DAMAC buys bankrupt Swiss diamond jeweler

RIYADH: Damac Group, an Emirati property development company, has purchased De Grisogono SA, a Swiss luxury jeweler that filed for bankruptcy in early 2020, Bloomberg reported. 

Damac also announced that it launched a property project called Safa One by de Grisogono in Dubai, featuring cascading waterfalls, hanging gardens and a manmade-beach on the podium level.

“Keeping in line with our ambitions to expand our business into the luxury and high-end fashion realm, bidding for de Grisogono came to us naturally,” Sajwani said in a statement on Tuesday.