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De Beers Buys Out LVMH Retail Partner
Mar 21, 2017 9:13 AM
By Rapaport News
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RAPAPORT... De Beers has taken full ownership of the De Beers Diamond Jewellers (DBDJ) retail operation, the mining company said Tuesday.
The group bought the 50-percent stake owned by LVMH, which previously operated the stores, for an undisclosed sum, thereby ending its partnership with the luxury house.
“More fully integrating the De Beers Diamond Jewellers brand and store network will enable us to deliver an even more differentiated diamond offering, alongside our fast-growing diamond brand, Forevermark,” said Bruce Cleaver, De Beers chief executive officer.
Whereas Forevermark is a De Beers brand carried by other retailers, DBDJ is a separate stand-alone retail business. Francois Delage, CEO of DBDJ, said the retail chain would benefit from the “unique diamond culture” that had prevailed at De Beers since the company’s establishment in 1888.
DBDJ comprises 32 stores in 17 consumer markets around the world, including operations in greater China, an established presence in London and Paris, and a new flagship location in New York, De Beers said.
While De Beers core business is its rough diamond mining operations, it also has research operations, its Element Six industrial diamond facility, the Forevermark brand, and a unit responsible for grading polished diamonds and developing synthetics-detection equipment.
* Picture from Newscast.
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Tags:
Bruce Cleaver, De Beers, De Beers Diamond Jewellers, diamonds, Forevermark, jewellery, Jewelry, LVMH, Rapaport News
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