In a Corporate strategy, De Beers communicated its new Origins, strategy at the end of May, with a focus on four key pillars underpinned by a plan to streamline the business sustainably by reducing overhead costs by $100 million.
These consist of i) focusing upstream investments on the major projects that will deliver the highest returns;
ii) integrating the midstream to deliver greater efficiency;
iii) resetting the downstream by reinvigorating category marketing and evolving proprietary brands through development of De Beers Jewellers into a leading high jewellery maison business and refocusing Forevermark on the fast-growing Indian market.
iv) pivoting synthetics, with Lightbox suspending production of lab-grown diamonds for jewellery and Element Six focusing on developing its position as a world-leading provider of synthetic diamond technology solutions.
De Beers continues to implement the relevant strategic initiatives and is on track to deliver the committed overhead cost savings through 2025.
In a just released their – DeBeers preliminary financial results for 2024, DeBeers also said about, Brands and consumer markets. New natural diamond marketing collaborations were established with world-leading diamond jewellery retailers: Signet in the US, Tanishq in India, and Chow Tai Fook in China.
The collaborations focus on driving long-term desirability for natural diamonds in the three largest consumer countries for diamonds. The collaborations will also benefit from promotional messages being amplified through the wide reach of these leading retail businesses, as well as training retail jewellery consultants to better promote natural diamonds.
De Beers Jewellers delivered a consistent performance against the prior period despite the ongoing challenges in China. The business continues to create design-led pieces and high jewellery collections to encourage demand growth in a challenging market. Consistent with the strategy to focus the brand on India, Forevermark’s global operations ramped down.
De Beers also announced the launch of Diamond Proof a new device to be used on the jewellery retail counter for rapidly distinguishing between natural diamonds and lab-grown diamonds. This device will support retailers in communicating the attributes of natural diamonds, providing customers with enhanced confidence in the authenticity of their natural diamond purchase and deterring undisclosed lab-grown diamonds from entering the natural supply chain.
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