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.