Surat: The world’s biggest diamond polishing center – Surat – can hope for the much-needed recovery from the slowdown it is reeling under since almost 18 months.
The Diamond Producers Association (DPA), a consortium of world’s leading diamond mining companies, is set to launch a $6 million global marketing blitzkrieg to boost the sale of diamonds.
DPA has hired Mother, a leading advertising agency in New York, for the campaign that would mainly target the millennial or ‘young adult’ population across the globe.
The marketing will focus on the age-old tagline ‘Diamonds are a Girl’s Best Friends’ coupled with ‘Diamonds are Millennials’ Best Friends’.
The consortium, which has De Beers, Rio Tinto, Dominion Diamond, Lucara Diamond, Petra Diamonds Ltd and Gem Diamonds Ltd., supplies around 75 per cent of rough diamonds mined every year worth $14 billion. Around 90% of these diamonds are processed in Surat.
Sources said that India would be the focus country for the blitzkrieg as nearly 60 per cent of its 1.2 billion population as per 2011 census are under the age of 30 years.
Aniruddha Lidbide, a diamond analyst, told TOI: “De Beers’ marketing campaign ‘Diamonds are Forever’ few years ago had helped Surti diamataires earn rich dividends. One can imagine the spurt in demand when world’s top diamond miners launch a similar initiative.”
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