De Beers’ “Supplier of Choice” strategy hasn’t yet been launched, but the company has already fulfilled one of its oft-stated objectives—having diamond jewelry outperform other luxuries at retail.
“Over the all-important Thanksgiving and Christmas season in the United States, jewelry sales outperformed other retail sales, and diamond jewelry outperformed the jewelry category,” the company said recently. It attributed this to “a marked increase in quality advertising spend by the diamond trade, the development of multiple brands, and innovative marketing programs.”
Overall, De Beers’ rough-diamond sales hit $5.15 billion in 2002, a 16% jump over 2001 figures. Headline earnings for 2002 were $570 million, a 12% jump over 2001 figures.
The company also announced that Gareth Penny, the architect of “Supplier of Choice,” has been appointed to its board of directors.