Spence Diamonds
{{Short description|Canadian retailer of diamond jewellery}}
{{Infobox company
| name = Spence Diamonds
| logo = Spence Diamonds Logo.svg
| type = Private
| industry = Retail
| founded = {{start date and age|1978}}
| location = Vancouver, British Columbia
| products = Diamond jewellery
| num_locations = 8
| key_people = Eric Lindberg (Executive Chairman)
| owner = Lion Capital LLP
| website = {{url|https://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.
History
Spence Diamonds was founded in Vancouver in 1978 by Doug Spence and was run for decades by Sean Jones. The company is a major proponent of synthetic diamonds, first stocking them in 2016. It is also noted for its aggressive radio advertising presence featuring Jones portraying a "clownish," screaming character.{{cite book |last1=Matthews |first1=Ted |title=Brand |date=2013 |isbn=9781456609177 |url=https://books.google.com/books?id=ly-DDwAAQBAJ&dq=%22+spence+diamonds%22+radio+sean&pg=PT53 |access-date=28 September 2021}} According to the Harvard Business Press, as of 2012 it was the most profitable diamond retailer in Canada.{{cite book |last1=Morriss |first1=Anne |last2=Frei |first2=Frances |title=Uncommon Service: How to Win by Putting Customers at the Core of Your Business |date=2012 |publisher=Harvard Business Press |page=106 |isbn=9781422133316 |url=https://books.google.com/books?id=3il4BONy210C&q=%22Spence+Diamonds%22 |access-date=28 September 2021}}
In April 2015, Lion Capital acquired Spence Diamonds in a $125 million deal.{{Cite news|url=http://fortune.com/2015/04/08/exclusive-lion-capital-buying-canadas-spence-diamonds/|title=Lion Capital buying Canada's Spence Diamonds|last=Primack|first=Dan|date=8 April 2015|work=Fortune|access-date=20 July 2018}}
The Canada-based Spence Diamonds has tried to enter the United States market several times. In the 1990s the company purchased stores in Minneapolis but closed them and later distanced itself from the attempt. The company purchased three former Robbins Brothers stores in Houston in 2009, but sold them and ceased U.S. operations in early 2011 before re-entering the American market a few years later.{{Cite web|url=https://www.bizjournals.com/houston/print-edition/2011/01/14/robbins-bros-buys-back-stores-in.html|title=Robbins Bros. buys back stores in Houston, Spence Diamonds exits - Houston Business Journal|last=Wollam|first=Allison|date=14 January 2011|website=Houston Business Journal|access-date=2019-07-04}}
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.{{Cite news|url=https://www.retail-insider.com/retail-insider/2018/7/spence-diamonds-aggressive-expansion-canada-north-america|title=Spence Diamonds Plans Aggressive Expansion Across North America|last=Toneguzzi|first=Mario|date=11 July 2018|work=Retail Insider|access-date=20 July 2018}} 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.{{cite news |last1=Bates |first1=Rob |title=Spence Diamonds Has Closed Its U.S. Stores |url=https://www.jckonline.com/editorial-article/spence-diamonds-closed-stores/ |access-date=28 September 2021 |agency=JCK |date=4 September 2020}} 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 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.{{cite news |title=Spence Diamonds rewrites guarantee following CBC investigation |url=https://www.cbc.ca/news/canada/british-columbia/spence-diamonds-rewrites-guarantee-following-cbc-investigation-1.1373419 |access-date=28 September 2021 |agency=CBC News |date=12 March 2013}}
== References ==
External links
- {{official website|http://www.spencediamonds.com}}
{{Lion Capital}}
Category:Jewellery retailers of Canada