De Beers hikes marketing budget to strengthen sales
International diamond company De Beers Group has announced plans to invest more than US$140 million in marketing this year.
The budget is the biggest spend since 2008, as the group focus on generating further consumer demand for diamond jewellery in the leading markets globally.
While the majority of the investment will support De Beers’ proprietary brands, Forevermark and De Beers Diamond Jewellers, the company will increase its spend on partnership marketing, including with the Diamond Producers Association and India’s Gem and Jewellery Export Promotion Council.
“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,” said Stephen Lussier, De Beers Group’s Executive Vice President of Marketing and Chief Executive Officer of Forevermark.
“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,” he added.