Rio Tinto confirms strong potential for diamond jewellery demand in China
An increasing demand for diamond jewellery coming from China could help precious stone producers to boost sales in the following months, hinted diversified miner Rio Tinto (LON:RIO) in a release summarizing key insights from a market research.
Rio Tinto commissioned global market research company Ipsos to identify consumer perceptions in China around jewellery comprising small, affordable diamonds, referred to as ‘fashion jewellery.’
One of the key findings is the fact that Chinese consumers do not buy only large, high quality, white diamonds or gold jewellery. They also look for other attributes, such as affordability, fine-looking designs and to feel unique, as confirmed by PLDG Creative Intelligence, an independent global jewellery trend and forecasting company.
Other important conclusions were:
• Chinese consumers no longer see diamonds as purely a store of wealth or bridal purchase .
• Diamond fashion jewellery is desirable and part of a broader trend in China towards "affordable luxury".
• Diamond fashion jewellery is attractive as a versatile accessory for everyday wear.
• Design is critical to the Chinese consumer when purchasing fashion jewellery.
Jean-Marc Lieberherr, general manager for the sales and marketing of Rio Tinto Diamonds, said the study shone light on important issues, as the company is accelerating its marketing investment in the Chinese diamond jewellery market.
“It is also good news for diamond manufacturers, jewellery designers, retailers and consumers,” added Lieberherr.
Rio Tinto's Argyle Diamond Mine in Western Australia is the world's primary source of smaller, affordable diamonds. With growth in China expected to change the face of the diamond jewellery market, Rio Tinto has partnered with leading diamond jewellery manufacturer and retailer Chow Tai Fook, promoting diamonds as fashion accessories in imaginatively designed jewellery.