June 14, 1999
Joint Venture To Create Sapphire Stronghold
The company created by a recent joint venture may control about 20% of the estimated $1 billion world sapphire market, according to a release.
The Menavi Group of Companies in Ramat Gan, Israel, internationally known for its advances in gem cutting technology, joined forces with American Benefits Group Inc., an emerald and sapphire supplier in Deerfield Beach, FL, to form a new company, Total Gem Management Ltd. In May, American Benefits Group acquired Stones and Wood Corp., a Madagascar-based sapphire mining operation, for $4 million. The company already purchased majority shares of other mining companies that own more than 35 sapphire perimeters in Madagascar. With these acquisitions, the company says it can control major quantities of sapphires. Total Gem Management will sort, cut, polish and market the sapphires.
American Benefits Group Ltd., (888) 533-4555; www.abfg.com.
- by Robert Weldon, G.G.