The Diamond Standard
Founded : 1992
Activities : Wholesale diamond brokerage
Parent Company : Finlay Enterprises
Stockists : 2,800 locations
Origin : Brand sold to affiliates of Jimmy Choo and Labelux in 2008. Inventory and operations were then divided between Finlay Fine Jewelers commodity brands.
The Diamond Standard is a diamond brokerage based in the United States with operations on both the East and West Coasts. The business was originally started in 1992 as a way of brokering gemstones through both company owned and independent jewelry stores. Initially financed with the acquisition of $18 million in loose cut and polished gemstones, the company has quietly expanded to include almost 2,800 jewelers at both the retail and wholesale levels.
While the Diamond Standard does not sell directly to consumers, it operates more like a bank for jewelry retailers and wholesalers, often consigning as much as $500K to each location. After an attempt to acquire Samuels Jewelers, the fifth largest chain of jewelry stores in North America to save it from bankruptcy in 2000, the company returned to its roots of brokering loose diamonds and precious stones. In 2002, it acquired manufacturing operations in South Florida, USA and added 128 jewelers on the Gulf Coast to its client base.
Today, the Diamond Standard commands more than 70,000 carats of cut and polished diamonds and precious gemstones in inventory as well as substantial holdings in precious metals.
The Diamond Standard has been a wholly owned and operated subsidiary of The Grand Metropolitan Companies since 2000. The Diamond Standard brand was sold to an affiliate of Jimmy Choo Limited and Labelux in 2008. This transaction created the capital for Grand Metropolitan’s acquisition of Finlay Enterprises. Inventory and operations were then divided between Finlay Fine Jewelers commodity brands.