Richline Group Acquires Rio Grande

Fine jewelry manufacturer and marketer, Richline Group, Inc., said Friday that it has acquired Rio Grande, effective Jan. 1, 2013.

Rio Grande, an Albuquerque, N.M.-based company founded in 1944 by Saul Bell, is an international distributor of jewelry making equipment, jewelry packaging and displays, and other jewelry related products for jewelry designers, manufacturers and retailers. It remained family owned and operated under the Bell Group, Inc. Meanwhile, Richline Group, a wholly-owned subsidiary of Warren Buffet's Berkshire Hathaway Inc., is a multi-national holdings company of jewelry manufacturers and distributors. 

Under the new corporate structure, Alan Bell and Molly Bell will remain to run the company as president and executive VP, respectively, Richline said in a statement. Eddie Bell will continue to oversee the Santa Fe Symposium and Neutec. The Santa Fe Symposium is an annual gathering of jewelry industry professionals involved in cutting-edge technology in jewelry making who share their insights with in-depth papers. Neutec, also included in the acquisition, is a manufacturer of lost-wax jewelry casting equipment (grain-making and casting machines), laser-welding machines, as well as the accessories and supplies that support them.

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Richline Group to Buy Fifth Italian Jewelry Brand

Warren Buffett seems to be attracted to Italian jewelry companies. ©AP Photo/ Kathy Willens

Jewelry company Richline International, will buy Italian jewelry brand, Carniani, Reuters reports.

The acquisition includes the production, design, intellectual property and distribution rights of the Italian jewelry brand.

Richline International is based in Arezzo, Italy, an area known for gold jewelry manufacturing and design. It is fully owned by Berkshire Hathaway's Richline Group, a global jewelry manufacturer. This will be the company's fifth jewelry brand acquisition as the it plans to expand further in Italy. In May, the company announced the acquisition of 7Ar, Erz and Farinex jewelry brands. Berkshire Hathaway is led by billionaire investor Warren Buffett.

The Richline Group was formed in 2007 and includes a diverse group of jewelry brands specializing in metals, gemstones and design. They include Andin, Aurafin, AuraGem, Bel-Oro, Michael Anthony and Tru-Kay.

Richline Group Acquires Three Italian Brands

The Richline Group jewelry company has bought three privately held Italian jewelry brands for undisclosed amounts, Reuters reports.

Richline, headquartered in Mount Vernon, N.Y., and Tamarac, Fla., bought the rights to children’s jewelry maker Erz, earrings and bracelets maker Farinex and 7AR, a part of the Rosato jewelry group, based in Arezzo and Milan, Italy, according to the report.

“This is another important and strategic addition to our expansion into the international arena,” Dennis Ulrich, chief executive officer of Richline Group, reportedly said in a statement.

Richline Group announced in January it would buy privately owned Italian jewelry manufacturer Rosato, known for its gold and enamel charms. Instead, Richline opted to buy the 7AR brand, a branch of Rosato, Reuters reports.

Richline Group, a wholly-owned subsidiary of Berkshire Hathaway Inc., was formed in 2007 and includes such brands as Andin, Alarama, Aurafin, Auragem and Bel-Oro.

Warren Buffett is the Star Jewelry Salesman at Borsheims

Susan Jacques, Borsheims president and CEO, shows Warren Buffett the special shareholder price on a piece of jewelry. Photo credit: Borsheims

Borsheims said it had record sales during its annual discount period for Berkshire Hathaway shareholders partly because Warren Buffett served a stint as a salesman for the Omaha, Neb.-based luxury retail jeweler.

The weeklong discount period for shareholders who attended the annual Berkshire Hathaway annual shareholders meeting in Omaha, held this past weekend, resulted in a 45 percent sales increase over the same period last year, Borsheims said on its website.

Borsheims, one of the nation’s largest independent jewelry stores, is owned by Berkshire Hathaway, where Buffett is chairman. On Sunday May 1, Buffett took a turn as a salesman for an hour and it was apparently quite successful.

Borsheims CEO Susan Jacques, said Buffett sold a $30,000 ring to a woman and a diamond bracelet for a man who held up his credit card and said he just wanted to buy something from Buffett, according to the Omaha World-Herald website.

The price of gold was a slight factor in the increase, Jacques reportedly said. However, a decision by Berkshire to sell jewelry in addition to memorabilia at the Qwest Center, where the shareholders meeting was held, was a bigger reason. Shareholders purchased lower-priced jewelry items and bought eight pairs of 1-ct. diamond-stud earrings, at about $2,000 each, the newspaper reported.

Borsheims attracted 14,000 eager buyers Friday evening and a record 8,000 on Sunday, Jacques told the newspaper. Below is a video of Buffett selling jewelry at Borsheims:

Warren Buffett Signed Diamonds Available at Berkshire Hathaway Annual Shareholders Meeting

Warren Buffett’s signature is laser inscribed on the diamonds.

