De Grisogono is a Swiss luxury jeweller founded in Geneva, Switzerland, in 1993 by Lebanese-Italian black diamond specialist Fawaz Gruosi.[1][2] The Italian name Grisogono is derived from the Latin Chrysogonus which comes from the Greek Chrysogonos χρῡσό-γονος, meaning "begotten of gold". The company filed for bankruptcy on 29 January 2020. In 2022 it was bought by the Damac Group of Dubai.
 | |
| Company type | Privately held company |
|---|---|
| Industry | Jewellery manufacturing |
| Founded | 1993 by Fawaz Gruosi |
| Headquarters | , |
| Products | jewellery, watches |
| Revenue |  €102.6 million (2011) |
| Parent | De Grisogono |
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History
editIn 2012, De Grisogono majority shareholder Fawaz Gruosi sold his a majority stake to SODIAM (trading arm of the Angolan state diamond company), a company partially controlled by the José Eduardo dos Santos family.[3]
In 2017, De Grisogono entered into a new partnership with former Leviev executives David and Lisa Klein.[4][5]
"Creation I," a necklace by de Grisogono, was sold for nearly Dh125 million, in 2017's Christie's sale.[6][7]
In 2017, the company set a new record at Christie's Magnificent Jewels sale in Geneva when it sold the world's biggest-ever emerald cut diamond offered at auction. The 163.41-carat D Flawless stone, which was cut from a 404 carat rough, was incorporated into a necklace designed by Fawaz Gruosi. It fetched 33.5 million Swiss francs, beating the previous record for a D Flawless diamond by nearly five million Swiss francs.[8]
In January 2019, Fawaz Gruosi supposedly left the company's board and his role as chief designer of De Grisogono. Céline Assimon was named CEO.[9] On 29 January 2020, de Grisogono filed for bankruptcy.[10] In 2022 it was bought by the Damac Group of Dubai.[11][12] In August 2024, SODIAM sold its remaining shares in De Grisogono in a move to dismantle dos Santos' financial empire.[13]
Dos Santos controversy
editIn 2012, De Grisogono majority shareholder Fawaz Gruosi sold his shares to investors centered around Isabel dos Santos, daughter of José Eduardo dos Santos. The dos Santos family had bought the company to create a vertical diamond distribution chain Angola-Switzerland, and made SODIAM (trading arm of the Angolan state diamond company) invest $120 million in De Grisogono. The investment apparently had no impact on the company's finances, and bonuses paid to the dos Santos family were funneled through shell companies in Malta and the British Virgin Islands, where Victoria Holding Limited served as intermediary owner of De Grisogono.[3]
In January 2020 De Grisogono was named in the Luanda Leaks investigation by the International Consortium of Investigative Journalists as being part of the business empire of Angola's Isabel dos Santos.[10]
See also
editReferences
edit- ^ "Riccardo Viganò 6 July 2015 - The New Retro watch by De Grisogono". Archived from the original on 17 November 2016. Retrieved 25 November 2015.
- ^ Peterson, Jane A. (November 20, 2016). "At De Grisogono, It's All Gems and Glamour". The New York Times. Retrieved 2020-08-25.
He was born in Beirut, Lebanon, and his Italian mother brought him to Florence after his father, who was Lebanese, died.
- ^ a b "How Western advisers helped an autocrat's daughter amass and shield a fortune". Quartz. 2020-01-19. Retrieved 2024-10-16.
- ^ Sidell, Misty White (2017-11-08). "De Grisogono Marks Madison Avenue Flagship". WWD. Retrieved 2017-11-18.
- ^ Sidell, Misty White (2017-02-09). "De Grisogono's U.S. Business Shifts Course; Leviev to Cease Operations". WWD. Retrieved 2017-11-18.
- ^ "UAE buyer acquires Dh4.7 million ring at auction". The National. Retrieved 2017-11-18.
- ^ DeMarco, Anthony. "De Grisogono 163-Carat D-Flawless Diamond To Be Sold By Christie's". Forbes. Retrieved 2017-11-18.
- ^ O'Neil, Paul. "Another record tumbles". WorldTempus. Retrieved 2018-04-06.
- ^ "Fawaz Gruosi weg: Ende einer Ära bei De Grisogono". Handelszeitung (in Swiss High German). Retrieved 2024-10-16.
- ^ a b "Swiss Diamond Jeweler at Heart of Angolan Scandal Goes Bankrupt". Bloomberg.com. 2020-01-29. Retrieved 2021-02-24.
- ^ "Dubai's DAMAC Group Acquires De Grisogono". nationaljeweler.com. Retrieved 2022-09-01.
- ^ "Damac's Hussain Sajwani has now bought a Swiss jewellery brand, de Grisogono". gulfnews.com. 31 May 2022. Retrieved 2022-09-01.
- ^ "L'Angola cède ses parts d'un joailler suisse dont la famille dos Santos est actionnaire". Africanews (in French). 2017-12-01. Retrieved 2024-10-16.
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