Berkshire Makes Another Italian Jewelry Acquisition

Warren Buffett's Berkshire Hathaway's BRK BRK-B) Richline International unit is acquiring Italy's Carniani jewlery for an undisclosed sum, marking Richline's fifth Italian purchase. Lucio Carniani, founder of the company bearing his name, will remain as the leader of his company. Carniani had $5.63 million in sales last year, according to Reuters. A Richline executive said the Carniani acquisition probably won't be the company's last in Italy, one of the largest gold-consuming nations in the world. Richline had $500 million in sales last year. Richline could be interested in small artisanal jewelry makers and in industrial companies as long as they produce high quality creative products, Reuters reported, citing the company.