De Beers Plans to Expand Diamond Market by 50%

De Beers has sky-high hopes for the future: It wants to enlarge the diamond market by some 50% in the next decade. De Beers managing director Gary Ralfe stated this ambitious target at a teleconference following the European Commission's official okay of the company's "Supplier of Choice" strategy. Ralfe called "Supplier of Choice" a "suite of strategies to grow demand" by, among other things, encouraging sightholders to invest more in marketing. Sales and marketing director Gareth Penny said the increased marketing has already had an effect, noting that diamond jewelry outperformed other types of jewelry at retail last Christmas. "In general, retailers have done pretty well," said Penny. "2002 wasn't a great year, but they have certainly kept their heads above water." He said sightholders "are starting to see some early success [with their marketing programs], and that's encouragi

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