The De Beers decision to increase its marketing spend this year to US$ 140 million is a welcome move that will benefit the global diamond and jewellery industries, World Federation of Diamond Bourses (WFDB) President Ernie Blom has said. Even if most of this is spent on its own brands, Forevermark and De Beers Diamond Jewellers, the advertising will have a positive ripple effect, he added.

Blom also welcomed the miner’s decision to increase its partnership marketing with the Diamond Producers Association (DPA) and India’s Gem and Jewellery Export Promotion Council (GJEPC). "This is a most welcome move, concentrating resources on the world's three main markets: the United States, China and India," he said.

Stating that this year will see a very significant action in promoting diamonds in key markets as DPA has also taken a decision to increase its diamond jewellery promotional budget to US$ 57 million, Blom felt that the diamond industry globally can take heart from these decisions as they will serve to boost demand.

He also welcomed the steps being taken with the industry uniting in recent times to tackle the issue of generic diamond jewellery marketing. “Resources are very rightly being concentrated on the millennials market because that is a huge consumer market which has not been targeted for advertising before. The DPA's research shows that these younger buyers believe in the value of diamonds because they symbolise rarity and value, and we wish the DPA and De Beers success for the benefit of WFDB members and the entire industry," Blom added.