Dubai, United Arab Emirates—Swiss jewelry brand De Grisogono has a new owner. Dubai-based property development company DAMAC Group announced Tuesday it has acquired the company for an undisclosed price. Hussain Sajwani, founder and chairman of the DAMAC Group, was the top bidder among several others vying for the company. DAMAC Group is looking to expand into the luxury and high-end fashion worlds, so the acquisition was a natural fit, said Sajwani. 

“A relatively young, but established brand, it has immense potential that needs to be uncovered and leveraged. I believe that with DAMAC’s expertise and know-how, we will be able to bring the brand to a justifiable success, by strengthening its global development and network,” he said. De Grisogono was founded in 1993 by Fawaz Gruosi. The brand, known for its use of black diamonds, was a red carpet favorite for celebrities like actress Natalie Portman and supermodel Naomi Campbell.

Its famous “The Art of De Grisogono, Creation I” necklace, which featured a 163-carat, D flawless diamond, sold for $33.7 million in a 2017 Christie’s auction. The brand made headlines again in January 2020, accused of being at the center of a money-laundering scheme that funneled billions of dollars from the Angolan government and into the pockets of members of the former first family.