A recent report by De Beers SA, Anglo American PLC owned diamond producer, pointed out that as the luxury industry gets more competitive, diamonds are losing their luxury status. The report highlighted the importance of increasing advertising and branding efforts.
“Unfortunately, in terms of advertising, the share of voice in jewellery advertising has decreased substantially – maybe by about half – in the last 10 to 20 years,” Philippe Mellier, chief executive of De Beers, said in a video, The Globe and Mail reports. “It’s an issue because obviously if you don’t talk enough about a luxury product it’s going to impact on sales.”
The U.S. economy has had a growing demand for diamonds, making up 39 per cent of global consumption. Markets in India and China have also grown over the last few years. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
