Diamond Houses Target Chinese Market with $8-10 Million Campaign in Collaboration with De Beers

The campaign was discussed in a recent meeting held in Mumbai, where industry leaders highlighted the challenges facing the diamond market, particularly in the wake of the COVID-19 pandemic.

During the pandemic, many Chinese consumers, who had been avid buyers of diamonds, turned to gold as a more secure and liquid asset. This shift led to a significant decline in demand for diamonds, a trend that the industry is now keen to reverse. "We have planned a big campaign in China along with Chow Tai Fook and De Beers," said Vipul Shah, chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC). The campaign, set to kick off after a final meeting at the Hong Kong Jewellery Show in September, aims to restore confidence in natural diamonds among Chinese buyers.

The diamond industry is at a critical juncture, with global retail demand for diamonds currently lower than it was 15 years ago. While the supply of rough diamonds remains stable, demand has stagnated, prompting industry leaders to seek new strategies to boost sales. The collaboration with De Beers and Chow Tai Fook is part of a broader effort to address these challenges and revitalize the market.

In addition to the Chinese market, a similar marketing campaign is being planned for India, where demand for diamonds has shown promise over the past year. The goal is to strengthen domestic demand while the industry works to recover its export markets.