In a recent announcement to the stock exchanges, Renaissance Jewellery Ltd has said that its wholly owned subsidiary Renaissance Jewellery New York has acquired US-based Jay Gems Inc, a US based leader in designing and manufacturing of high quality jewellery.

The company said that the acquisition was being funded by internal accruals of the subsidiary. Jay Gems, a 25-year old jewellery company, had reported a turnover of US$ 79.54 million in 2017, Renaissance said.

Currently, Jay Gems has a presence across USA, UK and Canada with clients such as Zale, JC Penny, Signet, H Samuel, Fred Meyer, Helzberg, Peoples, Charm, Reeds and Riddles.

As a result of this acquisition, Renaissance’s portfolio will now expand to include the "Enchanted by Disney Fine Jewellery”, as Jay Gems has the exclusive licensing agreement with Disney Consumer Products, Inc. for its Enchanted collection by Disney Fine Jewellery.

The Enchanted line includes jewellery collections themed around popular Disney properties such as Cinderella, Snow White, Tinker Bell, Frozen and others.

This is in line with the company’s strategy to secure licences for global brands, a company official was quoted as saying. Sales through licensing agreements yields superior product positioning and higher margin, Renaissance said in a presentation supporting the announcement.

Earlier, in 2016, Renaissance signed a licence agreement with Hallmark to launch the Heart of Hallmark Jewellery collection.

Renaissance said that it would consider expansion opportunities for the Enchanted by Disney brand in overseas market such as China, Japan, Korea, Europe and Middle East.