Surat Diamonds hub expect resurgence as De Beers and Signet Jewellers boost U.S. Market 

The joint campaign, slated for a full-scale rollout in the third quarter, will encompass a multifaceted approach incorporating online content, immersive in-store experiences, and targeted marketing endeavours

Surat– The diamond industry hub of Surat anticipates a significant resurgence in business, particularly in the United States, as industry giants De Beers Group and Signet Jewelers embark on a collaborative effort to invigorate the natural diamond market. This alliance aims to tap into the evolving preferences of the upcoming generation, known as ‘Zillennials’, forecasting a surge in diamond jewellery demand over the next three years. 

De Beers Group, renowned as the world’s premier diamond company, and Signet Jewelers, boasting a formidable retail presence globally with brands like KAY Jewelers, Zales, and Jared, have unveiled plans to capitalize on an anticipated 25% rise in engagements in the U.S. within the coming years. 

Industry leaders in Surat foresee a promising trajectory for the diamond jewellery sector, attributing it to increased exports of polished diamonds from India. This collaborative endeavour seeks to leverage Signet’s expansive retail network and digital capabilities alongside De Beers’ expertise in crafting compelling marketing campaigns that emphasize the timeless allure and rarity of natural diamonds. 

The joint campaign, slated for a full-scale rollout in the third quarter, will encompass a multifaceted approach incorporating online content, immersive in-store experiences, and targeted marketing endeavours. Signet’s proprietary research underscores a forthcoming surge in proposals and engagements among U.S. Zillennials, a trend expected to encompass couples from diverse racial and ethnic backgrounds as well as the LGBTQIA+ community. 

Amidst growing competition from lab-grown diamonds, particularly in key markets such as the U.S. and China, industry stakeholders in Surat express optimism regarding the campaign’s potential to reinvigorate demand for polished diamonds. Surat and Gujarat collectively account for approximately 95% of the world’s diamond manufacturing, with annual exports of polished diamonds exceeding $20 billion, with the U.S. representing over half of India’s diamond exports. 

De Beers Group CEO Al Cook emphasized the campaign’s objective of connecting with a diverse new generation, highlighting the unparalleled attributes of natural diamonds as symbolic representations of life’s most significant milestones. Signet Jewelers CEO Virginia C. Drosos echoed Cook’s sentiments, stressing the importance of responsible sourcing and integrity in the diamond supply chain. 

The collaborative initiative between De Beers and Signet signifies a concerted effort to rejuvenate consumer confidence and appreciation for natural diamonds, aiming to equip Signet’s sales associates with the knowledge and expertise to convey the unique value proposition of natural diamonds to customers. 

Courtesy: Retail Jeweller India News