Antwerp-based diamond supplier Choron Group has agreed to acquire AMC Group, a De Beers sightholder, in a rare case of consolidation in the diamond trade.
Choron will integrate AMC’s manufacturing facilities and expertise into its international network, the two Belgian companies said in a joint statement on Monday. The deal will take effect on January 1, 2025. Diamond brokerage and consultancy firm Bonas Group initiated and facilitated the transaction. The parties did not disclose financial terms.
“This acquisition marks a significant milestone for Choron,” said Anshul Gandhi, its CEO, on Monday. “AMC’s legacy of excellence and market leadership complements our vision to deliver unparalleled quality and service in the diamond industry. Together, we will set new benchmarks in the diamond supply chain with a specific focus on bolstering our mines-to-market pipeline.”
AMC, which stands for Arodiam Manufacturing Company, supplies certified polished diamonds to luxury brands and retailers in Asia and Europe. Headquartered in Antwerp since 1988, it has additional operations in Hong Kong and Shanghai.
The company manufactures goods at its factory in Stellenbosch, South Africa, which receives rough through the De Beers sight system. AMC sold its Belgian manufacturing unit to HB Antwerp in 2020.
“This takeover ensures a bright future for our combined operations,” said AMC CEO David Parnas. “I am confident that our unified expertise and resources will create new opportunities for growth and success in the global diamond market.”
Choron focuses on large and high-value diamonds. In 2019, it acquired a 425-carat rough from Petra Diamonds for just under $15 million in partnership with Stargems Group. Last year, it bought the rights to manufacture a 108.39-carat stone from the Kao mine in Lesotho. It holds an 8.4% stake in Burgundy Diamond Mines, owner of the Ekati mine in Canada.
Image: The Antwerp diamond district. (Antwerp World Diamond Centre)
