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Today

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De Beers shuts down diamond-recycling division

06 april 2019

de_beers_logo.pngDe Beers is planning to close its diamond-recycling division, the International Institute of Diamond Valuation (IIDV), as it is no longer a viable option due to digital advancements, according to a news report.
The group said technology in the industry had improved since IIDV was launched and online consumer-to-consumer selling platforms had become a more popular option.
“We know that consumer acceptance of the consumer-to-consumer market is growing and likely to be the future of this sector, and we will therefore continue to look for opportunities in this space,” De Beers’ senior manager for media and commercial communications, David Johnson, was quoted as saying by Rapaport News.
IIDV was piloted in 2014 and officially launched 2016 to repurchase and recycle diamond jewelry that consumers no longer wanted.
Johnson said De Beers had gained valuable insight into consumer behaviour and the needs of its retail partners.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished