GJEPC Wants $200M Spend For Diamond Promotion Campaign

Retail and Consumer Confidence
05/02/2016 17:10

Speaking at the opening of the four-day IIJS Signature show in Mumbai, writes GemKonnect, India’s Gem & Jewellery Export Promotion Council (GJEPC) chairman Praveenshankar Pandya said he wants the global industry to spend at least as much annually on global generic promotions as De Beers used to spend before it stopped doing them completely - $200 million. Pandya told a press conference that the GJEPC was acting out of a position of industry leadership and whether or not other centres pitched in, it not only supported the Diamond Producers Association (DPA), a group of seven diamond mining companies tasked with promoting diamonds globally, it was ready to put money down for promotions. “We see it as our responsibility to protect the diamond industry and do everything possible to grow it,” he said. 

Andrey Zharkov, president of ALROSA, observed that the global diamond industry was feeling the negative effects of generic diamond promotions having stopped 15 years ago. The DPA, he said, was tasked with redressing that. According to Zharkov, the DPA is in the process of interacting with various diamond industry stakeholders and intends to roll out its first global promotional strategy around the time of the Las Vegas jewelry show this year.