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Paris, France--De Beers Jewellers has confirmed plans to open a flagship store on Rue de la Paix in Paris in 2025.

According to a report in Yahoo Finance, the new store, designed by French interior architect Pierre-Yves Rochon, will occupy a two-floor, 5,000-square-foot heritage-listed building and feature De Beers' fine and high jewelry collections.

"We have been looking to establish our presence in the city for some time, and the location on Rue de la Paix is perfect," said De Beers Jewellers CEO Céline Assimon, as per the report.

This announcement comes as De Beers faces declining sales due to weak demand and competition from lower-priced lab-grown diamonds. Despite these challenges, De Beers Group CEO Al Cook aims to transform the company into a leading luxury retail brand.

"I'm really excited by the idea that we can really deploy our full strategy all the way to creating the world's greatest jewelry maison," Cook told the Financial Times.

According to another Fortune report, Cook plans to double the number of De Beers retail outlets to compete with luxury brands like Tiffany and Cartier. Additionally, De Beers is withdrawing from the lab-grown diamond market to focus on its natural diamonds.

This strategic shift is linked to parent company Anglo American's plan to sell or spin off De Beers. The report noted that Anglo American is restructuring after a failed $43 billion takeover bid from BHP. The potential separation from Anglo American is expected to provide strategic flexibility for both companies.

With a 136-year history, De Beers has largely operated independently of Anglo American until their formal association began. "Our relationship has always been one of mutual support, and the decision to separate will open up new strategic flexibility for both businesses," a De Beers spokesperson said, as per the report.

Learn more in the reports in Yahoo Finance and Fortune.