In a move that will bring much cheer to the diamond industry, the De Beers Group announced that this year it will invest more than US$ 140 million in marketing. This will be the highest it has expended on that head since 2008.
“The increased investment will be focused on generating further consumer demand for diamond jewellery in the leading markets globally, with the greatest spend targeted in the US, China and India,” De Beers announced.
The Company made it clear that the major chunk of this budget will be spent on De Beers’ proprietary brands, Forevermark and De Beers Diamond Jewellers. However, the Company also stressed that it will increase its spend on “partnership marketing”, including with the Diamond Producers Association (DPA) and India’s The Gem and Jewellery Export Promotion Council (GJEPC).
Stephen Lussier, De Beers Group’s Executive Vice President of Marketing and CEO of Forevermark, said: “Total consumer expenditure on diamond jewellery for the last five years collectively has been the highest on record – and the outlook is positive. However, we cannot take future growth for granted.”
He added: “Increasing our spend from a strong position will help support continued demand in both mature and developing markets, particularly among millennials, who are already the largest group of diamond consumers despite this generation not having yet reached its maximum earning potential.”