Leviev, Bulgari Strike Strategic Partnership

Lev Leviev and luxury jeweler Bulgari announced today (Wednesday) a joint venture agreement to establish a company with the objective of further developing the diamond jewelry business of the Bulgari Group.

The two plan to establish a Swiss based company equally owned by LLD of Israel and Bulgari International Corporation (BIC) NV, a fully owned subsidiary of Bulgari S.p.A.

Bulgari Group CEO Francesco Trapani says today “I am very satisfied to have ventured with the Leviev Group that I believe to be the most professional, powerful and international company in the diamond industry.

"This agreement will have a strategic role in helping us consolidate our leadership position in the jewelry world market.”

Lev Leviev adds, “I am very pleased to have established this strategic partnership with the Bulgari Group, one of the world's most reputable jewelers and luxury brands.

“As one of the best global players on the luxury jewelry market, Bulgari is to us the best group to partner with in this promising joint-venture.”

The two say the joint venture “allows the Bulgari Group to further integrate its production process in the diamond jewelry segment,” adding it “will enable the company to offer its final clientele the best collections, in terms of cost and quality, with unique stones - including the rarest blue, red, pink and green diamonds - distinguished by an unmistakable and timeless design.”

Bulgari had a turnover of 760 million Euros last year, offering its goods at over 180 stores around the world.

It offers an array of products from jewels and watches to accessories and fragrances. In 2001 Bulgari formed a joint venture to open seven five star hotels, the first to be inaugurated in May 2004 in Milan.

The Bulgari family controls the Group, holding 54.07 percent of shares with the rest trading on the Milan stock exchange.

The Leviev group is the world's largest producer of cut diamonds with cutting facilities in Israel, Russia, the CIS (Commonwealth of Independent States), the US and other locations, mines in Angola, Russia, Namibia and other locations. Its annual turnover exceeds $2.5 billion.