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De Beers Profits Up 10 Percent

Filed under: Jewelry

Jewelry sales often flounder in the face of a rough economy but so far that hasn't hit De Beers. The company recently reported that total sales increased 10 percent in the first half of the year. The company's retail division which been expanding their amount of stores over the past couple of years had double-digit growth over 2007 pushed by the sales of high-end pieces like the Dragonfly necklace shown above and bridal jewelry. Still the company has expressed concerns over the second half of the year because of the struggling U.S. economy which has already impacted mass-market retail sales. De Beers, like many other companies that do businesses on the global playing field, is looking to Russia, China and the Middle East to help make up some of the shortfall from any potential purchasing dips in the U.S.

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Tags: de beers, DeBeers, diamonds, jewelry

De Beers Plans More Retail Stores

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

De Beers is making big moves into the retail market. The diamond company which was once more on the back end of diamond transactions, providing diamonds to jewelers, is now planning to have around 50 stores by the end of the year. In an interview in the Wall Street Journal, De Beers Group Managing Director Gareth Penny said that the company's retail business is still in its "start-up phase and is rapidly expanding, seeking to be in one of the top five jewelry retailers in the world. De Beers currently has seven stores open in the U.S. in San Francisco, Beverly Hills, Dallas, Houston, Las Vegas, New York and Washington D.C.

This is part of a big shift in De Beers over the past few years. Recently De Beers created their Forevermark diamond brand. They are putting their substantial marketing muscle behind Forevermark and planning to build into one of the world's leading diamond brands.

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Tags: de beers, DeBeers, diamonds, expire-images2008-8-7, forevermark

Is Your Diamond Eligible For A Refund?

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

People who have bought diamonds any time between January 1, 1994, and March 31, 2006 may be in for a little return on their purchase. De Beers has settled a class action lawsuit for $295 million. Under the terms of the settlement individual consumers and members of the diamond trade can make a claim. The settlement is the result of a lawsuit which said that the South African company charged anticompetitive prices for the rough diamonds it sold, monopolized the rough diamond market, and disseminated false and misleading advertising. De Beers has not admitted to any wrongdoing. The rewards can be substantial, WNBC reports that a consumer who bought a $2,000 ring could get as much as $640 back. There is a settlement website for claims, which provides details on who might be eligible and those interested in filing must do so before March 19.

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Tags: consumers, de beers, DeBeers, diamonds

De Beers Puts Their Watch Offerings Online

by Deidre Woollard (RSS feed) —

Filed under: Timepieces / Watches

Diamond company De Beers has put its new watch collection online. The watches continue the De Beers Talisman collection which mixes faceted and rough diamonds in a variety of whites, yellows and browns. Perhaps the flashiest watch in the line is the Talisman Suntime watch. It has an 18K gold 40mm dial set with 58 brown and white polished brilliants and one rough diamond in the center (a total of 2.35 carats). The watch uses a quartz movement and sells for $15,000. Other watches in the line are in white gold and feature various sizes of rough diamonds interspersed with faceted stones.

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Tags: de beers, DeBeers, diamonds, rough diamonds, timepieces, watches, wristwatch

De Beers Grounds Their Diamond-Hunting Airship

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

Two years ago I wrote about the start of De Beers attempts to use a zeppelin to detect diamonds in Botswana. The experiment is now at an end. The airship has been permanently grounded by De Beers after heavy winds shook the ship from its mooring near the Jwaneng mine injuring its crew. The zeppelin was too badly damaged to be put back to work and De Beers has decided to use other methods of diamond exploration.

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Tags: airship, botswana, de beers, DeBeers, zeppelin

De Beers Set To Open In Moscow

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

It was recently announced that Starbucks is at long last moving into Moscow. Muscovites are also getting another new retailer, this one a little more upscale. De Beers will open a store in the GUM Russian shopping mall in Moscow. The store is set to open in November and De Beers' Russian partner will manage it. No other details have been made available yet but it will obviously be luxurious, perhaps more so even than De Beers stores in other cities such as New York and Beverly Hills since some of the world's biggest spenders lately have been Russian billionaires.

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Tags: de beers, DeBeers, diamonds, jewelry, moscow

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