Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
SourcingMar 17, 2016
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
Editors' Picks
Sponsored by
long-term diamond equity and enabling retailers to provide their customers with greater assurance about the enduring value of their diamond purchase.”
More on Sourcing
The Latest
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High 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.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
