India’s diamond manufacturers are set to launch a major campaign aimed at reviving sales in the shrinking Chinese market. The Gem & Jewellery Export Promotion Council (GJEPC) is partnering with De Beers and Chow Tai Fook, a Hong Kong-based retailer with over 7,700 locations.
The proposed marketing initiative in China is expected to have a budget ranging from $8 million to $10 million. Vipul Shah, Chairman of GJEPC, stated, “We will use every marketing channel to restore confidence among Chinese buyers in natural diamonds. A significant campaign is planned in China with Chow Tai Fook and De Beers.”
Since the onset of the COVID-19 pandemic in 2020, demand for natural diamonds in China has plummeted by up to 60 percent by volume. Additionally, polished diamond prices have decreased by at least 40 percent over the past three years.
India’s polished diamond exports have seen a continuous decline this year. In June, the exports fell sharply by 26 percent year-on-year, totaling $1.02 billion. The largest diamond manufacturer in India, Kiran Gems, has placed its 50,000 polishers on a 10-day mandatory break to help balance supply and demand.
