Shrenuj picks 33% in Israeli diamond cutting firm

NEW DELHI: Shrenuj Group, is acquiring 33% stake in Israeli company SWA Trading Co which is engaged in the business of cut diamonds.

Shrenuj & Co the listed arm of the group will get access to SWA’s existing brand of niche cut diamond ‘Trapz’ which will be further used by jewellery manufacturers worldwide.

The products will be manufactured in Israel and will then be distributed through Shrenuj’s global network. Future plans include shifting a part of the manufacturing activity to India. Shrenuj is picking the minority stake in SWA Trading for about Rs 5 cr.

According to Shreyas Doshi, managing director of Shrenuj & Co, “While we have expertise in manufacturing and rough sourcing, SWA will bring in their expertise in new product development.” He added, that right now the cut diamonds are being manufactured in Israel but Shrenuj is sending its people to get trained in the processes.

“Eventually we will shift part of the manufacturing work to India,” he said. The company is looking to enter the US market through this venture given that a big proportion of revenues from Trapz comes from USA. Shrenuj group is a Rs 600 cr entity involved in the business of manufacturing and exports of polished diamond and jewellery.

It already has a retail presence in Hong Kong through its jewellery retail chain Joliesse. It also has a strong presence in Australia, UAE, France & Germany.