De Beers releases report noting competition in luxury sector

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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

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