Charlotte-based Diamonds Direct said this week it has acquired Distinctive Diamonds and its sister company, Global Diamonds. The acquisitions add four stores to Diamond Direct’s business, bringing its total to 14.
Diamonds Direct, founded in Charlotte in 1995 and bought by private equity firm Blackstone in 2015, sources its diamonds from mines and diamond cutters around the world for its retail locations. In a statement this week, Diamonds Direct said it will implement multiple aspects of its business model to its two newly acquired companies, including its selection, pricing, and guarantees and warranties.
Distinctive Diamonds opened its first location in Indianapolis, Ind., in 2002 and expanded into St. Louis in 2015. Global Diamonds opened in Jacksonville, Fla., in 2014 and expanded into Salt Lake City in 2016.
Terms of the deal were not disclosed. Diamonds Direct said that it will operate under the names Distinctive Diamonds in Indianapolis and St. Louis, and Global Diamonds in Jacksonville and Salt Lake City.
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“Diamonds Direct sees great potential in these four markets and thanks to the strong foundation that Distinctive and Global Diamonds have built, we are excited to unite and collectively focus on a future centered around Diamonds Direct’s signature value proposition,” Diamonds Direct President Itay Berger said.