According to a company statement, the investment will specifically target the world’s largest diamond markets: the US, China and India.
Although the majority of the spend will support De Beers’ own diamond brands, Forevermark and De Beers Diamond Jewellers, the statement noted that the company would increase ‘partnership marketing’ with groups such as the Diamond Producers Association (DPA) and India’s Gem and Jewellery Export Promotion Council (GJEPC).
The DPA also announced in June that it would increase its 2017 full-year marketing investment to US$57 million (AU$71.6 m), a figure that more than quadruples last year’s budget.
Banding together
De Beers executive vice president of marketing and CEO of Forevermark Stephen Lussier said although consumer diamond jewellery sales had been positive for the past five years and the outlook remained positive, the industry could not take the demand 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,” Lussier explained.
World Federation of Diamond Bourses (WFDB) president Ernie Blom echoed these statements, noting that De Beers’ increased advertising budget would “rightly concentrate” on Millennials.
“The DPA's research shows that these younger buyers believe in the value of diamonds because they symbolise rarity and value, and we wish the DPA and De Beers success for the benefit of WFDB members and the entire industry," Blom said.
"It is extremely encouraging to see these steps being taken with the industry uniting in recent times to tackle the issue of generic diamond jewellery marketing,” he added.
A De Beers spokesperson confirmed that the investment would be put towards a variety of marketing mediums including print, television and digital. The company’s renowned ‘A diamond is forever’ slogan would be used wherever the Forevermark logo appeared.
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