Antwerp-based Choron Group, a prominent diamond supplier, has announced its acquisition of AMC Group, a long-standing De Beers sightholder, marking a rare consolidation within the diamond industry. The acquisition, facilitated by Bonas Group, will take effect on January 1, 2025, though the financial terms of the deal remain undisclosed.
Combining Legacy and Innovation
The acquisition will integrate AMC’s manufacturing facilities and expertise into Choron’s global network. CEO Anshul Gandhi of Choron Group expressed his enthusiasm:
“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. Together, we will set new benchmarks in the diamond supply chain with a specific focus on bolstering our mines-to-market pipeline.”
AMC’s Legacy and Operations
Founded in Antwerp in 1988, AMC (Arodiam Manufacturing Company) is known for supplying certified polished diamonds to luxury brands across Asia and Europe. Its operations include:
- Headquarters: Antwerp.
- Regional Hubs: Hong Kong and Shanghai.
- Factory: Stellenbosch, South Africa, processing rough diamonds sourced through De Beers' sight system.
In 2020, AMC sold its Belgian manufacturing unit to HB Antwerp, focusing on other strategic growth areas.
AMC CEO David Parnas commented:
“This takeover ensures a bright future for our combined operations. Our unified expertise and resources will create new opportunities for growth and success in the global diamond market.”
Choron’s Expansion in High-Value Diamonds
Choron specializes in large, high-value diamonds and has built a reputation for bold acquisitions, including:
- A 425-carat rough diamond from Petra Diamonds in 2019 for nearly $15 million in partnership with Stargems Group.
- Rights to manufacture a 108.39-carat diamond from the Kao mine in Lesotho.
- An 8.4% stake in Burgundy Diamond Mines, which owns the Ekati mine in Canada.