MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
SourcingAug 19, 2014
De Beers launches secondhand diamond program in US
For the next six months, De Beers will evaluate and buy secondhand diamonds from a select group of retailers in the United States, giving it a foothold in the sizable market for “recycled” diamonds and the chance to evaluate the diamond reselling experience from the consumers’ perspective.
New York--For the next six months, De Beers will evaluate and buy secondhand diamonds from a select group of retailers in the United States, giving it a foothold in the sizable market for “recycled” diamonds and the chance to evaluate the diamond reselling experience from the consumers’ perspective.
In what it is terming an “insight program” De Beers has opened the International Institute of Diamond Valuation, or IIDV, in New York’s Diamond District.
The office, headed locally by Mitchell Marder, formerly of S. Bichachi Blumenfeld Diamond Company, will work with an already selected, but not yet named, group of four retailers representing a total of 15 doors. All four of these retailers already are known to De Beers, as they carry its Forevermark diamond brand.
When consumers bring diamonds into these stores to sell, the retailers have one of two options under the IIDV program.
According to the IIDV website, they can evaluate the stone in-store and tap the IIDV lab for a “market price quote” or send the diamond to the IIDV facility in New York.
At the facility, De Beers will remove it from its mounting, if necessary, and put it through an evaluation process that includes screening to ensure it is not a lab-grown diamond.
De Beers then will return the stone to the retailer with the market price quote, what the diamond is worth on the re-sale market based on De Beers’ database of more than 100,000 diamond prices.
The jeweler will offer that amount to the consumer and, if they accept, the diamond either becomes property of De Beers, which reimburses the jeweler the sale price plus a small markup, or is retained by the retailer.
According to the IIDV website, De Beers expects to buy “many” of the diamonds it evaluates. The company said it likely will re-sell the stones its buys on the wholesale market.
There is no fee to be part of the program for retailers.
De Beers re-selling program is set to launch next month and will continue through the beginning of 2015. The company said it doesn’t have plans at this time to expand it beyond the four retailers already involved.
The diamond miner and marketer said it is launching the program because its research indicates that the consumer experience when it comes to reselling diamonds is “weak.”
De Beers Group CEO Philippe Mellier mentioned as
much in his presentation at the JCK Las Vegas show this past June and, in a release issued Tuesday announcing the program, De Beers’ executive Tom Montgomery, who will be the official CEO of IIDV but won’t be based in New York, said “Some retailers have expressed reservations … about how the current reselling experience could impact consumers’ views on diamond equity in the long term. We believe that the only way to gain a true understanding of diamond reselling activity by consumers is to run this small-scale program to assess how reselling has developed, how it might evolve and how it impacts consumer perception of diamonds.”
More on Sourcing
The Latest
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, 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.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
