Dubai’s DAMAC Group said that it has acquired luxury Swiss jewellery brand de Grisogono. 

The property developer has not revealed the size of the deal.

The announcement comes after the property developer unveiled Safa One, a new twin-tower development on the edge of Safa Park that will feature an architectural design inspired by one of the masterpieces created by the Geneva-based jeweller. 

Established in 1993, de Grisogono has been known for its emerald-cut diamond necklace called “Creation I” that fetched $33.7 million at a 2017 auction. It had filed for bankruptcy in early 2020. 

DAMAC’s new project, Safa One by de Grisogono will feature a manmade beach and other attractions to reflect a tropical haven, such as the sounds of cascading waterfalls and exotic birds, according to a statement. 

The towers’ interiors will showcase the jeweller’s signature style. The “essence” of the precious stone emerald, the centrepiece of de Grisogono’s famous necklace, will also be featured across private and public spaces. 

The company has been expanding its portfolio through the acquisition of distressed luxury assets. During the fourth quarter of 2019, DAMAC acquired Italian fashion house Roberto Cavalli.  

The company recently won the $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside, which has been envisioned to be the site of a Cavalli-branded condominium project. 

(Reporting by Cleofe Maceda; editing by Seban Scaria )