Italian jewelry makers are set to announce a $3.4 billion sale of its jewelry business, which includes jewelry pieces, to a Chinese company.
The sale is being led by Italian jeweler Luca Di Giorgio, whose company, LucaDiGiorgio Inc., operates factories in the United States.
Di Gio’s group has been investing in the jewelry industry, particularly in the Chinese city of Shenzhen.
Italian jeweler and jewelry designer Luca di Giorgi says he will buy out a stake in LucaDiaz.com, the site he built that sells inexpensive, high-quality jewelry to China.
Di Giornes said he expects to sell the business to a third party and focus on other projects.
Chinese officials are interested in investing in Italy’s jewelry industry because the country is a top source of Chinese investment, according to government officials.
Di Gio, who has a net worth of $7.5 billion, is known as one of the most innovative and prolific innovators in the world.
His company has made products ranging from earrings to wristbands to wristwatch bands.
He has also founded and developed jewelry brands like Luca Giorna, Lucafast, Lucid, and Lucid DiGio.
The new acquisition is expected to be finalized in the coming weeks, according the company.