Shinsegae Department Store Expands Diamond Business

South‌ Korea’s Shinsegae Department Store is expanding its diamond business through a strategic partnership with global diamond wholesaler AA Rachminov Diamonds.

Established ‍in 1940, Rachminov specializes in the wholesale and processing of raw diamond material. ⁣The company is highly regarded for the⁢ quality of its diamonds, ​with​ over 60% of its sales coming from transactions with luxury jewelry brands.

Stable Supply‌ Chain and Luxury Jewelry Brand

Through this partnership, Shinsegae‌ Department Store expects to establish⁢ a ‌stable supply chain by sourcing diamonds directly from Rachminov for its in-house luxury jewelry brand “Addir.”

This collaboration will enable Shinsegae to enhance its luxury jewelry offerings and provide customers with high-quality‌ diamonds.

Expansion into ‍Wholesale Diamonds

In addition, Shinsegae plans to learn from Rachminov’s expertise in buying raw diamonds, processing, and running the wholesale business. The company aims to expand⁤ into wholesale diamonds domestically and internationally.

This move is expected to further strengthen Shinsegae’s position⁣ in ‍the luxury jewelry market and provide new opportunities for growth.

Enhancing Customer Experience

“Through this ⁤strategic alliance with a global ‍diamond wholesaler, we are exploring entry into the high-growth wholesale ⁣and retail jewelry sectors. We will⁤ deliver special content that enhances customers’ lifestyles by leveraging Shinsegae’s brand management and distribution expertise,” said a Shinsegae Department Store representative.