Spence Diamonds

Last updated
Spence Diamonds
Company type Private
Industry Retail
Founded1978;48 years ago (1978)
Headquarters Vancouver, British Columbia
Number of locations
8
Key people
Eric Lindberg (Executive Chairman)
Products Diamond jewellery
Owner Lion Capital LLP
Website spencediamonds.com

Spence Diamonds is a Canadian retailer of diamond jewellery owned by the British firm Lion Capital. As of September 2021, the chain operated eight locations across three Canadian provinces.

Contents

History

Spence Diamonds was founded in Vancouver in 1978 by Doug Spence and was run for decades by Sean Jones. The company began selling synthetic diamonds in 2016. It is also noted for its aggressive radio advertising presence featuring Jones portraying a "clownish," screaming character. [1] [2] According to the Harvard Business Press , as of 2012 it was the most profitable diamond retailer in Canada. [3]

In April 2015, Lion Capital acquired Spence Diamonds in a $125 million deal. [4] [5]

The company made several attempts to enter the U.S. market, acquiring stores in Minneapolis in the 1990s and three former Robbins Brothers locations in Houston in 2009, but all were eventually closed in early 2011. [6] In 2018, it announced plans to expand to over 40 North American locations, but after opening several U.S. stores, it ceased American operations again in late 2020 due to the COVID-19 pandemic. [7] [8]

Spence Diamonds was the subject of a CBC News investigation in 2013, alleging false advertising and citing that the company received the most Better Business Bureau complaints out of diamond retailers in British Columbia. In response, the company changed its warranty policy. [9]

References

  1. ↑ Matthews, Ted (2013). Brand: It Ain't the Logo* (*It's What People Think of You). ISBN   9781456609177 . Retrieved 28 September 2021.
  2. ↑ "Lab Grown Diamonds Vancouver". Luxury Diamonds. Retrieved 25 February 2026.
  3. ↑ Morriss, Anne; Frei, Frances (2012). Uncommon Service: How to Win by Putting Customers at the Core of Your Business. Harvard Business Press. p. 106. ISBN   9781422133316 . Retrieved 28 September 2021.
  4. ↑ Primack, Dan (8 April 2015). "Lion Capital buying Canada's Spence Diamonds". Fortune . Retrieved 20 July 2018.
  5. ↑ "Spence Diamonds sold to private equity firm". Canadian Jeweller Magazine. 14 April 2015. Retrieved 25 February 2026.
  6. ↑ Wollam, Allison (14 January 2011). "Robbins Bros. buys back stores in Houston, Spence Diamonds exits". Houston Business Journal. Retrieved 4 July 2019.
  7. ↑ Toneguzzi, Mario (11 July 2018). "Spence Diamonds Plans Aggressive Expansion Across North America". Retail Insider. Retrieved 20 July 2018.
  8. ↑ Bates, Rob (4 September 2020). "Spence Diamonds Has Closed Its U.S. Stores". JCK. Retrieved 28 September 2021.
  9. ↑ "Spence Diamonds rewrites guarantee following CBC investigation". CBC News. 12 March 2013. Retrieved 28 September 2021.
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