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| Warren Buffett seems to be attracted to Italian jewelry companies. ©AP Photo/ Kathy Willens |
Jewelry company Richline International, will buy Italian jewelry brand, Carniani, Reuters reports.
The acquisition includes the production, design, intellectual property and distribution rights of the Italian jewelry brand.
Richline International is based in Arezzo, Italy, an area known for gold jewelry manufacturing and design. It is fully owned by Berkshire Hathaway's Richline Group, a global jewelry manufacturer. This will be the company's fifth jewelry brand acquisition as the it plans to expand further in Italy. In May, the company announced the acquisition of 7Ar, Erz and Farinex jewelry brands. Berkshire Hathaway is led by billionaire investor Warren Buffett.
The Richline Group was formed in 2007 and includes a diverse group of jewelry brands specializing in metals, gemstones and design. They include Andin, Aurafin, AuraGem, Bel-Oro, Michael Anthony and Tru-Kay.