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RAPAPORT... Diamond and jewelry manufacturer The Laxmi Diamond Group will combine its two U.S. divisions -- Sumit Diamond Group and Suberi Brothers -- as part of a strategic development plan. The combined operation will be run from Sumit’s existing premises at 592 Fifth Avenue in Manhattan.
With the reorganization, the company seeks to pool talent and resources while elevating the level of product and service offered to its customers, according to its related announcement. The new division will be led by Nick Parekh, Amit Javeri and Nitin Gajera and offer retailers a wide array of both bridal and fashion jewelry.
Laxmi Diamond stated that its 2014 acquisition of a stake in Sumit Diamond Corporation, followed by this restructuring plan, is a strong indication of the company's outlook for the U.S. jewelry market since the nation leads the world in retail jewelry consumption.
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