Swarovski has purchased all of Golay's shares in Signity, the joint venture created by the two companies in 1999 to sell, distribute and market precision-cut genuine and created gemstones.
As of Nov. 1, Swarovski will control 100 percent of Signity, including Golay's assets associated with the production and development operations for synthetic stones and marcasite.
Swarovski hopes the acquisition will improve its position in the cubic zirconia market and strengthen its market share in premium-cut genuine and synthetic gemstones. The company plans to integrate Signity operations over the next few months to provide a higher level of customer service and support, along with greater operational efficiency.
Golay will continue to vend precision-cut gemstones to the luxury-watch industry and hand-cut gemstones to the jewelry trade. The company plans to elevate its focus on high-end cultured pearls, finished jewelry and diamonds.
Swarovski is best known for the branded cut crystals that it supplies to the jewelry, fashion and lighting industries.