De Beers ponders diamond retail venture

Print Article E-Mail Article

De Beers the world diamond giant, is expected to make an announcement by next month on a possible move into the diamond retail business through a marketing partnership. The company refused to comment on reports that the partnership would be with the LVMH Group. Another option is the sale or licensing of the De Beers name, either to an existing luxury goods group or a joint venture company.

In December the South African diamond miner announced plans to develop a retail chain to enable the group to exploit its international reputation. Although De Beers is the world's largest producer of uncut diamonds, it has so far failed to capitalise on its brand by retailing jewellery direct to the public. The announcement on a retail partner is expected before De Beers announces its annual results on February 27.

• De Beers sold a record $5.67bn of rough gems in 2000.