De Beers’ Diamond Trading Company (DTC) executives said on Monday that sales of diamond jewellery over 2002 were four million up on 2001 and the value of retail sales had increased by three percent in US dollar terms, the same on average in other currencies.
Gareth Penny and Stephen Lussier, speaking at the Basel, Switzerland, International Watch and Jewellery Fair said this meant that the year was the largest sales year ever, except for the 2000 millennium year. They attributed it to the DTC’s ”supplier of choice” marketing strategy.
Under the recently implemented strategy, De Beers seeks to position itself as the supplier buyers want to do business with, rather than as custodian of the international diamond trade.
Key points are increased adspend by the DTC and the trade and retailers and manufacturers aligning with DTC marketing initiatives.
”Programmes such as the three stone ring in the US, and ‘trilogy’ in Europe have spearheaded increased retail sales and continued incremental trade adspend,” Penny said.
”We aim to help grow a $55-billion industry by 50% over the next 10 years.”
Lussier, DTC’s world-wide director of marketing, said adspend had reached $178-million in three years, well on its way to reaching the target of $200-million by 2004.
Western markets marketing manager Dominic Brand said: ”DTC will continue to spend $180-million annually in advertising, publicity and brand promotion.”
Critical changes had been made by the DTC in the way it works with its clients, the DTC sightholders. It would work with those diamantaires who were best placed to distribute and market diamonds efficiently and effectively.
All sightholders had accepted DTC’s ‘Best Practice Principles’, designed to maintain consumer and trade confidence in the context of the increasing threat of synthetic diamonds and treatments. – Sapa