Though the views on marketing in the diamond industry by major mining companies and experts may vary, they have the common goal of propelling the growth of the industry in the future.
Speaking for the audience on “Marketing Diamonds as a Category – Industry Perspective” renowned diamond writer and analyst Chaim Even-Zohar opined that the margins at the manufacturing level were getting squeezed, caught as this segment is between the miners and the retailers at either ends. He felt that margins in this segment needed to improve for a healthier industry.
Jean-Marc Lieberherr said Rio Tinto’s was a collaborative approach to marketing. He said that the earlier efforts on category marketing had got “hijacked” by politics and egos. If all this could be put aside it would be possible to move ahead, he felt.
“Diamond is the most extraordinary brand,” he concluded. “And we need to nurture and take care of our brand.”
Stephen Lussier, CEO of Forevermark and Executive Vice President of Marketing for the De Beers Group of Companies explained his position regarding the future of diamond marketing: “Different solutions are required for the future from those in the past.”
Lussier gave a brief insight from De Beers’ most recent Consumer Diamond Purchasing Survey.
“In 2002, De Beers estimated that the acquisition rate of diamond jewellery among the Indian middle class was around 2%. The results of our new study show that the acquisition rate has jumped to 9% in 2014,” Lussier informed the audience.
But, he cautioned, the world is changing very quickly and other industries are investing and progressing.
“Retailers, Rio Tinto, De Beers are all investing in marketing,” Lussier said. “But not as much as other industries are. We must not only increase our spend but also make what we are spending much more effective. And we need to understand consumer mindsets; we need to understand what the opportunities are.”
Aruna Gaitonde, Editor in Chief of the Indian Bureau, Rough&Polished
