This 12 months’s American Gem Society (AGS) Conclave featured a De Beers sponsorship or two—however none by its signature model, De Beers Forevermark, which was one of many annual occasion’s essential underwriters.
The only De Beers session at Conclave was carried out by firm vp Ivette Nersesyan-Stephanopoulos on its “nation of origin” program—which she stated De Beers will present extra information about on the upcoming JCK present in Las Vegas. The De Beers Institute of Diamonds grading lab was listed as a gold sponsor of Conclave.
It’s a lot the identical for JCK Las Vegas, the place De Beers Group’s listing for its sales space doesn’t point out Forevermark.
Issues have been quiet on the whole for Forevermark, no less than in the US. (The model does proceed to post on social media.). De Beers Forevermark retailers and suppliers—who had been properly represented at Conclave—say that they’ve heard little from the corporate since January, when Charles Stanley, the longtime head of De Beers Forevermark USA, introduced he was retiring. Shortly afterward, De Beers lower employees at its Connecticut headquarters.
Some supporters have pulled again. In 2019, Padis Jewelers within the San Francisco space opened the primary U.S. Forevermark retailer. That has since been rebranded into a regular Padis retailer.
Abroad, Forevermark continues to be energetic. In April, a second Forevermark retailer opened in Indore, India, in line with the Gem and Jewelry Export Promotion Council. And this week, De Beers’ new CEO, Al Cook dinner, posted an image of himself with Forevermark ambassador Carol Mpedi on the model’s retailer in Gaborone, Botswana.
However at AGS Conclave, rumors circulated that Chinese language retailer and producer Chow Tai Fook, which has lengthy stocked Forevermark in China, was contemplating buying it.
De Beers spokesperson David Johnson responds that Forevermark is “a number one model inside the sector, [so] it’s commonplace for there to be curiosity about potential industrial alternatives. That is nothing new and it isn’t one thing we touch upon.”
Chow Tai Fook, which bought the Hearts on Hearth firm in 2014, declined remark.
In its newest monetary statement, Forevermark Ltd. reported $165 million in income and a $4.7 million revenue for 2021. The prior 12 months, although, it posted a $494,000 loss.
De Beers executives have usually been circumspect about Forevermark’s future. In February, De Beers chief monetary officer Sarah Kuijlaars instructed JCK the corporate was “exploring all choices” for it.
“We’re concerned with discovering the best mannequin for retail and the way we interact with our finish purchasers and shoppers,” she stated. “I believe it’s a mannequin that we’ll should evolve as a result of shoppers are evolving.”
A Portfolio by De Beers Forevermark three-stone ring (picture courtesy of De Beers Forevermark)
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