By  on December 6, 2010

An electrical fire at Swiss jewelry and watch firm de Grisogono’s Madison Avenue boutique gutted the two-floor store on Sunday.

A spark from the holiday display window started the blaze at approximately 3 a.m.. Giovanni Mattera, vice president of de Grisogono North America, said, “It was from an electrical source. We had just put up the Christmas decorations, and one of the panels caught on fire.”

The company’s wares, stored in a double-walled vault every evening in the boutique’s basement, went unharmed.

The 3,000-square-foot location was built seven years ago, and valued at the time at $7 million dollars, according to Mattera.

In the hope of salvaging some of their holiday sales, a temporary location will be set up. “We’ll see if we can get a temporary location at least for the holidays on Madison Avenue. We don’t want to lose the Christmas holiday season — we’ll make the best out of it. It’s sad, it’s one of the nicest stores on Madison Avenue, it’s such a little jewel box. [Founder Fawaz] Gruosi was totally devastated, we were both crying on the phone. It’s really sad,” said Mattera.

He said the company, “will rebuild immediately…it’ll be better and beautiful.”

Tuesday’s in-store event — to unveil a “promise” ring designed by Gruosi for singer Cheryl Cole — has been cancelled.

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