Speaking at the inauguration of the 2016 India International Jewellery Show earlier today, Bruce Cleaver, CEO, De Beers Group, said: “India is of central importance to De Beers’ future and is at the very heart of the diamond pipeline.”
Acknowledging that India was the world’s first known source of diamonds, and has played a central role in the industry’s history, Mr Cleaver noted that: “India represents the heartbeat of the industry’s midstream sector, with the great majority of the world’s cutting and polishing taking place here”.
He went on to say that India is already one of the world’s major markets for consumer sales of diamond jewellery, and yet it still has “perhaps more growth opportunity than anywhere else in the world”.
In order to tap into that opportunity, Mr Cleaver stressed the importance of protecting and growing diamond equity and highlighted that this will require a sharp focus on consumer confidence and consumer demand.
“Consumer confidence is non-negotiable if we wish to succeed. Consumers are increasingly looking for more assurances about their diamond’s journey, so the more we can do to provide confidence, the better it will be for all our long term prospects,” he said.
To stimulate consumer demand, alongside De Beers’ increased investment in the domestic Forevermark programme, Mr Cleaver confirmed that De Beers has today signed a Memorandum of Understanding with the Gem & Jewellery Export Promotion Council to develop a category-based marketing campaign over the key selling season in India.
Mr Cleaver added that De Beers is committed to supporting the important role that India’s midstream businesses play on the global diamond stage.
He said: “There can be no bigger symbol of this commitment than our US$15 million investment in establishing, and expanding, the world’s most technically advanced diamond grading and testing centre in Surat that plays a crucial role in underpinning consumer confidence in India’s diamond trade.”
Mr Cleaver concluded by saying that partnerships are the foundations for the future of the diamond sector: “Partnership is the vehicle through which we will protect and grow diamond equity; it is the bedrock on which our activities in the Indian diamond sector are founded; and it is something that we must continue to nurture if we wish to drive the industry on to greater success.”
A full copy of the speech can be downloaded below.
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About The De Beers Group of Companies
De Beers is a member of the Anglo American group. Established in 1888, De Beers is the world’s leading diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers employs more than 20,000 people (directly and as contractors) across the diamond pipeline, and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers visit www.debeersgroup.com.