Hong Kong-based Chow Tai Fook is buying US diamond jeweller Hearts on Fire for US$150 million.

The acquisition is expected to be completed by September.

“The proposed acquisition is in line with the group’s strategies to optimise product mix and efforts to promote higher-value products to match the spending profiles of consumers and to encourage repeat customer purchase,” said chairman Chow Tai Fook Henry Cheng Kar-shun.

Hearts on Fire has 11 owned stores in the US and Taiwan and more than 500 shops-in-shops in 31 countries.

Following the acquisition, Chow Tai Fook plans to open Hearts on Fire stores in Hong Kong and mainland China.