Connect with us

Headlines

De Beers Shuts Down Diamond-Reselling Business

It was established in 2016.

mm

Published

on

De Beers plans to close the International Institute of Diamond Valuation, a unit that it established in 2016, Rapaport News reports.

Advances in digital technology have reportedly reduced demand for the division’s offerings.

When it was set up, the unit was intended to provide both retailers and consumers with “more accurate and attractive” prices while giving retailers “a service that complements their own activities, helping to maintain customer relationships and support repeat business,” De Beers said in a statement at the time.

But now, online services facilitating consumer-to-consumer sales are increasing in prominence, driven by more advanced technology, Rapaport explains.

Advertisement

Rapaport quoted David Johnson, spokesman for De Beers, saying the company considered its experience with the venture worthwhile.

De Beers will “continue to look for opportunities” in the consumer-to-consumer space, he said.

Read more at Rapaport News

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”

Promoted Headlines

Most Popular