The decision is 'extremely heartening.'
(Press Release) Praveenshankar Pandya, chairman, Gems and Jewellery Export Promotion Council (GJEPC), welcomes the decision of De Beers to increase its current year marketing spend to $140 million in the key markets of the U.S., India and China. De Beers is also increasing its partnership marketing with GJEPC and the Diamond Producers Association.
Pandya said, “It is extremely heartening to note De Beers announcing the highest ever marketing spend on branded diamond jewellery seen in the last decade or so. This timely decision will go a long way in addressing ever-growing demand for generic diamond promotions to ensure that diamonds take centre-stage in the minds of millennials and boost demand at the retail. The combined generic promotional budget for both De Beers and DPA will top the USD 200 mn mark and this sizeable spend will help in diamond category marketing in the key markets of India, China and the US. This is a good beginning and can help in instilling confidence in the key stakeholders and boosting demand. However, we urge other partners to come forward and add to the marketing budget so as to have a cascading effect on consumers.”
Russell Mehta, vice chairman, GJEPC, added, “Buying diamonds is always an emotional decision and it is important to establish the key attributes such as pure, rare and value in the minds of millennials and the Gen-Next. Generic diamond promotion is very essential for the growth of the diamond industry and we have seen recent successes of India-specific campaigns such as ‘Ek Heera Tumhare Heere Ke Liye’ (A diamond for your diamond) initiated during festive season 2016. GJEPC has been at the forefront of teaming up with major diamond producers to start generic marketing of diamonds and we shall continue to pursue such collaborative and mutually beneficial initiatives.”
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