De Beers which was founded in 1888 with its supreme innovations, technology usage and engineering it has maintained monopoly in diamond industry with its mining and trading for more than a century all across the world. It was in 1939 when the De Beers came up with 4C’s system to qualify or distinguish any diamond which is still prevailing in the diamond industry. 4C’s are Cut (defining the perfect cut on tiny surfaces of diamond), Carat (It doesn’t talk about size but about the weight of the diamond), Color (showing the range of diamond color from being colorless to off-white and Clarity (these varies with inclusions and been graded as clarity to inclusions).
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Below we look at the top 5 competitors of De Beers.
1. Tiffany & Co:
Tiffany & Co is an American firm which dates back its inception long ago more than 170 plus years in 1837 and it majorly deals in luxury jewels and specialty items in retail format. The founders were Charles Tiffany and John Young. Headquartered in New York City, US Tiffany & Co serves worldwide it products.
Established as a jewellery shop back in 1884, and known for setting the pace of Italian style in modern day jewellery, Bulgari is one of the most preferred choices when it comes to luxury today. In the company’s native Italian, the word Bulgari stands for “Bulgarians” or people of Bulgarian ascent. Positioning itself as a premium luxury brand, focusing on high quality designs and contemporary materials, Bulgari items are established as high value collector’s items, as a de facto of standard of the rich and famous with a rich history sprouting from the legacy of jewellery designs and classic masterpieces.
Cartier is a French luxury goods company, which is into designing, manufacturing, distributing and selling of the jewellery and watches. This French company was founded in Paris in the year 1964. The company was under the family control till around 1965.
4. Blue Nile:
Blue Nile is an American Online Jewellery retailer, which was founded in 1999. It is based in Seattle, Washington. It was started in 1995 by Doug Williams of Williams and sons who wanted to sell diamonds online.
5. Swarovski Crystal:
Swarovski is an Austrian producer of crystal (also known as lead glass) by Daniel Swarovski in 1895. It is headquartered in Wattens, Austria. It is split into three major industry areas: the crystal business, optical instruments business and business of grinding, sawing, drilling and dressing tools.
To conclude, the above article highlights the various competitors which compete with De Beers. This understanding helps to evaluate the various external business factors for any company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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