De Beers Is Decamping From Fifth Avenue to Open on Madison Avenue

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De Beers Diamond Jewellers is repositioning itself in the world of high-end jewelry — literally. After moving up a floor in Paris's Galeries Lafayette to sit closer to brands like Cartier and Louis Vuitton, the NYC outpost is forgoing it's Fifth Avenue and 55th Street roots for a new flagship location on Madison Avenue, reports WWD.

The brand itself is a collaboration between De Beers and LVMH Moët Hennessy Louis Vuitton, and has 36 retail locations to its name. CEO François Delage gave no further details to the paper other than that this move is in support of the introduction of a "new store concept" at core flagship locations. We don't know when this move will take place, and an address hasn't been specified.

It's not the only store making the avenue hop: Fendi left Fifth Avenue at the end of last year and was replaced by Microsoft, and Bottega Veneta is preparing to exit in favor of its new townhouse, making a pit stop at the old Crate and Barrel flagship along the way. But one jewelry powerhouse is definitely staying put on Fifth— Cartier is expected to debut its renovated townhouse in the spring.