The world’s top diamond producers will try to spur demand in India with the launch of their “Real is Rare” slogan in September, after the withdrawal of high-value bank notes dented the world’s third biggest diamond market.
The marketing slogan was launched in the United States in 2016 by the Diamond Producers Association (DPA), which groups the biggest producers including De Beers, part of Anglo American, Russia’s Alrosa and Rio Tinto.
DPA Chief Executive Jean-Marc Lieberherr told Reuters early indications were that the slogan was effective and diamonds had captured the interest of the millennial generation, which the DPA’s research found wants “fewer and more meaningful things”.
The Real is Rare slogan is intended to be international, but marketing campaigns will be tailored to specific markets with a DPA budget that Lieberherr said would see “a large increase” this year compared with last year’s $12 million. He said he could not disclose the precise figure yet.
Research has been carried out in India into the culture of diamond buying there, the nation where diamonds were first mined and where activities such as diamond cutting and polishing employ more than a million people.
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