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De Beers Hikes Marketing Budget to $140M
Aug 29, 2017 7:11 AM
By Rapaport News
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RAPAPORT... De Beers will put more than $140 million into marketing this year, its biggest spend since 2008, the company said Tuesday.
The increased investment will
be focused on raising consumer demand for diamond jewelry in leading markets, notably
the US, China and India, the miner explained.
Most of
the money will support De Beers’ own brands, Forevermark and De Beers
Diamond Jewellers. However, it will also increase its contributions to the Diamond
Producers Association (DPA) and India’s Gem & Jewellery Export Promotion Council
(GJEPC).
“Total
consumer expenditure on diamond jewelry for the last five years collectively
has been the highest on record — and the outlook is positive,” said Stephen
Lussier, De Beers’ executive vice president of marketing and CEO of Forevermark.
“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.”
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Tags:
China, De Beers, De Beers Diamond Jewellers, Dpa, Gem & Jewellery Export Promotion Council, GJEPC, India, marketing, Rapaport News, Stephen Lussier, US
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