Rio Tinto today released key insights from recent market research confirming the growing trend towards diamond fashion jewellery in China.
Global market research company Ipsos was commissioned by Rio Tinto to help them further understand consumer perceptions in China around jewellery comprising small, affordable diamonds, referred to as fashion jewellery. Of particular note were the following findings:
Chinese consumers no longer see diamonds as purely a store of wealth or bridal purchase
- Diamond fashion jewellery is desirable and part of a broader trend in China towards “affordable luxury”
- Diamond fashion jewellery is attractive as a versatile accessory for everyday wear
- Design is critical to the Chinese consumer when purchasing fashion jewellery
These insights challenge the conventional wisdom that Chinese consumers only appreciate large, high quality, white diamonds or gold jewellery. According to PLDG Creative Intelligence, an independent global jewellery trend and forecasting company, this trend in China is consistent with other key jewellery markets where, “Diamond jewellery consumers increasingly want affordability, beautiful designs and to feel unique. As a result international brands and designers are using small diamonds for innovative designs, not tied to the bridal market.”
According to Jean-Marc Lieberherr, General Manager for the sales and marketing of Rio Tinto Diamonds,
“These are important findings for Rio Tinto as we are accelerating our marketing investment in the Chinese diamond jewellery market. It is also good news for diamond manufacturers, jewellery designers, retailers and consumers”.
Rio Tinto’s Argyle Diamond Mine in Western Australia is the world’s primary source of smaller, affordable diamonds. With growth in China expected to change the face of the diamond jewellery market, Rio Tinto has partnered with leading diamond jewellery manufacturer and retailer Chow Tai Fook, promoting diamonds as fashion accessories in imaginatively designed jewellery.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
