RAPAPORT... De Beers signed an agreement with India’s Gem & Jewellery Export Promotion Council (GJEPC) to run a marketing campaign during the nation’s key selling season this year.
The memorandum of understanding is in line with the miner’s initiatives in the U.S. and China last year, De Beers chief executive officer Bruce Cleaver told the India International Jewellery Show in Mumbai.
De Beers has conducted consumer research, with the initial focus on smaller diamonds, targeting diamond-jewelry gifts to young married women, an important market segment for manufacturers and retailers, Cleaver (pictured) said.
“Such a well-directed campaign would be a real boost for diamond jewelry demand in India’s vibrant and growing consumer sector,” the CEO pointed out, adding that the company continues to invest in opportunities in India for the Forever mark brand.
“We see a huge latent opportunity to grow domestic diamond jewelry sales. In fact, we believe there is perhaps more growth opportunity here than anywhere else in the world.”
Acknowledging that diamonds were first discovered in India, Cleaver said the nation “also represents the heartbeat of the industry’s midstream sector.”
India’s middle class is growing fast, and the purchasing power of the highest income households is expected to speed ahead, he said.
The GJEPC also held a dinner in aid of corporate social responsibility initiatives in conjunction with De Beers, attended by Praveen Shankar Pandya, chairman of the GJEPC, and Cleaver
RAPAPORT... De Beers grading subsidiary, the International Institute of Diamond Grading & Research (IIDGR), has partnered with the U.K.’s National Association of Jewelers (NAJ) to offer its members preferential terms at its U.K. laboratory.
“Working with bodies such as the NAJ, IIDGR hopes to bring consistency, accuracy and increased security to the diamond sector,” said Jonathan Kendall, IIDGR’s president. “Grading is of central importance to consumer confidence and we therefore see our offer as a great fit with the work of the NAJ.”
The partnership gives NAJ members access to a “first-class diamond grading service at the very best rates,” said Michael Rawlinson, the trade body’s chief executive officer.
RAPAPORT... Petra Diamonds recovered a 138.57-carat, D-color, type IIa rough diamond, the latest in a string of large stones found at its Cullinan mine in South Africa. The company said it will offer the diamond at its sale in Johannesburg toward the end of the month.
The Cullinan mine is no stranger to large diamonds with recent finds including a 121.16-carat diamond that sold in July for $6 million, or $49,480 per carat. A 122.52-carat, blue diamond was sold in 2014 for $23.5 million, or $971,878 per carat, to a cutting and polishing partnership which cut it into four polished stones. The largest of those, the Cullinan Dream, was sold by Christie’s in June for $25.4 million, or $1 million per carat.
Petra shares rose 2 percent on the London Stock Exchange by midday following the company’s announcement.