Damiani "Legend" Bracelet

MILAN — Italian jewelry house Damiani is acquiring the former exhibition center Palafiere in Valenza, located in Italy’s northern Piedmont region, with the goal to turn it into a new production pole. Financial terms of the deal include an investment of about 8 million euros for the acquisition of the structure.

Established a decade ago, the 129,167-square-foot venue used to host jewelry trade shows before being abandoned.

A hub for jewelry companies, Valenza is also the town where the company’s founder Enrico Grassi Damiani opened the firm’s first laboratory in 1924.

“We’re proud to be able to strengthen our manufacturing heritage once again,” said Guido Damiani, the founder’s grandchild and currently the president of the namesake group. According to the executive, the deal enhances the company’s goal to increase its presence in Valenza to keep creating local employment and to “further elevate the image of the district, making the town a reference point for high jewelry worldwide.”

Once the agreement with vendor Expo Piemonte is set, the company will discuss the renovation project with local institution and authorities, starting from Valenza’s municipality.

According to the company, the new manufacturing pole will open in 2021.

Damiani, which is publicly listed on the Milan Stock Exchange, operates boutiques in key locations, including Milan, Rome, Paris, London, Dubai, Tokyo, Beijing and Seoul. In addition to its own namesake label, the group has invested in jewelry firms Salvini, Bliss, Calderoni and Rocca.

In 2016, the Damiani family also acquired a majority stake in the Venini company, known for its colorful and artistic glass designs, and a leading firm in Murano, the glass production hub in Venice’s lagoon. The acquisition, whose financial terms were not disclosed, was part of the Damiani’s strategy to invest in and develop historic luxury brands.