It is located in Marin County, California.
De Beers Has Changed This Rule Regarding Rough Diamonds
The company is implementing a policy shift that will allow sightholders to refer to its rough stones as “DTC diamonds.”
In the first week of the new year, Diamonds.net published a story on an issue that deserves at least some attention from the trade.
The online news portal for the Rapaport Group reported that De Beers Group has relaxed its rules on buyers identifying its goods as “De Beers” diamonds further down the supply pipeline, bringing back an old moniker for this new practice.
After being pushed by customers and sightholders to align with supply and demand—that is, the growing demand for source information and the fact that they can already point to their supply of Russian diamonds and say, “these are from Alrosa”—De Beers is now going to allow customers and sightholders to identify diamonds purchased from De Beers as “DTC diamonds,” David Prager, the company’s executive vice president of corporate affairs, confirmed in an interview Friday.
As I’m sure many are aware, the DTC, or Diamond Trading Co., was the name formerly used for De Beers’ sales and marketing arm. The DTC was established in 1934 but the name was retired, so to speak, a few years ago when De Beers Group began renaming everything “De Beers.” The DTC became De Beers Global Sightholder Sales, in the same fashion that Diamdel became De Beers Auction Sales.
The new rule will take effect in either the second sight of the year in February or the third sight in March and will be accompanied by a new website (DTC.com) that will contain information and statistics about De Beers’ mines.
What this means for jewelers at the other end of the supply chain: “When this goes live, a retailer will be able to say, ‘These diamonds come from DTC, they come from Canada, Botswana, South Africa or Namibia,’” Prager said.
They also are free to then explain to customers that the DTC is part of De Beers.
What sightholders and jewelers won’t be able to do, however, is use the name “De Beers” in any marketing collateral.
The company is reserving the use of its legacy name and for good reason.
First, to allow the trade and retailers to market “De Beers diamonds” unchecked through retail outlets would mean the company would have no control over distribution and, as Prager noted, “I think any brand in the world would tell you that’s not a good idea.” (More on De Beers’ expansion from a diamond mining company to a full-fledged brand is below.)
Secondly, De Beers just regained the right to use the name “De Beers” in retail for diamond jewelry, and the company wants it all to itself.
From 2001 to 2017, the name “De Beers” could only be used in connection to the retail sale of diamond jewelry by what was then known as De Beers Diamond Jewellers, the chain of jewelry stores operated in a joint venture between De Beers and LVMH.
But last spring, De Beers Group bought LVMH out of the deal, giving it the ability to use “De Beers” in retail for diamond jewelry freely again.
That’s why jewelers who carry Forevermark might have noticed the De Beers name appearing on the brand’s commercials and marketing materials for the first time.
De Beers also will be using the name in China, a major market for diamond jewelry, Prager said, and made the look of the overall De Beers Group brand mirror that of what is now known as De Beers Jewellers. (This is evident in the fonts on the De Beers Group website.)
So, now, with the De Beers name back in all uses, will the company be doing additional rebranding this year, expanding the name to encompass everything De Beers Group now owns?
Will, for example, the company’s grading lab, the International Institute of Diamond Grading & Research, get a new name that includes “De Beers” and is, perhaps, a bit more palatable?
Prager declined to comment, though he did note the company overall is investing more in the De Beers Group as a brand; specifically, a brand that will be pushing protecting the natural world—see its work with elephants and rhinos—and supporting women and girls as its causes moving forward.
In talking to Prager on Friday, I was reminded of an interesting analysis I heard from Rapaport Senior Analyst and News Editor Avi Krawitz on an industry podcast earlier this year.
The Israel-based industry journalist expounded upon an article published in the August edition of the Rapaport Research Group that looked at the evolution of De Beers over the past decade from a diamond mining company singularly focused on producing as much rough as possible to a brand-centric diamond company with its hands in a little bit of everything—mining, retail, diamond grading and testing, resale of diamonds and consumer-facing brands, namely Forevermark and lab-grown line Lightbox.
I neglected to include the article on my end-of-year reading list for 2018, but it is well worth your time.
If you prefer listening to reading, you can hear Krawitz explain, in his lovely accent, the changes at De Beers over the past decade in the aforementioned episode of the “Inside the Jewelry Trade” podcast (the portion covering changes at De Beers starts around 18:30).
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.