The business, which Coldham established in 1973, has been acquired by Brisbane-based gem wholesaler O’Neils Gems. Coldham has sold the business, including stock and leases, but kept the Sapphex name.
Sapphex has two Australian offices; in Melbourne and Sydney. The acquisition will enable O’Neils to expand beyond its Queensland heartland into these areas. Sapphex's Adelaide office closed in August.
The enlarged business will be called O’Neils Affiliated.
Sapphex has 15 staff. All of the company's sales managers will remain with the business under new ownership. It is understood that two of the staff will remain with Coldham.
Coldham said, “I would like to express my appreciation to the staff who I’ve had working for me over the years and in particular the senior staff.”
Many of Sapphex’s employees have been working with him for more than 10 years.
Speaking about his future plans, Coldham added, “I don’t have any hard and fast plans as yet. I might do something on the international scene.”
O’Neils Gems has been running for 59 years and is owned by Rita van Lieshout and her son Brendan McCreesh.
Clarification (3.30pm September 6, 2010): When first published, this story claimed that 13 staff were leaving the company. Brendan McCreesh has clarified that Sapphex's staff will remain with the business under new ownership.