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RAPAPORT... De Beers created a program through its independent entity, the International Institute of Diamond Valuation (IIDV), that is meant to enhance the understanding of consumer diamond reselling activity in the U.S. and will being operating with a small number of retailers. The program was created to assess the effectiveness of reselling approaches and to explore ways to improve the process. Tom Montgomery, the senior vice president of strategic initiatives at De Beers, explained, "The practice of consumers looking to sell back their diamonds isn't new. For the vast majority of people, a diamond is something they keep hold of forever and never look to sell. However, for reasons such as death, divorce or financial distress, some people will always look to resell their diamonds. Some retailers have expressed reservations, however, about how the current reselling experience could impact consumers' views on diamond equity in the long term. We believe that the only way to gain a true understanding of diamond reselling activity by consumers, is to run this small-scale program to assess how reselling has developed, how it might evolve and how it impacts consumer perceptions of diamonds." As an organization, IIDV partners with jewelers that demonstrate the best practices of buying diamond jewelry from consumers. The group conducts identification services and independent selling price information for its customers. IIDV’s laboratory is located in the Diamond District of New York. The group's goals are to provide greater transparency in the valuation process, create reputable brands and trustworthy jewelers and promote industry best practices for the diamond jewelry reselling market.
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