|De Beers Group has announced it will invest more than US$140 million in marketing this year, which it says is its biggest spend since 2008.
The increased investment is reportedly focused on generating further consumer demand for diamond jewelry in the leading markets globally, with the greatest part of the marketing budget aimed at the U.S., China and India.
While the majority of the investment will support De Beers' proprietary brands, Forevermark and De Beers Diamond Jewellers, the company says it also plans to increase its spending on partnership marketing, including with the Diamond Producers Association and India's Gem and Jewellery Export Promotion Council.
Stephen Lussier, De Beers Group's Executive Vice President of Marketing and CEO of Forevermark, said: "Total consumer expenditure on diamond jewellery for the last five years collectively has been the highest on record - and the outlook is positive. However, we cannot take future growth for granted."Continues Lussier: "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."