GOLD NEWS

India and De Beers Launch Diamond Campaign in China

Mon Aug 26 2024

India’s Gem & Jewellery Export Promotion Council (GJEPC) will join forces with De Beers and Chow Tai Fook in a new campaign to boost the diamond market in China, Diamond World reports. The campaign’s budget is expected to range between $8-10 million.

 “We will use every marketing channel to revive confidence among Chinese buyers in natural diamonds,” said Vipul Shah, chairman of GJEPC, in an interview with The Economic Times. He added that the council is planning a major campaign in China, alongside Chow Tai Fook and De Beers. A similar marketing campaign is also planned for India, where demand for diamonds has shown encouraging signs over the past year.

Since the COVID-19 pandemic, diamond demand in China has sharply declined, partly because consumers have returned to gold. This shift has negatively impacted diamond demand, and now the industry is working to reverse this trend.

According to a report by IDEX Online, polished diamond prices have dropped by at least 40% in the past three years, and India’s diamond exports have fallen every month so far this year.

Source: https://en.israelidiamond.co.il