Spence Diamonds is a Canadian

retailer Retail is the sale of goods and Service (economics), services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturing, manufacturers, dire ...

diamond Diamond is a solid form of the element carbon with its atoms arranged in a crystal structure called diamond cubic. Another solid form of carbon known as graphite is the chemically stable form of carbon at room temperature and pressure, ...

jewellery Jewellery ( UK) or jewelry (U.S.) consists of decorative items worn for personal adornment, such as brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery may be attached to the body or the clothes. From a wester ...

owned by the British firm Lion Capital. As of September 2021, the chain operated eight locations across three Canadian provinces.

History

Spence Diamonds was founded in

Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the ...

in 1978 by Doug Spence and was run for decades by Sean Jones. The company is a major proponent of

synthetic diamond Lab-grown diamond (LGD; also called laboratory-grown, laboratory-created, man-made, artisan-created, artificial, synthetic, or cultured diamond) is diamond that is produced in a controlled technological process (in contrast to naturally formed ...

s, first stocking them in 2016. It is also noted for its aggressive radio advertising presence featuring Jones portraying a "clownish," screaming character. According to the ''

Harvard Business Press Harvard Business Publishing was founded in 1994 as a not-for-profit, wholly owned subsidiary of Harvard University (distinct from Harvard University Press), with a focus on improving business management practices. The company consists of three ...

'', as of 2012 it was the most profitable diamond retailer in Canada. In April 2015, Lion Capital acquired Spence Diamonds in a $125 million deal. The Canada-based Spence Diamonds has tried to enter the United States market several times. In the 1990s the company purchased stores in

Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. Minneapolis has its origins ...

but closed them and later distanced itself from the attempt. The company purchased three former

Robbins Brothers Robbins Bros. Jewelry, Inc. is a California-based jewelry store specializing in engagement rings. Robbins Brothers describes itself as “the engagement ring store.” History In 1921 Robbins Brothers opened its first store in Seattle, Washin ...

stores in

Houston Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 i ...

in 2009, but sold them and ceased U.S. operations in early 2011 before re-entering the American market a few years later. Eric Lindberg, the company's then-chairman, announced plans to expand Spence Diamonds to over 40 locations in North America during a July 2018 interview with Retail Insider. The company opened five United States stores but closed all of them and once again ceased U.S. operations in late 2020, citing the impact of the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

. Acting CEO Callum Beveridge said that the would-be expansion would "likely be the last attempt." Spence Diamonds was the subject of a

CBC News CBC News is a division of the Canadian Broadcasting Corporation responsible for the news gathering and production of news programs on the corporation's English-language operations, namely CBC Television, CBC Radio, CBC News Network, and CBC.ca ...

investigation in 2013, alleging false advertising and citing that the company received the most

Better Business Bureau Better Business Bureau (BBB) is a private, 501(c)(6) nonprofit organization founded in 1912. BBB's self-described mission is to focus on advancing marketplace trust, consisting of 97 independently incorporated local BBB organizations in the Unite ...

complaints out of diamond retailers in

British Columbia British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, ...

. In response, the company changed its warranty policy.

References

External links

* {{Lion Capital Jewellery retailers of Canada Retail companies established in 1978 Companies based in Vancouver