De Beers has announced it will invest more than $140 million in marketing this year — its biggest spend since 2008.
The increased investment will be focused on generating further consumer demand for diamond jewellery in the leading markets globally, with the greatest spend targeted in the US, China and India.
While the majority of the investment will support De Beers’ proprietary brands, Forevermark and De Beers Diamond Jewellers, the company will increase its spend on partnership marketing, including with the Diamond Producers Association and India’s Gem and Jewellery Export Promotion Council.
De Beers Group Executive Vice President of Marketing and CEO of Forevermark Stephen Lussier said, “Total consumer expenditure on diamond jewellery for the last five years collectively has been the highest on record — and the outlook is positive. However, we cannot take future growth for granted.”
He added, “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.”