Diamond sellers, De Beers, helps people resell their old stones

Global Business

Throughout the world, diamonds are seen as symbols of everlasting love. But sometimes life gets in the way, and that precious stone has to go.

That’s why luxury jewelers like De Beers are coming up with a new business.

CCTV America’s Karina Huber reports.

Diamond sellers, De Beers, helps people resell their old stones

Throughout the world, diamonds are seen as symbols of everlasting love. But sometimes life gets in the way, and that precious stone has to go. That's why luxury jewelers like De Beers are coming up with a new business. CCTV America's Karina Huber reports.

A 2005 De Beers Diamond advertisement contains a phrase coined by an advertising executive for the company in 1947: “A Diamond is Forever.”

Those words have had a lasting impact on the diamond business, but as many divorced women can attest, diamonds aren’t always forever. Even the Krupp diamond, bought by Richard Burton and given to Elizabeth Taylor, was eventually sold.

But not everyone has a flawless 33-carat diamond with movie star connections to sell. Those with more ordinary sparklers aren’t likely to see such a spectacular markup, nor is it easy for them to even find a buyer.

As a result they tend to offer disappointing prices, if they offer anything at all.

To tackle this challenge, diamond conglomerate De Beers recently launched a service in the United States that aims to help people looking to resell their diamonds.

“This is not going to be a significant stream of revenue or profits, or even inventory for us at all. This is something whereby we are trying to fix and improve a consumer experience,” Tom Montgomery, senior VP of De Beers Group said.