Antwerp Deal: Choron Group Acquires AMC Group
December 24, 24
(IDEX Online) - Rough-to-polished diamond house The Choron Group, is to acquire AMC Group, a De Beers sightholder and manufacturer.
The two companies said in an joint statement that they will combine their operations into what they describe as a "newly unified organization".
Choron, an Antwerp-based rough supplier, manufacturer and distributor of polished diamonds and jewelry, says the move strengthens its position as a leader in the international diamond pipeline and expands its manufacturing and distribution capabilities, especially for large and high-value diamonds. No financial details were disclosed.
Last August Choron acquired an 8.4 per cent holding in Burgundy Diamond Mines, new owners of the Ekati mine, in Canada.
In 2019, together with Dubai-based Stargems, it bought a 425-carat diamond from Petra's Cullinan mine, which later sold for almost $15m.
And last year it acquired a 108.39-carat pink Type IIa diamond - one of the world's largest pink gems - from Storm Mountain Diamonds.
AMC, also based in Antwerp, has manufacturing facilities in Stellenbosch, South Africa and in Belgium.
The transaction was initiated and facilitated by the Bonas Group, also based in Antwerp, and takes effect from 1 January.
Anshul Gandhi, CEO of the Choron Group, said: "This acquisition marks a significant milestone for Choron.
"AMC's legacy of excellence and market leadership complements our vision to deliver unparalleled quality and service in the diamond industry."
David Parnas, CEO of the AMC Group, said: "This takeover ensures a bright future for our combined operations, and I am confident that our unified expertise and resources will create new opportunities for growth and success in the global diamond market."
Pic courtesy The Choron Group.