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.