De Beers Forevermark has canceled a plan that would have seen the brand take over loose diamond distribution from its wholesale partners, after it raised an uproar from some of its retailers.
“As we continue to evolve the strategy for De Beers Forevermark and listen to the feedback we have received regarding the treatment of loose diamonds within the brand, we have decided to maintain the status quo,” said Charles Stanley, president of De Beers brands, North America, in an email to the brand’s retailers.
“This means you can continue to access loose De Beers Forevermark diamonds directly from our authorized suppliers and ourselves, along with the continued ability to place our diamonds in third-party semi-mounts or one of our De Beers Forevermark settings.”
The plan, which had a target date of Jan. 1, 2023, would have required that De Beers Forevermark diamonds be sold only with the brand’s designs, and would have had De Beers Forevermark handle all the company’s loose diamond sales.
De Beers Forevermark said the move was necessary to build the overall brand experience, but retailers worried the plan would get in the middle of their long-standing relationships with manufacturers.
The brand announced the plan just prior to the JCK Las Vegas show, leading to a furor among attending retailers and manufacturers.
One De Beers Forevermark retailer expressed relief to JCK that the plan had been scrapped, but said it was unfortunate that the JCK Las Vegas show had been taken up with the now-moot issue.
In his message, Stanley noted that “finished jewelry will continue to be provided through our supplied diamond collections,” which have been “further refined and extended.”
Brand partners are still required to buy $75,000 worth of product from De Beers Forevermark annually, the email said.
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