Simply Diamonds has purchased the wholesale and manufacturing unit of color stone and diamond jewelry maker MA Reich & Co. The financial terms of the acquisition deal were not disclosed, according to Rapaport.

Founded in 1919, MA Reich is ranked among the oldest maker of colored precious stones and fine jewelry for men. The company, led by Vinnie Davis and Bill Reich, is headquartered at 590 Fifth Avenue in New York City. The firm will soon open an additional office in Buffalo, New York, the report detailed.

According to its website, MA Reich was a family-owned business. Its serves customers across the US, Canada, and other countries, the web profile said.

On the other hand, Simply Diamonds is a company that specializes in making diamond jewelry. The New York-based firm is famous for its stock programs for diamond jewelry. The jewelry manufacturer's most notable brands include Heartbeat and Steal Her Heart. Simply Diamonds is one of the units of Jay Gems located in New York, Rapaport added.