Aug
29
De Beers Pours Cash in Diamond Ads With Biggest Spend Since 2008
Posted in: Uncategorized
De Beers is planning to spend more money advertising diamonds than any time in the past decade to win back wealthy shoppers.
The company, a unit of Anglo American Plc, boosted its marketing budget to $140 million this year, the most since 2008, according to a statement on Tuesday. Its three biggest markets, the U.S., China and India, will be the main focus, the company said.
Diamonds face tougher competition as an elite status symbol among millennials as young, rich shoppers spend more cash on high-end electronics, travel and fine dining. While De Beers said spending on diamond jewelry in the past five years was a record, the company is also battling a years-long slump in prices for polished gems.
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