KUALA LUMPUR: Tomei Consolidated Bhd has announced that its licence agreement with De Beers Diamond Jewellers Ltd will end on Dec 10, 2023.
In a statement, managing director Datuk Ng Yih Pyng said the conclusion of the agreement will not have any material impact on the company's financial performance.
"Our license agreement with De Beers represents an important aspect of Tomei’s position and strength in the jewellery retail industry.
"We will continue to seek collaborative and synergistic partnerships with other jewellery producers to widen our product offerings and bring more value to our customers," he said in a statement.
The total number of Tomei’s retail outlets stands at 57 with the departure of De Beers, of which 53 are under the Tomei brand, two under Goldheart and two under Le Lumiere.
To recap, in 2013, Tomei became an exclusive retail distributor for De Beers diamonds in Malaysia.
Under the license agreement, Tomei was also granted the option to set up and operate De Beers retail outlets in Singapore, Indonesia, Thailand, and Vietnam.