De Beers plans to spend US$140 million on marketing initiatives
To achieve their goal of raising sales in India, China, and the US, De Beers has declared their strategy to spend US$140 million on marketing—an amount they haven’t spent since 2008.
“Total consumer expenditure on diamond jewellery for the last five years collectively has been the highest record—and the outlook is positive. However, we cannot take future growth for granted,” explains the company’s executive vice-president of marketing Stephen Lussier. “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,” adds Lussier.
The weighty marketing budget will provide for De Beers’ Forevermark and their Diamond Jeweller brands, along with supporting their collaborative efforts with India’s Gem and Jewellery Export Promotion Council and Diamond Producers Association (DPA).