De Beers buys LVMH’s 50% stake in De Beers Diamond Jewellers

South African diamond specialist De Beers today took full control of jewellery retail chain De Beers Diamond Jewellers by buying French luxury goods group LVMH's 50 per cent stake.

De Beers, a division of diversified mining giant Anglo American Plc, did not reveal the financial terms of the purchase.

De Beers Diamond Jewellers' retail network comprises 32 stores in 17 countries.

This includes a growing business in greater China, an established presence in London and Paris, and a new flagship location in New York.

Bruce Cleaver, CEO, De Beers Group, said, "With its strong brand awareness, consummate diamond expertise and a commitment to responsibility, De Beers Diamond Jewellers is a trusted and industry-leading diamond jeweller. 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.''

Francois Delage, CEO, De Beers Diamond Jewellers, said: ''De Beers Diamond Jewellers is firmly established as one of the world's leading diamond jewellery retailers. We already have a shared heritage and strong brand link with De Beers Group. By being fully part of the Group, we will benefit even more from the unique diamond culture, established since 1888.''

Founded in Kimberley, South Africa, De Beers controls nearly two-thirds of the world's rough diamonds.

Many are mined from De Beers's own mines in Botswana, Namibia and South Africa, while others are purchased from miners under contract to De Beers.

De Beers teamed up with LVMH in 2001 to jointly open jewelry stores in the world's most fashionable cities to sell diamond jewellery branded with the De Beers name.