De Beers has launched a consumer diamond buyback service in the form of the International Institute of Diamond Valuation (IIDV).
Available in the United States, the service looks to provide an “enhanced diamond jewellery reselling solution, suited to the needs of both retailers and consumers,” the company said in a news release.
The launch comes after an 18-month pilot program during which the model for diamond reselling was refined to meet retailer and consumer needs more effectively. Currently, the service is only available online or through Forevermark retailers.
“The practice of consumers looking to sell back their diamonds isn’t new,” says Tom Montgomery, De Beers’ senior vice-president of strategic initiatives.
“For the vast majority of people, a diamond is something they keep hold of forever and never look to sell. However, for a variety of reasons, people will sometimes look to resell their diamonds.
“We believe consumers have been historically underserved by the industry in this area. We want people to know their diamonds have lasting value, and we will support this by seeking to offer them more attractive prices when they look to resell.”
De Beers says IIDV can enable retailers to offer customers a reselling service complementing their own activities, helping to maintain customer relationships, support repeat business, and drive incremental footfall. Importantly, IIDV will enable retailers to offer their customers a reselling solution for all diamonds, regardless of value.
“Following the pilot program, we are now confident we can achieve this goal, supporting long-term diamond equity and enabling retailers to provide their customers with greater assurance about the enduring value of their diamond purchase,” Montgomery adds.
