Rosy Blue to Buy Stake in Leo Schachter

RAPAPORT... Polished manufacturer Rosy Blue has agreed to acquire aminority share in Leo Schachter, as the diamond suppliers seek to make theiroperations more efficient. The deal will enable the firms to use each other'sinfrastructure around the world, providing better value for their clients, LeoSchachter said in a statement Monday. Leo Schachter will still operateindependently under the Schachter family's majority ownership, led by itscurrent management team, it noted. The firms expect the transaction to close soon, but did notdisclose other terms of the agreement. "The relationship and collaboration which we have enjoyedwith the Rosy Blue family for over two generations will produce a unique andinnovative platform for the demands of today's diamond industry," said ElliotTannenbaum, principal at Leo Schachter. The companies have been working together for more than 30years, Leo Schachter noted. They both receive rough supply from De Beers, assightholders, and from Alrosa's contract-sales business, and have offices inall major industry hubs.