Diamond group De Beers has purchased a 50 percent stake that French luxury goods group LVMH previously held in De Beers Diamond Jewellers. The purchase, settled for an undisclosed sum, gives the diamond group back full ownership of the retail operation.
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The current retail network of De Beers Diamond Jewellers spans 17 countries with 32 stores to date – the diamond group recently established a new flagship store in New York, joining London, Paris and China as its significant locations.
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According to various reports, the joint venture no longer complements the French luxury group’s strategy. The full integration of De Beers Diamond Jewellers is expected to allow the group to enhance its value, according to De Beers in a statement.
Indeed, the diamond giant appears to be headed for a sparkling year. The top diamond producer in the world based on value recently registered its largest sale of rough diamonds in more than a year, marking a resounding US$720 million worth of stones sold in over a year. The climb beat January 2016’s record of US$545 million.
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