De Beers Group wants to make sure that future generations love—and also see the value in—diamonds. And it’s willing to invest in that eventuality.
The international diamond company will put more than $140 million into its marketing efforts this year—its biggest spend in marketing since 2008, according to De Beers Group.
The investment will be focused on drumming up consumer demand for diamond jewelry, with the biggest allocations targeting the U.S., China, and India. The majority of investment, according to a company statement, will support De Beers’ proprietary jewelry brands, Forevermark and De Beers Diamond Jewellers, but it will also bolster the Diamond Producers Association and India’s Gem and Jewellery Export Promotion Council.
Stephen Lussier, De Beers Group’s executive vice president of marketing and CEO of Forevermark, said that though diamond jewelry sales over the past five years have been quite strong, “We cannot take future growth for granted.”
He adds that increasing the marketing budget 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 [millennials] not having yet reached their maximum earning potential.”
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