De Beers becomes sole owner of jewellery brand, buys out retail partner LVMH
De Beers, the world’s No.1 diamond miner by value, has acquired the 50% interest French luxury goods group LVMH had in De Beers Diamond Jewellers for an undisclosed amount.
With the transaction, the Anglo American’ unit has become the sole owner of the retail operation.
“More fully integrating the De Beers Diamond Jewellers brand and store network will enable us to deliver an even more differentiated diamond offering, alongside our fast-growing diamond brand Forevermark,” De Beers Group chief executive Bruce Cleaver said in a statement.
De Beers Diamond Jewellers’ retail network comprises 32 stores in 17 countries. This includes a growing business in China, an established presence in London and Paris, and a new flagship location in New York, the diamond miner added.
Earlier this month, the company announced its Canada-based Gahcho Kué mine, the world’s largest new diamond mine in the last 13 years, which De Beers co-owns with Mountain Province Diamonds had reached commercial production.
Located 280 kilometers northeast of Yellowknife, near the Arctic Circle, the mine is expected to produce around 54 million carats of rough diamonds over its 12-year lifetime.