What’s more valuable, Warren Buffett’s signature or a diamond? Berkshire Hathaway shareholders attending the company’s annual meeting in Omaha, Neb., won’t have to choose. 

Borsheims Fine Jewelry and Gifts, owned by Berkshire Hathaway, will give shareholders attending the May 3 meeting the exclusive opportunity to buy a diamond laser-inscribed with Warren Buffett’s signature. Some will even be able to buy Buffett-signed diamonds directly from the man himself on May 4, as he will be selling jewelry from Borsheims for the fourth consecutive year.

The limited-edition diamonds went on sale Monday, said Adrienne Fay, Borsheims marketing and advertising director. There are 26 loose diamonds available, ranging in size from 0.75-carat to 5 carats and in price from $5,000 to more than $200,000. They are available in round and square cuts and are ready to be mounted as earrings, pendants or rings.

In addition, Fay said 25 of the Warren Buffett-signed diamonds have been set into diamond pendant necklaces and will be on sale only at the CenturyLink Center, the site of the Berkshire Hathaway annual shareholders meeting. The 0.5-carat diamond pendant necklace featuring Buffett’s signature normally would retail for $2,500, but Berkshire Hathaway shareholders can purchase it for $1,750.

Each diamond comes with a pamphlet describing its special nature and a loupe so the buyer can see the inscription, the company said. There are no plans to sell any more of these Buffett-inscribed diamonds.

“All of the diamonds are already inscribed with Mr. Buffett’s signature,” Fay said. “We currently have no plans to sell more than more than the 25 pendants or 26 loose stones as they are a special and exclusive addition to our inventory for the shareholder weekend.”

The diamond sale serves as a promotion for the Borsheims Signature Diamond collection. Each diamond has a star cut into the culet of the diamond, giving the diamond additional fire and brilliance, the company said in a statement. The diamonds originate in Canada’s Northwest Territory in which the company says miners and companies use the “most environmentally friendly way to extract the diamonds.” Each diamond is laser-inscribed with an identification number, the Borsheims name and a maple leaf, guaranteeing its Canadian origin. The inscription allows buyers to identify their diamond and trace it back to its Canadian mine.

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Richline Group to Acquire Rosato

Simona Rosato

The Richline Group will be adding another brand to its portfolio as the company announced Monday that it is acquiring acquiring Italian jewelry brand and Rosato Srl. The two companies signed an agreement that will allow the acquisition to take place by the end of February.

Rosato, based in Arezzo and Milan, Italy, was founded by Simona Rosato in 1994 with the idea of turning fine gold and silver jewelry into a more trend-driven accessory. The company also owns the jewelry brands 7AR and Calgaro.

Richline Group is a wholly-owned subsidiary of Berkshire Hathaway. It is a jewelry manufacturer and the largest importer of gold jeweler. The company, founded in 1997, owns several brands, including Andin, Bel-Oro and Michael Anthony.

“Rosato is another important and strategic addition to our brands. It is our first real expansion into the international arena for acquisitions and we have found a gem,” said Dennis Ulrich, Richline Group CEO. Rosato has a great product line, talented people and long term relationships with its clients.”

Simona Rosato added: “This is a great opportunity for my brand to grow and expand globally. I am sure we will be able to let the real Italian jewelry design be known and appreciated.”

Look for ‘Crazy Warren’ Buffett Selling Jewelry at Borsheims

Susan Jacques, Borsheims president and CEO, shows Warren Buffett the special shareholder price of piece of jewelry during last year’s Berkshire Hathaway shareholders weekend.

Borsheims jewelry store is one of the most popular stops for Berkshire Hathaway investors during the company’s annual weekend-long shareholders meeting. The retailer should expect to see greater crowds this year as Warren Buffet will once again be making the rounds as a jewelry salesman for the weekend.

Buffett made the announcement in his annual letter to Berkshire Hathaway shareholders, released Saturday. It will be the second consecutive year that the “Sage of Omaha” will be selling jewelry for the shareholders weekend—which attracts more than 30,000 Berkshire Hathaway shareholders, media members and other guests. Borsheims is a subsidiary of Berkshire Hathaway.

“On Sunday (May 6, 2012) around 2 p.m., I will be clerking at Borsheims, desperate to beat my sales figure from last year,” Buffett wrote. “So come take advantage of me. Ask me for my ‘Crazy Warren’ price.” 

“We are thrilled to have Mr. Buffett back among our sales staff. He set records last year in his brief stint behind the counter and we expect a longer stay from Mr. Buffett this year,” Borsheims wrote on its blog.

The jeweler was founded in 1870 and has been a subsidiary of Berkshire Hathaway since 1989. The store covers more than 62,500 square feet after its 2006 remodel, and maintains an inventory that includes more than 100,000 pieces. It also has a very large catalog and website business.

Buffett, if course, is the primary shareholder, chairman and CEO of Berkshire Hathaway and is widely regarded as one the most successful investors in the world.