RAPAPORT… Chow Tai Fook has agreed to buy a minority stake in New Cutting Edge, a creator of nano-marking and other technology for the diamond sector.
The Hong Kong-based jeweler will acquire 40% of the company for HKD 40 million ($5.1 million), it said in a statement last week.
Founded in 2011 and headquartered in Hong Kong, New Cutting Edge develops technology that enables diamond traceability and authentication, Chow Tai Fook explained. The retail giant has already been using the company’s services for projects such as its T Mark brand and its in-house grading reports, which are based on artificial intelligence (AI).
Chow Tai Fook said the closer collaboration would help the company become more competitive in the field of diamond marking and grading. The deal’s completion is still subject to certain closing conditions.
Image: A Chow Tai Fook store in Hong Kong. (Shutterstock)
Chow Tai Fook Invests in Diamond Marking Firm
The Bottom Line
- Chow Tai Fook will purchase 40% of New Cutting Edge for HKD 40 million ($5.1 million).
- New Cutting Edge specializes in nano-marking and AI-based diamond traceability and authentication technology.
- The partnership aims to boost Chow Tai Fook's competitiveness in diamond marking and grading services.
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