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Diamond Producers Association to invest marketing effort in India’s growing market - 24.11.17

The Diamond Producers Association (DPA), the international alliance of world’s seven leading diamond mining companies that is working to reintroduce a large scale generic diamonds marketing campaign, has indicated its belief in the potential of India’s growing diamond market, by opening its first office outside of the United States in that country.

 

To head the office, DPA has announced the appointment of Richa Singh as its managing director for India. She joins the organization from L’Oreal, and she comes with a rich experience of close to 19 years in high image consumer goods marketing, including four years in advertising. During her stint at L’Oreal, she played an instrumental role in raising it to the number 2 position in the Indian cosmetics market.

 

DPA is committed to spending a significant chunk of its marketing budget in India. Currently this will be about $7 million out of a total global marketing budget of $70 million, and later this month it will roll out its first “Real is Rare. Real is Diamond” advertising campaign.

 

India, which has a population of more than 1.25 billion, currently accounts for about 7 percent of global diamond consumption, compared to the United States, which has a  47 percent share and China, which hold a 16 percent share. But the DPA believes that the Indian diamond market has the potential to outdo the country’s GDP’s growth level, meaning that has it follows its expected path into the world’s third largest economy, the diamond market will say ahead of the curve.

 

At present, the Indian consumes about $1.5 billion worth cut and polished diamonds per annum.

 

“We have decided to make India as our second priority market after the U.S. as India is the natural home of diamonds,” said Jean-Marc Lieberherr, DPA’s CEO. “It is where they were first found, used and given. It is where 90 percent of the world’s diamonds are being cut and polished. It is only natural that the DPA should focus its efforts on working with the local trade to realize the potential of India as a diamond market,” he said.

 

“Our objective is to create an emotional and cultural bond of Indians with diamonds,” he added.

 

DPA’s members include ALROSA, De Beers, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds and Rio Tinto.  Together represent well over 80 percent of the world’s rough diamond production.