Miners Urged to Start Generic Promotion

GJEPC_LogoVimalSurat: The Gem and Jewellery Export Promotion Council (GJEPC) of India has urged the diamond mining companies of the world, including De Beers, to embark upon generic promotion to sustain the diamond dream.

GJEPC office-bearers said generic promotion is extremely important because of huge competition from luxury items, not necessarily jewellery. Generic promotion will position diamond as a valuable product and a leading one among luxury goods.

It was only De Beers, which ran successful advertising campaigns in the key diamond consuming markets like the USA, Asia, Europe etc., for generic promotion of diamonds. But, the campaigns, which also ran successfully in India and helped increase consumer appetite for diamond jewellery, were stopped in 2012-13.

As per the GJEPC data, export of polished diamonds plummeted 5 per cent from April-February 2015 at $21 billion compared to $22.5 billion during the same period in the previous year. The annual import of polished diamonds by USA fell by 3.2 per cent to $1.8 billion in January with average price of polished diamond dropping 7 per cent to $1,727 per carat which was lowest since September 2013.

Sabhyasachi Ray, executive director, GJEPC, said, “India is the largest manufacturer of diamonds, but we have to ensure that the diamonds are sold and at the right price. At this moment, the diamond prices have plummeted as the consumers across the world are attracted towards luxury goods and investment in other commodities. This is resulting in dwindling export of polished diamonds.”

“We have asked the diamond mining companies to speed up formation of an association and embark on promotion of diamonds around the world. Mining companies have to sell rough diamonds and we have to sell polished diamonds. So, we are also ready to join them in generic promotion of diamonds,” added Ray.