De Beers Launches Diamond Reselling Business

Gaborone: The De Beers Group of Companies yesterday formally launched the International Institute of Diamond Valuation (IIDV) in the US to provide an enhanced diamond jewellery reselling solution, suited to the needs of both retailers and consumers.

IIDV will provide an improved consumer experience by offering more accurate and attractive prices, as well as greater transparency in the reselling process. Meanwhile, IIDV’s proposition will enable retailers to offer their customers a reselling service that complements their own activities, helping to maintain customer relationships, support repeat business and drive incremental footfall. Importantly, IIDV will enable retailers to offer their customers a reselling solution for all diamonds, regardless of value.

A new consumer-facing website for the IIDV service launches today, providing US-based retailers with a reputable business to refer customers to in the event that they seek to resell their diamonds.

The launch of IIDV follows an 18-month pilot programme during which the model for diamond reselling has been refined so as to meet retailer and consumer needs more effectively. Following launch, IIDV will initially seek to partner with Forevermark retailers, before making the service more widely available in the US.

Tom Montgomery, The De Beers Group of Companies’ Senior Vice President of Strategic Initiatives, stated: “The practice of consumers looking to sell back their diamonds isn’t new. For the vast majority of people, a diamond is something they keep hold of forever and never look to sell. However, for a variety of reasons, people will sometimes look to resell their diamonds.

“We believe that consumers have been historically underserved by the industry in this area. 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 programme, 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.”