De Beers marketing spend increase will boost global sales — WFDB
The global diamond and jewellery industries will benefit from the decision announced by De Beers on Tuesday to increase its marketing spending this year to $140 million, said World Federation of Diamond Bourses (WFDB) President Ernie Blom.
Although De Beers intends to spend most of the money on its own brands, Forevermark and De Beers Diamond Jewellers, all advertising is good for the wider diamond trade since it has a positive ripple effect, he said.
"This is a most welcome move, concentrating resources on the world's three main markets: the United States, China and India," said Blom. "I am delighted that De Beers is also increasing its partnership marketing with the Diamond Producers Association (DPA) and India’s Gem and Jewellery Export Promotion Council (GJEPC).
"Taken together with the DPA's decision to increase its diamond jewellery promotional budget this year to $57 million, we are seeing very significant action in promoting diamonds in key markets. The diamond industry globally can take heart from these decisions as they will serve to boost demand.
"It is extremely encouraging to see these steps being taken with the industry uniting in recent times to tackle the issue of generic diamond jewellery marketing. Resources are very rightly being concentrated on the millennials market because that is a huge consumer market which has not been targeted for advertising before. The DPA's research shows that these younger buyers believe in the value of diamonds because they symbolise rarity and value, and we wish the DPA and De Beers success for the benefit of WFDB members and the entire industry," Blom added.