A consortium led by Bahrain and London-listed Investcorp paid more than $200m (€148m) to acquire a 70% stake in Saudi jewelry firm L'azurde at a time of difficult market conditions, a top Investcorp executive said Thursday.

"The enterprise value of L'azurde is in excess of $300m. We bought 70% of the company," Azmat Taufique, co-head of Investcorp's Gulf growth capital business, told Zawya Dow Jones in a phone interview.