8-4-2019
De Beers is shutting down its International Institute of Diamond Valuation (IIDV), a diamond recycle unit set up in 2016 due to digital technology advancements.
The division aimed to address the diamond resale and valuation problems faced by diamond consumers worldwide. Consumers can take their unwanted diamonds to IIDV. IIDV will make a buyback offer with “more accurate and attractive” prices to the consumers after an assessment.
However, online consumer-to-consumer selling platforms have become a popular option after the division launched leads to a lessened demand for the service. David Johnson, De Beers’ senior manager for media and commercial communications said they will continue to look for opportunities in the consumer-to-consumer space.
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