De Beers Diamond Jewellers, partly owned by French luxury group LVMH, could be leaving its flagship store on Old Bond Street after almost 15 years due to rising business rates.
The company, born from a joint venture between LVMH and leading diamond group De Beers, is a high end jewellery brand best known for its exclusive engagement rings.
A spokesperson told the British media that “the increase of rent and rates has led us to explore alternative options in Bond Street for our flagship”.
It is working together with James Andrew International to find a new tenant for the 5,500 sq ft unit. The flagship store is expected to be relocated to smaller premises on the same shopping street.
The Government’s new business rates, which are set to come into force in April, are likely to severely impact many Central London retailers. Rates are estimated to rise on average by 50% for London’s most popular shopping destinations.
De Beers Diamond Jewellers has also concessions in Harrods and Selfridges, as well as standalone stores in New York, Canada, Russia, Dubai, Kuwait, Azerbaijan, China, Hong Kong, Japan, Kazakhstan, Macau, Malaysia, South Korea and Taiwan.