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HomeNewsArchivesV.I. COLOMBIAN EMERALDS STORES SOLD TO JEWELS

V.I. COLOMBIAN EMERALDS STORES SOLD TO JEWELS

Nov. 1, 2002 – The St. Thomas jewelry chain Jewels doubled in size on Thursday when it bought the four Colombian Emeralds International stores in the Virgin Islands. The three on St. Thomas will continue to carry the Colombian Emeralds name, marketing manager Beth Downey said, but the St. John store will be called Jewels.
Within about a week, she said, minor refurbishment will be done and the new sign will go up at the St. John store, located in the Mongoose Junction shopping complex.
The purchase legally was by NXP Corp., which does business on St. Thomas as Jewels.
Downey declined to disclose the price Jewels paid for the Colombian Emeralds stores.
The St. Thomas Colombian Emeralds stores are located on Main Street, on the Charlotte Amalie waterfront and in Havensight Mall. The four stores Jewels already owned on the island are located on Main Street, on the waterfront, at Havensight Mall and in A.H. Riise Mall. The Riise's shop is called the David Yurman Boutique.
Downey said all Colombian Emeralds employees will be kept on. Colombian Emeralds manager Tom Ballas estimated that the company employs about 70 people. He said he was excited about the change. "Jewels is a very strong company," he said, and the opportunities are "endless" with the change.
Acquiring Colombian Emeralds was a good opportunity for Jewels, Downey said, because the store operations are similar. "We have the infrastructure in place," she said, and the companies carry many of the same brands of fine watches and jewelry.
She said the acquisition also is a good opportunity for Colombian Emeralds employees, because Jewels owners have deep pockets, meaning shelves will be stocked in time for the winter season. Colombian Emeralds had fallen on hard times in recent years. Downey said the company had pared its staff and had closed stores in other locations.
"We are very excited to have this opportunity to restore Colombian Emeralds International to their well-earned place as a leader in the St. Thomas duty-free market," NXP's president, Hal Taylor, said in a release.
Downey said Jewels expects to maintain a working relationship with the Colombian Emeralds distribution center in Fort Lauderdale, Florida. She said NXP, which has its corporate headquarters on St. Thomas, is owned by Combine International, a jewelry design and production company based in Troy, Michigan.
She noted that Jewels bought only the St. Thomas Colombian Emeralds properties, and not any of the others located throughout the Caribbean and aboard a cruise ship.
Ballas referred further questions about Colombian Emeralds to the chain's corporate headquarters, where no one could be reached for comment.

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