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Rio Tinto Explores Potential for Diamond Fashion Jewelry in China
May 24, 2012 2:00 AM
By Dilipp S Nag
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RAPAPORT... Rio Tinto noted a growing trend toward diamond fashion jewelry in China, the largest jewelry market in the world, as the company seeks to expand its presence in the country.
Rio Tinto commissioned global market research company Ipsos to better understand Chinese consumer perceptions about jewelry comprising small, affordable diamonds, referred to as fashion jewelry.
“These are important findings for Rio Tinto as we are accelerating our marketing investment in the Chinese diamond jewelry market,” said Jean-Marc Lieberherr, the general manager for the sales and marketing of Rio Tinto Diamonds. “It is also good news for diamond manufacturers, jewelry designers, retailers and consumers.”
The research showed that Chinese consumers no longer see diamonds as purely a store of wealth or bridal purchase. Rather, diamond fashion jewelry is also desirable and part of a broader trend in China towards “affordable luxury.” The study noted that diamond fashion jewelry is attractive as a versatile accessory for everyday wear and that design is critical to the Chinese consumer when purchasing fashion jewelry.
These insights challenge the conventional wisdom that Chinese consumers only appreciate large, high-quality, white diamonds or gold jewelry, Rio Tinto stated.
According to PLDG Creative Intelligence, an independent global jewelry trend and forecasting company, this trend in China is consistent with other key jewelry markets where diamond jewelry consumers increasingly want affordable, beautiful designs and that are unique. “As a result, international brands and designers are using small diamonds for innovative designs, not tied to the bridal market,” it stated.
Rio Tinto recently partnered with leading diamond jewelry manufacturer and retailer Chow Tai Fook to promote diamond jewelry as fashion accessories.
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Tags:
China, chinese, Chow Tai Fook, diamond, Diamond fashion jewelry, diamond jewelry, diamonds, Dilipp S Nag, Fashion jewelry, Gold jewelry, India, Ipsos, Jewelry, Jewelry market, market, Rapaport, Rio Tinto, Rio Tinto Diamonds
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