De Beers announced that it is formally launching the International Institute of Diamond Valuation (IIDV) in the United States.
The organization will provide what it calls "an enhanced diamond jewelry reselling solution, suited to the needs of both retailers and consumers" by offering more accurate and attractive prices, as well as greater transparency in the reselling process.
De Beers said the IIDV will enable retailers to offer their customers a reselling service that complements their own activities, helping to maintain customer relationships, support repeat business and raise foot traffic.
The launch of IIDV follows an 18-month pilot program during which the model for diamond reselling has been refined so as to meet retailer and consumer needs more effectively.
Following launch, IIDV will initially seek to partner with Forevermark retailers, before making the service more widely available in the United States.
Tom Montgomery, De Beers’ Senior Vice President of Strategic Initiatives, said: “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 a variety of reasons, people will sometimes look to resell their diamonds. We believe that consumers have been historically underserved by the industry in this area. We want people to know that their diamonds have lasting value, and we will support this by seeking to offer them more attractive prices when they look to resell."
