Mumbai, May 17 (PTI) Jewellery producer Emerald Group on Wednesday said it has invested in Lab Grown Diamonds as part of a strategic alliance to manufacture and distribute CVD (Chemical Vapour Deposition) diamond studded jewellery globally.
However, the company did not disclose the terms of the deal or the amount invested due to a non-disclosure agreement with the bankers, Emerald Group said.
Emerald Jewel has manufacturing capacities of 48 tonnes of gold, 50,000 carats of diamonds, 600 kgs of platinum and 70 tonnes of silver-based jewellery annually, the company said in a statement.
This alliance will enable Limelight to leverage Emerald’s access to a wide range of ready-design banks of jewellery and access to its network of over 300 distributors and more than 20,000 retailers.
“The purpose is to manufacture and distribute finished lab-grown CVD diamond jewellery. With the strength of our manufacturing, finishing and market distribution together with Limelight’s strength of huge CVD diamond production, I am confident that our customers will be able to make the most of this as a new and incremental business opportunity,” Emerald Jewel Industry India Chairman and MD K Srinivasan said.
Limelight Lab Grown Diamonds MD and founder Pooja Sheth Madhavan said that with this alliance the company is aiming to introduce unique designs and further strengthen the brand’s penetration of LGD jewellery in India as well as globally. PTI SM BAL BAL