Post subject: De Beers Officially Jumps Into the Diamond Buyback Business
Posted: Wed Mar 16, 2016 10:36 pm
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Joined: Sun Oct 16, 2005 12:22 pm Posts: 21602 Location: San Francisco
Now any consumer with unwanted diamond jewelry can sell it to De Beers!
Rob Bates for JCK wrote:
De Beers has given the go-ahead to its diamond buyback company—the International Institute of Diamond Valuation (IIDV)—after an 18-month pilot.
The New York City–based service was opened in 2014 with four participating jewelers; its website now lists 14. For now, it is available only to jewelers who carry its Forevermark diamond brand, but it may make the service available to other jewelers, though that will “likely be a different business model that we are still developing,” says Tom Montgomery, De Beers’ senior vice president of strategic initiatives.
There won’t be geographic exclusivity for the service, he says.
The launch has several differences from the pilot:
- The IIDV has put up a consumer-facing website, which allows consumers to sell jewelry online. The service has them fill out a submission form, send in their jewelry, and they will then receive an offer within three business days.
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