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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.”
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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