De Beers lays confidence in India’s diamond consumer market growth

Participating at the World Diamond Conference, Stephen Lussier, Executive Vice President of Marketing for The De Beers Group of Companies has laid much hope and recognised India’s potential to grow and support global growth for the diamond industry. De Beers recognises India’s diamond consumer market developing which complement its pre-eminence as a diamond polishing centre.

While speaking of India’s consumer market being encouraged by the growing middle class and the acquisition rate for diamonds in India’s middle class having risen sharply from two per cent in 2002, to nine per cent in 2014, Mr. Lussier noted that diamond marketing needs to be pushed more aggressively. The Indian market “serves as a microcosm” for trends in other markets, according to Mr Lussier – pointing to projected global demand growth for diamonds, which “continue to captivate consumers the world over”.

He also noted 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 said that the company 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. Also, Forevermark, the diamond brand from The De Beers Group of Companies, has positioned itself successfully.