De Beers plans to invest more than $140m in marketing this year in a bid to win over Chinese and Indian millennials.
The marketing investment marks the company’s biggest advertising spend since 2008 and reflects the shifting popularity of diamonds in the key markets of China, India and the US.
While the US remains the biggest market for diamonds, accounting for more than half of the world’s purchases, the China and India markets have both contracted in recent years.
Stephen Lussier, executive vice president of marketing at De Beers Group, said the company had experienced its highest consumer expenditure on diamond jewellery over the last five years, but added, “we cannot take future growth for granted.”
“Increasing our spend from a strong position will help support continued demand in both mature and developing markets, particularly among millennials, who are already the largest group of diamond consumers despite this generation not having yet reached its maximum earning potential,” Lussier said in a statement.
The marketing will focus on promoting the Forevermark and De Beers Diamond Jewellers brands. De Beers will also increase marketing spend on its partnership ventures including the Diamond Producers Association and India’s Gem and Jewellery Export Promotion Council.