De Beers Closes Diamond-Reselling Unit

RAPAPORT... De Beers is shutting its diamond-recycling division, as digital advancements in the sector have lessened the need for its services. The International Institute of Diamond Valuation (IIDV) wasset up in 2016 to repurchase and recycle diamond jewelry that consumers no longerwanted. De Beers began the operation after noting the difficulty consumersfaced in trying to sell their jewelry at a fair price. The venture provided ameans of emphasizing the enduring value of diamonds, De Beers said. However, since IIDV launched, technology in the industry hasimproved, and online consumer-to-consumer selling platforms have become a morepopular option, the company explained. "Following a number of years gaining experience in thediamond-recycling sector, we have taken the decision to suspend the activitiesof the International Institute of Diamond Valuation," David Johnson, DeBeers' senior manager for media and commercial communications, told RapaportNews Thursday. While the project is no longer a viable option, it hasprovided De Beers with valuable insight into consumer behavior and the needs ofits retail partners, Johnson explained. "We know that consumer acceptance of theconsumer-to-consumer market is growing and likely to be the future of thissector, and we will therefore continue to look for opportunities in thisspace," he added. Image: Diamond solitaire earrings. (De Beers)