China is Number 1 Market for De Beers Jewelry
May 07, 24
(IDEX Online) - China is undoubtedly the most important market for De Beers diamond jewelry, according to Al Cook.
The CEO of De Beers Group was speaking to the Chinese edition of the Financial Times during a visit to the country.
China's natural diamond market has grown from less than $1bn in 2000 to over $10bn in 2014, he said. De Beers has five boutiques in Shanghai and 20 more across China.
The first store opened in 2011, positioning De Beers as a diamond supplier as well as a miner, in the minds of Chinese consumers, Cook said.
"The next 10 years will be a good opportunity to grow with China," he told the Chinese FT. "Therefore, for De Beers Group and De Beers For jewelry, it is even more important to seize this rare opportunity, increase investment in the Chinese market, and achieve growth that synchronizes with China's development."
The interview was published three days after news broke of a takeover bid for Anglo American, parent company of De Beers.
He also noted that many people in China believed lab-grown diamonds were the same as natural diamonds, and that was a big challenge.
Pic shows a De Beers jewelry store in Shanghai.