Diamonds are forever
Wednesday, October 30th, 2019
Anglo American unit De Beers said its 2019 marketing budget will exceed last year’s figure of $170 million and will focus on the biggest market the United States, where women lavishing diamonds on themselves has boosted sales.
While U.S. demand has held firm, the diamond market has weakened elsewhere and trade tensions and protests in Hong Kong have dented sales in China, the second largest diamond market. But luxury groups see potential for growth in jewellery demand, as shown by LVMH’s nearly $14.5 billion offer, made public recently, to buy Tiffany & Co. Esther Oberbeck, group head of strategy at De Beers, the world’s biggest diamond producer by value, said in an interview the company was about to launch new marketing campaigns, focused on the U.S. and China.