LONDON — De Beers Group has confirmed that it has taken full ownership of the De Beers Diamond Jewellers retail operation, following a purchase of LVMH Moët Hennessy Louis Vuitton’s 50 percent shareholding in the company.
Brian Cleaver, the group’s chief executive officer, said by having full ownership of the company, it will be able to achieve further integration of operations across the retail network, which comprises 32 stores in key markets such as London, Paris and a new location in New York’s Madison Avenue, and grow its offer.
The company has also been expanding its business in Greater China and since 2015, has been showcasing designs from its high-jewelry collections during Paris’ Haute Couture week as an official member of the Fédération Française de la Couture du Prêt-à-Porter des Couturiers et des Créateurs de Mode.
“By fully integrating the De Beers Diamond Jewellers brand and store network, it will enable us to deliver an even more differentiated diamond offering, alongside our fast-growing diamond brand, Forevermark,” said Cleaver.
Forevermark is carried by third-party retailers, while De Beers operates as a stand-alone retailer business.
“We already have a shared heritage and strong brand link with De Beers Group. By being fully part of the group, we will benefit even more from the unique diamond culture, established since 1888,” added Francois Delage, ceo of De Beers Diamond Jewellers.
The group forged a partnership with LVMH in 2001 in order to move beyond rough mining diamond operations, which is its core business and build its own high-jewelry offering and retail network.