News from our businesses and markets
New survey highlights rapid growth of diamond consumption in India’s middle class
India is quickly developing a diamond consumer market to complement its pre-eminence as a diamond polishing centre, Stephen Lussier, Executive Vice President of Marketing for The De Beers Group of Companies, will say tomorrow in an address to the World Diamond Conference in New Delhi.
Announcing the results of De Beers’ recent Consumer Diamond Purchasing Survey in India, Mr Lussier will highlight that the acquisition rate for diamonds in India’s middle class has risen sharply from two per cent in 2002, to nine per cent in 2014. He will also stress the favourable environment for further diamond consumption growth in India, noting that the country’s number of middle class households is forecast to grow by a compound annual rate of 12 per cent over the next decade.
The Indian market “serves as a microcosm” for trends in other markets, Mr Lussier will say – pointing to projected global demand growth for diamonds, which “continue to captivate consumers the world over”.
However, Mr Lussier, who is also CEO of Forevermark, will caution that increased competition from other luxury products means the diamond industry must capitalise on opportunities in areas such as online marketing and branding if it is to maximise its potential.
Underlining De Beers’ commitment to India, Mr Lussier will say that it has invested nearly $10 million in a state-of-the-art inscription and grading operation in Surat, which has the initial capacity to inscribe 400,000 diamonds – dramatically improving the service for its Indian-based Forevermark partners.
Mr Lussier will show how Forevermark, the diamond brand from The De Beers Group of Companies, has positioned itself successfully, noting: “Our promise of diamonds that are beautiful, rare and responsibly sourced is driven by consumer insight and backed-up by a commitment to ensure our operations live up to our promise”.
In closing, Mr Lussier will emphasise his confidence for the future of diamonds in India, stating that the Indian diamond industry and government can work together to “lead diamonds into a period of unprecedented growth”.
Ends
Contact:
David Johnson
Tel +44 (0) 20 7430 3434
[email protected]
Lynette Gould
Tel +44 (0) 20 7430 3434
[email protected]
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