Marketing focus to be feature of independent De Beers

DE Beers has amassed a stockpile of diamonds worth $2bn – the largest since the 2008 world financial crisis – following a period of prolonged poor demand.The Financial Times said diamonds were under pressure owing to the twin effects of lower-than-expected Chinese economic growth and increased competition from lab-grown diamonds. Demand for bridal pieces had also fallen – a legacy of the Covid lockdown years in which marriages fell, the newspaper said.De Beers has responded by launching a category-specific advertising campaign, a development that its CEO Al Cook said would be typical of the group once it was independent of 85% shareholder, Anglo American.Anglo announced plans in May last year to either sell De Beers or spin it out and separately list it as part of a radical restructuring aimed at focusing on copper and iron ore production.Said Cook: “The restart of this huge campaign of category marketing . . .  I think this is very much an early indicator of what an independent De Beers will look like.“As we go independent, we have the freedom to focus on marketing as hard as we focused on mining,” he said. “This feels to me like the right time to be driving marketing and getting behind our brands and retail, even as we cut the capital and the spend on the mining side.”Cook told the Financial Times that 2025 could bring a “gradual recovery” globally, including in the US.“We see the emerging signs of a retail recovery [in the US] in October and November,” he said in December, pointing to credit card data that showed an uptick in jewellery and watch purchases.The post Marketing focus to be feature of independent De Beers appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com