Press Release: Twenty leading Indian jewelry companies have made a historical first visit to Rio Tinto’s Argyle diamond mine in the remote east Kimberley region of Western Australia.
India, traditionally a diamond manufacturing hub for Argyle diamonds, has evolved into an important consumer market for diamond jewelry. The visitors, leading independent jewelers from northern and eastern India, will observe the scale and investment in the Argyle underground mine that is feeding India’s emerging diamond jewelry market.
Shane Johnson, the managing director of the Argyle diamond mine, said, “India is the powerhouse of the global diamond industry and an important consumer market for Argyle diamonds. Rio Tinto is delighted to welcome these companies who are developing the Indian market for Argyle diamonds in new and exciting ways.”
The Indian retail diamond jewelry market is worth around $10 billion and is forecast to grow at some 15 percent per year for the next five years. Rio Tinto’s flagship consumer advertising campaign for Argyle diamonds in India, titled “Nazraana,” taps into the strong Indian gift-giving rituals and offers affordable diamond jewelry for all celebratory occasions.
The Nazraana™ campaign, launched in 2012, encompasses print, digital and cinema advertising and is supported by Bollywood actress Yaami Gautam as brand ambassador. Today, jewelry comprised of Argyle diamonds is sold in 150 of the largest independent retail jewelry stores in India.
Vikram Merchant, the manager of Rio Tinto Diamonds’ Mumbai office who is leading the Indian delegation, said, “The relationship between Argyle and the Indian diamond industry is very special and was forged 25 years ago when Argyle looked to India’s developing expertise in diamond cutting, the main vehicle for understanding the profitability of the unique Argyle production.”
Today, the partnership between Rio Tinto’s diamond business and the Indian diamond industry spans the entire diamond jewelry supply chain and remains a source of competitive advantage. As well as the developing domestic demand for diamonds, Rio Tinto remains focused on keeping a vibrant and efficient manufacturing sector in India, where some 300,000 Indians are employed cutting and polishing Argyle diamonds. These initiatives, together with Rio Tinto’s developing Bunder diamond project in Madhya Pradesh, are indicative of the strength of this enduring relationship.
About Rio Tinto Diamonds
Rio Tinto is one of the world's major diamond producers through its 100 percent control of the Argyle mine in Australia, 60 percent of the Diavik mine in Canada and a 78 percent interest in the Murowa mine in Zimbabwe. These three mines allow Rio Tinto to produce diamonds for all market segments. Rio Tinto also has an advanced diamond project in India. Rio Tinto's share of the production from its three operating mines is sold through its diamond sales and marketing office in Antwerp, Belgium with representative offices in Mumbai, Hong Kong and New York. Rio Tinto Diamonds is a leading supporter of the Kimberley Process as well as a founding member of Responsible Jewellery Council.
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