos, daughter of the former president.
Damac, which bought the Italian fashion house Roberto Cavalli in 2019, says it has a keen interest in turning "distressed luxury assets" into profit-making investments.
"I believe … we will be able to bring the brand to a justifiable success, by strengthening its global development and network," said billionaire Hussain Sajwani, Damac's founder and chairman.
De Grisogono was established in 1993 by Lebanese-Italian Fawaz Gruosi, known for his signature use of black diamonds.