De Beers Group announced on 29 August 2017 that it will invest over US$140 million in marketing this year, making it the group’s biggest spend since 2008.
According to De Beers, the increased investment will be focused on pushing consumer demand in global leading markets with the greatest spend targeted in the US, China and India.
The majority of the investment will support the group’s proprietary brands, Forevermark and De Beers Diamond Jewellers. Besides, the group will increase its spend on partnership marketing, including with the Diamond Producers Association (DPA) and the Gem and Jewellery Export Promotion Council (GJEPC) of India.
Stephen Lussier, De Beers Group’s executive vice president of marketing and CEO of Forevermark, 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.”
“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,” said Lussier.
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