De Grisogono

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.

de Grisogono
TypePrivately held company
IndustryJewellery manufacturing
Founded1993 by Fawaz Gruosi
Headquarters
Geneva
,
Switzerland
Productsjewellery, watches
RevenueIncrease €102.6 million (2011)
ParentDe Grisogono
Websitedegrisogono.com
De Grisogono shop in Gustavia, Saint-Barthélemy (France)

Overview

In 2012, Gruosi had to give-up majority ownership in De Grisogono. The majority was taken-over by investors centered around Isabel dos Santos, the richest woman in Africa and daughter of Angolan dictator and kleptocrat, José Eduardo dos Santos.[3] Dos Santos had quietly routed millions of dollars through shell companies in Malta and the British Virgin Islands.[4]

In 2017, De Grisogono entered into a new partnership with former Leviev executives David and Lisa Klein.[5][6]

"Creation I," a necklace by de Grisogono, was sold for nearly Dh125 million, in 2017's Christie's sale.[7][8]

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.[9]

In 2010, Isabel dos Santos, set up a Victoria Holdings in Malta and funneled Angola's diamonds through De Grisogono out of the country.[10] 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. On 29 January 2020, de Grisogono filed for bankruptcy.[11] In 2022 it was bought by the Damac Group of Dubai.[12][13]

See also

References
  1. "Riccardo Viganò 6 July 2015 - The New Retro watch by De Grisogono". Archived from the original on 17 November 2016. Retrieved 25 November 2015.
  2. 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.
  3. Fawaz Gruosi weg: Ende einer Ära bei De Grisogono
  4. How Western advisers helped an autocrat’s daughter amass and shield a fortune
  5. Sidell, Misty White (2017-11-08). "De Grisogono Marks Madison Avenue Flagship". WWD. Retrieved 2017-11-18.
  6. Sidell, Misty White (2017-02-09). "De Grisogono's U.S. Business Shifts Course; Leviev to Cease Operations". WWD. Retrieved 2017-11-18.
  7. "UAE buyer acquires Dh4.7 million ring at auction". The National. Retrieved 2017-11-18.
  8. DeMarco, Anthony. "De Grisogono 163-Carat D-Flawless Diamond To Be Sold By Christie's". Forbes. Retrieved 2017-11-18.
  9. O'Neil, Paul. "Another record tumbles". WorldTempus. Retrieved 2018-04-06.
  10. "ANGOLA: Oil, Diamonds & One Family's Phenomenal Greed | the Elephant". 10 March 2017.
  11. "Swiss Diamond Jeweler at Heart of Angolan Scandal Goes Bankrupt". Bloomberg.com. 2020-01-29. Retrieved 2021-02-24.
  12. "Dubai's DAMAC Group Acquires De Grisogono". nationaljeweler.com. Retrieved 2022-09-01.
  13. "Damac's Hussain Sajwani has now bought a Swiss jewellery brand, de Grisogono". gulfnews.com. 31 May 2022. Retrieved 2022-09-01.
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