Herkim Diamond Heads, a jewelry producer based in New York City, announced it is buying a diamond head lamp from the Luxure Lighting Company of America for $2.5 million.
The purchase is a $4.5-million investment by the diamond jewelry company, according to a statement from the company.
“We’re thrilled to invest in our future growth and continue to build a solid portfolio of brands that will serve our customers,” said Shekim Executive Vice President and Chief Operating Officer David Herkis, in a statement.
The deal is subject to customary closing conditions, according a statement posted by Herkime.
Luxure has been one of the top diamond producers in the world, producing more than 300 million pieces of jewelry annually.
Luxury goods are a growing market for diamond companies.
Luxor, the world’s largest jewelry manufacturer, plans to open an 8,500-square-foot retail store in New Brunswick, N.J., next month.
Diamonds account for a significant share of Luxor’s revenue, with the company selling about $20 billion worth of jewelry in the United States last year, according the company’s annual report.
Luxornav has been in the spotlight recently for a number of issues, including an audit that found it failed to properly record expenses related to its jewelry and accounting for the company that runs its jewelry manufacturing business.
Luxoran, which has its headquarters in New Jersey, announced earlier this month it would cut 300 jobs, including those that are associated with the Luxor operation.