De Beers’ Céline Assimon Talks Diamonds and Democracy
LONDON — Luxury diamonds are getting more democratic, and if that sounds odd then think about this: among De Beers Jewellers’ bestsellers are the Enchanted Lotus studs, delicate white gold and diamond earrings that cost 1,550 pounds.
That’s 100 pounds less than Gucci’s Jackie 1961 small shoulder bag in canvas and leather; 1,000 pounds less than Fendi Fendace quilted silk baguette, and almost 3,000 pounds less than the Large Lady Dior bag.
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Prices of handbags, no matter what they’re made of, have been rising faster than some fine jewelry. The big brands are leveraging their star power, casting a spell over the consumer, and regularly raising their prices — without much resistance.
The big brands are also building credibility in new categories, from sneakers to fine jewelry, and relying on their all-powerful names to keep business humming.
Céline Assimon, who is chief executive officer of De Beers Jewellers and its sister brand De Beers Forevermark, sees the shift in luxury as an opportunity, rather than a reason to panic. And she’s using her past experience at brands including de Grisogono, Piaget, Louis Vuitton and Cartier to stand up to the challenge.
Assimon took over as CEO of De Beers Diamond Jewellers in August 2020, succeeding François Delage. She accepted the Forevermark role a year later, taking over from Nancy Liu, who left the company.
She believes the ultra-competitive environment, where cloth bags can cost more than diamonds and fashion houses sell fine jewelry, “pushes everybody to do better, and it means that the pure players can’t get too complacent,” Assimon said.
“It also means we can open up the audience, and give more options to clients who in the past might not have walked into a high jewelry store to buy something small. Twenty years ago, Place Vendôme wasn’t as welcoming as it is today, and I think it’s a good thing. Democratization is a good thing,” Assimon said in an interview.
Having more competition, and a potentially wider audience, means that De Beers Diamond Jewellers can also take increasing risks.
Assimon said every time the company launches a high jewelry collection, “we push the boundaries, we try different materials and daring combinations. We want to plant a seed in the head of our clients and show them what is possible.”
De Beers’ Light Rays collection is a good example: it mixes fancy colored rough and polished diamonds in tones that are meant to mimic the sun’s rays. The jewels are made from colored titanium and black rhodium-plated gold, representing shafts of light. The result are jewels that look more like embroidery, or miniature paintings.
Assimon said she’s seeing a shift from the client side, too. People want to invest in fine jewelry and wear it regularly. The days of stashing the family jewels in the vault and taking them out twice a year for formal occasions, are gone.
“The function of jewelry has changed compared with the ’60s, or even the ’80s. Women don’t play the same role in the family unit. They are more active than ever, they’re self-purchasing and they’re involved in design, too,” Assimon said.
“There’s definitely a trend that we see for more wearable pieces, regardless of the price point. Customers want jewelry that’s versatile, light and fun. The jewelry we are making is not meant to go into the safe,” she added.
Assimon said bridal — and the ways that people are jazzing up their engagement rings once they’ve been married for a few years — is a great example of changing consumer tastes.
Bridal is a significant business for De Beers, and growing, too.
“Recently, we’ve seen more appetite for bigger and better quality. People seem to be allocating a bigger budget to their engagement rings,” said Assimon, adding that customers are also getting more experimental, and opting for fancy cuts, unconventional designs and colored stones, some of which offer more value for money than clear diamonds.
She added that De Beers has been doing a lot of work to educate clients about colored diamonds, in particular.
“Clients have been asking for yellow-orange or brownish-pink diamonds, which are comparatively really good value. Diamonds of a single color (such as fancy yellow stones) are unattainable for most, whereas dual colors allow you to have something different. More and more [couples] are getting involved in those new kinds of purchases that express personality, and a different take on the traditional wedding,” she said.
In addition, those who have been married for a few years are opting to shake things up, slipping their engagement rings onto the right hand and teaming them with “jackets” that sit alongside them.
A top seller at De Beers is the Dewdrop Crown ring in platinum and diamonds that stacks just under the engagement ring. It has been designed to look like little droplets of water, and can also be worn alone.
Assimon said that, personally, she loves stacking multiple rings on one finger. So she started brainstorming with the design team, which is how they came up with the idea for the jackets and crowns.
“They’re very simple, but they really change the personality of the engagement ring,” she said.
At Forevermark, Assimon is focused on bringing the brand aesthetic and merchandising closer to that of De Beers Jewellers. Assimon said if De Beers Jewellers is “couture” then Forevermark is more like ready-to-wear. She described it as “super-contemporary, and curated to the tastes of the local markets.”
She wants to draw the two brands closer from a merchandising point of view, and ensure they can complement each other.
According to De Beers, less than 1 percent of the world’s diamonds are eligible to become Forevermark. The diamonds are all responsibly sourced, and the company said it ensures that strict business, environmental and social standards are met at every level.
They’re sold in a select group of Authorized Forevermark Jewelers, and are available as loose diamonds, or as finished jewelry. They’re inscribed with a microscopic brand logo and unique number.
De Beers launched the Forevermark brand in 2008, and since then the company has been looking to track and trace every single diamond it mines and sells. Last September, it began piloting Code of Origin, a unique, customized code that’s meant to guarantee a diamond is natural, conflict-free and ethically sourced.
The Code of Origin pilot is part of De Beers’ overarching Building Forever mission to achieve its many sustainability goals by 2030. The project takes its inspiration from Forevermark.
Assimon said that as clients opt to purchase “fewer, better jewels,” they are also hyper-concerned about the origins of the stones and the communities that work in the mines.
“Sustainability and traceability are fundamental elements today, and they continue to be a key factor influencing client purchasing decisions across the sector,” Assimon said. “They’re no longer a ‘nice-to-have.’ People are choosing what feels meaningful, and they’re looking for brands that act responsibly.”
FOR MORE FROM WWD.COM ON DE BEERS, SEE:
De Beers’ Stephen Lussier on Diamonds, Dreams and the Economy of Desire
Making Positive Impact With De Beers’ Building Forever 2030 Goals
De Beers Looks to Trace, Tag and Promote Every Single Diamond It Mines
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