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Reuters reported that De Beers expects its polished jewel sales to China to rise in 2015 by just over a tenth of 2011’s increase. The company anticipates sales of bridal and gift diamonds sparking the uptick.
Reuters reported that De Beers expects its polished jewel sales to China to rise in 2015 by just over a tenth of 2011’s increase. The company anticipates sales of bridal and gift diamonds sparking the uptick.
As quoted in the market news:
The world’s largest diamond producer by value expects 2015 China polished diamond sales to rise 3% to 5% in US dollar terms, Stephen Lussier, head of its Forevermark brand, said in a recent interview. They grew 5% last year, down from 29% four years ago and 33% in 2010.
De Beers, owned by miner Anglo American Plc, joins firms from Italy’s Prada SpA to France’s LVMH in having to acclimatise to a more subdued Chinese economy. For Lussier, one strategy is to home in on high-demand niches.
“The bridal business and the gifting business, particularly amongst younger consumers in China, is really today the main growth area,” said the executive, in Hong Kong for a jewellery and gem fair to launch De Beers’ annual industry report.