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Diamond Marketing Body Seeks Cash Injection
Jan 19, 2017 3:35 AM
By Rapaport News
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RAPAPORT... The Diamond Producers Association (DPA) plans to increase
its annual budget to $60 million from $6 million by asking members for
bigger contributions, Bloomberg reported.
The industry’s marketing body is looking to step up efforts
to make diamonds appeal to younger consumers, who are increasingly spending
their cash on electronics and restaurants, the report said. DPA chief executive officer Jean-Marc Lieberherr declined to comment when contacted by Rapaport News.
The DPA will approach members such as De Beers and ALROSA to
get them to increase their financial backing, Bloomberg said, citing people
familiar with the plans who asked not to be named. The first DPA commercials
appeared in October, presenting stories that depicted imperfect relationships
that did not necessarily involve marriage in a bid to entice millennials.
De Beers halved its annual marketing budget to about $100 million through the 2000s, Bloomberg said. In 2015, it spent about $20 million on a new campaign targeting millennials in the U.S. and China.
The association is funded by its members, which also include miners Dominion Diamond Corporation, Gem Diamonds, Lucara Diamond Corp., Petra Diamonds and Rio Tinto.
Image: Screenshot from DPA YouTube video
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Tags:
Alrosa, De Beers, Diamond Producers Association, Dpa, marketing, Rapaport News
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