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De Beers Launches Diamond Reselling Business in US
After an 18-month pilot program, the company officially has launched the International Institute of Diamond Valuation to provide stone reselling opportunities for both the trade and consumers.
New York--De Beers officially has launched the International Institute of Diamond Valuation to provide stone reselling opportunities for both the trade and consumers.
The news follows an 18-month pilot program evaluating and buying secondhand diamonds from a select group of retailers in the United States, during which time the model was refined to meet both retailer and consumer needs more effectively, De Beers said.
With the official launch of the institute, De Beers has rolled out a consumer-facing website for IIDV services to help them sell their diamonds online, which includes a submission form for item details, as well as instructions on sending jewelry in to the lab and waiting for evaluation.
This site also tells consumers how they can sell at one of De Beers’ (Forevermark’s) retail partners across the country and get either a lab evaluation or an in-store evaluation. IIDV will pay a small mark-up to the jeweler for each piece of jewelry or loose diamond that IIDV purchases.
There also is a separate site for the trade so that wholesalers can look through the stones currently in the IIDV inventory.
IIDV initially will seek to partner with Forevermark retailers before making the service more widely available in the United States. Its site currently has 14 partner retailers listed across the country.
A De Beers spokesperson said that the company is examining various business models that could cater to non-Forevermark retailers but could not provide any additional details at this point.
De Beers said that IIDV will allow retailers the ability to offer their customers a reselling service that complements their own business, helping maintain relationships with clients, support repeat business and drive traffic to the store. It also will give retailers a place to offer their customers a reselling solution for all diamonds, regardless of value.
According to De Beers, IIDV will provide an improved consumer experience by offering more accurate and attractive prices, as well as a greater transparency in the reselling process.
Senior Vice President of Strategic Initiatives Tom Montgomery said that the company believes consumers historically have been underserved by the industry in the area of diamond reselling.
“We want people to know that their diamonds have lasting value, and we will support this by seeking to offer them more attractive prices when they look to resell. Following the pilot program, we are now confident we can achieve this goal, supporting
long-term diamond equity and enabling retailers to provide their customers with greater assurance about the enduring value of their diamond purchase.”
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