At the Diamond Trading Company's recent End of Year reviews in India, Suashish Diamonds Limited (a DTC Sightholder) and Star Diamond Group Inc - USA, based respectively in Mumbai and New York, announced the formation of a new company that will incorporate all the business of Star Diamond Group Inc - USA. The new company (which will be owned by Suashish, the Fiszman family, Nicky and Robby Polak) will be named SuashishStar.

This transaction represents the logical culmination of decades of intense involvement with and support of the Indian diamond industry by the Star Diamond Group Inc - USA, and the dramatic 15-year rise of Suashish Diamonds Limited - a publicly traded company on the Bombay Stock Exchange employing some 15,000 in its Mumbai and Gujarat factories.

In its state of the art diamond and jewelry factory in Mumbai - where SuashishStar has the unique capability to process rough diamonds into beautifully crafted jewelry all under one roof - the new business is overwhelmingly in the vanguard of cutting technology.

The marriage with the marketing, distribution and design arms of the New York-based partner leaves no link in the supply chain unfulfilled by SuashishStar. Its proprietary cuts have brought an array of leading independents into the fold of the core-competency markets of major chains, as well as the complete diamond and diamond-jewelry catalogue to every niche of the diamond market.

As Mr. Ashish Goenka, Chief Executive of Suashish Diamonds Limited, noted: “SuashishStar will be one of the world's strongest fully vertically integrated diamond houses.”

The two firms have worked closely for over a decade, making this a “marriage of love” rather than one of the many “marriages of convenience” that recent developments in the industry have led to. As SuashishStar's C.E.O. Nicky Polak observed: “As we know, the diamond world is changing at a phenomenal pace, and we're pleased to see that in many respects it's headed to some of the places where we've been positioning ourselves this last decade.”



Contact: [email protected]
[email protected]
(please credit europastar.com)


Source: SuashishStar Press Release
November 2003