India's Bid to Revive Chinese Market
August 21, 24
(IDEX Online) - Diamond manufacturers in India are planning a campaign to revive sales in the dwindling Chinese market.
The Gem & Jewellery Export Promotion Council (GJEPC) is joining forces with De Beers and with Chow Tai Fook, the Hong Kong-based retailer which has over 7,700 points of sale.
They're reported to considering a marketing campaign in China with a budget of $8m to $10m.
"We will use every marketing channel to revive confidence among Chinese buyers in natural diamonds," Vipul Shah (pictured) GJEPC chairman told The Economic Times.
"We have planned a big campaign in China along with Chow Tai Fook and De Beers."
Demand for natural diamonds in China has fallen by up to 60 per cent (by volume since) since the Covid pandemic first hit in 2020 and polished prices are down by at least 40 per cent in the last three years.
India's polished diamond exports have fallen every month this year and suffered one of their heftiest drops, down 26 per cent year-on-year to $1.02bn, in June.
The country's biggest diamond manufacturer, Kiran Gems, currently has its 50,000 polishers on an enforced 10-day break in an attempt to rebalance supply and demand.