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De Beers Shuts Down Diamond-Reselling Business

It was established in 2016.

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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.

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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

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