De Beers Forevermark Nixes Plan to Overhaul Supply

RAPAPORT... De Beers Forevermark has performed a U-turn on its strategic revamp following customers' responses.The company will maintain its current practice of allowing partners to buy loose stones from the brand and its authorized suppliers, a spokesperson told Rapaport News Wednesday. Management informed them of the reversal last Thursday."We listened to the feedback from our valued partners and decided to maintain the current strategy," the spokesperson explained.The rejected plan, which executives presented to customers at the Couture show in Las Vegas in June, would have required those partners to sell De Beers Forevermark's own jewelry designs rather than allowing them to make their own pieces using the loose stones. It had intended to implement the change on January 1, 2023. Its aim was to achieve greater consistency for the brand.With the status quo still in place, partners will also be able to place De Beers Forevermark diamonds in third-party semi-mounts or in De Beers Forevermark settings, the spokesperson added."To remain an authorized De Beers Forevermark partner and thus continue to have access to loose De Beers Forevermark diamonds, it is still a requirement to purchase a minimum assortment of finished jewelry from De Beers Forevermark annually," she continued. "Over the recent months, we have further refined and extended the jewelry offers to provide our clients with high-quality, fair-value, contemporary collections that address our clients' essential diamond-jewelry needs."Image: A De Beers Forevermark diamond ring. (Ben Perry/Armoury Films/De Beers)