Growing a Legacy: Why Solomon Brothers Acquired Mervis Diamond Importers

Also on Spotify. Read the full announcement.

Solomon Brothers Jewelers has acquired Mervis Diamond Importers, one of Washington, DC’s best-known independent diamond retailers. On this episode of Legacy of Luxury, Nick Constantino makes the announcement and Jaron Solomon explains why it happened, why the Mervis name is staying on the door, and what comes next for two family diamond houses that are cut from the same stone.

Jaron walks through how Ronnie and Zed Mervis built a household name in the DMV one radio spot and one customer at a time, what he looked at before saying yes, what he learned going through his first acquisition, and his plan for the first 18 months and the first three years.

Key takeaways

• Two family businesses, one set of values. Both families trace their roots to South Africa, and both companies are still family owned and operated.
• Mervis earned its reputation the hard way. Ronnie and Zed committed to morning and afternoon drive radio in Washington decades ago, and it shows: Jaron heard “I hear him every day” from DMV residents dozens of times during his research.
• The Mervis name stays. In Jaron’s words, changing it “would’ve been pure ego and no help.” The name, showrooms and team all stay in place.
• Day one is about listening. The first step is letting the Mervis team tell the new owners what they need, then backing them with inventory, sourcing and marketing support.
• What Jaron looks for in an acquisition: clean, audited financials; cost of goods and inventory turn; whether buying beats building in that market; staff longevity; and how much the business depends on its owners.
• A lesson for anyone in a deal: re-ask the important questions after the deal is done. The answers tell you how the business really runs.
• The long view: shared systems and inventory access in the first 18 months, a full promotional calendar, and growth in both markets, only with the right people.

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