Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
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
The Latest
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Despite the rising prices, consumers continue to seek out the precious metal.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.