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Aspial takes over rival Goldheart for S$19m

SINGAPORE : Singapore's only listed jewellery company Aspial has acquired rival Goldheart Jewellery for S$19.5 million.

The deal makes Aspial the market leader in jewellery retail in Singapore with 60 stores islandwide.

Its brand portfolio now consists of Aspial, Lee Hwa, Goldheart and CITIGEMS.

Aspial says the acquisition will also help the company expand across the Causeway.

"Part of the acquisition also involves an option to purchase Goldheart Malaysia's three jewellery stores. This will allow us to gain a foothold in Malaysia," said Aspial's president and CEO Koh Wee Seng.

With better economies of scale in operations and purchasing, Aspial expects the cost of diamonds and gemstones to come down.