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Israel Diamond Institute: Please can you provide us with an overview of the Richline Group
for Israeli diamond dealers who might not be so familiar with the group?
Richline Group CEO Dennis Ulrich: Richline Group is a business that's been around for 30-40 years
and in the last seven years, we became part of Berkshire Hathaway, and Warren Buffett is my boss
Richline Group is in the jewelry business, so we have four operating entities.
One is called Richline Brands, where we sell to the large retailers In the United States and around the world
Inverness which does ear piercing and Rio Grande, which sells to artisans and craftsmen.
Leach Garner, which we are here today to celebrate the collaboration with Rashbel
for distribution of raw materials, gold, silver and gold-filled findings that we sell to manufacturers.
What can you tell us about the diamonds used in your jewelry products?
When we look at the growth opportunity in the industry, it's an opportunity to grow in diamonds and watches.
We're primarily in precious metals – gold, silver – we do work with colored stones and we work with
small diamonds, probably 10 points and below, sometimes we work with 0.5-carat or 1 carat in total weight
We don't work in the bridal business or large solitaire business.
But we look at that as an opportunity for the future, whether that will be in diamonds,
we just have to find our way and the right relationships and the right partnerships.
Can you tell us a little about the background that led to the opening of this store?
Right, so Rashbel has been a customer of Leach Garner for quite some time and most of what
they buy from us is silver and gold-filled, and they came up with the idea of being in this Exchange
and understanding that a lot of diamond dealers are trying to increase their added value by making jewelry
and they thought it would be a great market for our products to be used in gold and 18-carats.
And they, the experts, know the business side and industry here in Israel,
and we know the production side of it, so we thought it'd be a very good collaboration, so they approached us
probably close to a year ago and it took us a while to get to this point which we're very excited about.
Are there any opportunities are there for independent Israeli companies to do business with Richline?
We always look for proprietary particular items and product lines and
designs and so we're always open to creativity, newness and innovation. So, hopefully yes.
Thank you very much Dennis Ulrich
Thank you Michelle