ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
GradingAug 30, 2017
De Beers Ups Diamond Marketing Investment to $140M This Year
It’s the largest budget the diamond company has allocated in nearly a decade.
De Beers is investing in both its proprietary brands as well as general consumer marketing.
London--De Beers announced it is upping its diamond marketing spend to $140 million this year, with a focus on the United States, China and India.
The De Beers Group said it is the largest investment in diamond marketing it has made since 2008, and is up from the $120 million spent in 2016.
The spend is targeted at raising consumer awareness, mainly through promotion of its Forevermark and De Beers Diamond Jewellers brands but also by allocating funds towards its partnerships with the Diamond Producers Association DPA and India’s Gem and Jewellery Export Promotion Council.
A spokesperson told National Jeweler that marketing efforts would “cover a variety of mediums including print, television and digital,” though the exact breakdowns would differ between De Beers’ proprietary brands and its partnerships.
“Total consumer expenditure on diamond jewelry for the last five years collectively has been the highest on record--and the outlook is positive,” said De Beers Group’s Executive Vice President of Marketing and Forevermark CEO Stephen Lussier.
“However, we cannot take future growth for granted. 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.”
It’s been a good year so far for diamond marketing news. During Las Vegas Market Week in June, the DPA announced it was increasing its marketing budget nearly ten-fold, from approximately $6 million to $57 million.
Most of that is going to marketing toward millennials in the United States and promoting mined diamonds through its “Real is Rare” campaign, as well as additional promotion of the campaign in India and China.
“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.”-- Stephen Lussier, De BeersWith the announcement from De Beers, the World Federation of Diamond Bourses released a statement on behalf of its president, Ernie Blom, noting that both De Beers’s and the DPA’s respective marketing growth should have a positive effect across all parts of the diamond industry.
“Taken together with the DPA’s decision to increase its diamond jewelry promotional budget this year to $57 million, we are seeing very significant action in promoting diamonds
Editors' Picks
Sponsored by
in key markets. The diamond industry globally can take heart from these decisions as they will serve to boost demand,” Blom said.
He continued, “It is extremely encouraging to see these steps being taken with the industry uniting in recent times to tackle the issue of generic diamond jewelry marketing. Resources are very rightly being concentrated on the millennials market because that is a huge consumer market which has not been targeted for advertising before. The DPA’s research shows that these younger buyers believe in the value of diamonds because they symbolize rarity and value.”
He continued, “It is extremely encouraging to see these steps being taken with the industry uniting in recent times to tackle the issue of generic diamond jewelry marketing. Resources are very rightly being concentrated on the millennials market because that is a huge consumer market which has not been targeted for advertising before. The DPA’s research shows that these younger buyers believe in the value of diamonds because they symbolize rarity and value.”
More on Grading
The Latest
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
IndependentsMay 15, 2024
David Mann Jewelers in Upstate NY to Close After 35 YearsOwner David Mann is heading into retirement.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
SourcingMay 14, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
