Jewelry Supplier Acquired

A subsidiary of Warren Buffett’s investment vehicle, Berkshire Hathaway, has purchased a decades-old, Albuquerque-based supplier to the jewelry industry. Terms were not disclosed.

Richline Group, formed by Berkshire Hathaway in 2007 from two jewelry manufacturers it acquired, purchased Rio Grande from The Bell Group, a family-owned company with 69-year-old roots on Route 66 in Albuquerque. The sale was effective at the beginning of the year.

Rio Grande supplies thousands of customers worldwide with metals, gem stones, diamonds, displays and packaging materials. It sells casting machines and laser welders under the Neutec brand. It employs about 300 people.

Richline, in a news release, said Rio Grande would operate as a stand-alone company with its existing management. Alan Bell will be president and his sister, Molly, will be vice president. Their brother, Eddie, will oversee Neutec and will run the Santa Fe Symposium, an industry convention Rio Grande created.

Richline CEO Dennis Ulrich called Rio Grande “another important and strategic addition to our brands.” He said the company “has a great product line, talented people and long-term relationships with its clients.”

The Bell family, in a letter to customers posted on the Rio Grande website, said the retirement of another brother, Hugh, who had been president, “created an occasion for the Bell family to take an in-depth look at Rio Grande’s long-term ability to continue improving our product and service offering to you, and we determined that it was appropriate to begin a transition away from family ownership.”

The company was started in the White Eagle Trading Post on Route 66 in 1944 by Saul Bell to supply local silversmiths and other craftsmen. Bell moved into bigger space in 1947 and named the company Rio Grande Wholesale Jewelers.

Rio Grande is now located on Bluewater Road on Albuquerque’s West Side.

Richline began with the merger of Bel-Oro International and Aurafin LLC. Today its major brands include LeachGarner, Inverness, Michael Anthony and Sardelli.

Berkshire Hathaway, based in Omaha, has $424 billion in assets and holdings in businesses ranging from candy stores to railroads.