RTD: We See China Playing an Important Role in Diamond Growth

Rio Tinto Diamonds wants to see diamond jewelry sales in China go beyond bridal

(IDEX Online News) - Rio Tinto is seeking to highlight its commitment to the Chinese diamond industry, confirming the important role China will play in the long term sales and marketing strategy for its diamonds portfolio.

Speaking at the 2010 China Diamond Conference in Shanghai, Jean-Marc Lieberherr, General Manager for the sales and marketing of all diamonds from Rio Tinto's mines said, “Diamonds have a small but important position in Rio Tinto’s diverse portfolio and attract much attention because of their growth potential. We see China playing an important role in that growth.”

Rio Tinto recently launched its strategic partnership with leading Chinese retailer Chow Tai Fook to develop a fashion jewelry category, separate to the existing bridal market in China.

Lieberherr highlighted the fact that China has entered a fast growth stage which will change the face of the diamond jewelry market, “The emerging middle class demographic in China is an ideal entry point for affordable diamond jewelry. Increasingly Chinese consumers will be seeking to differentiate themselves through fashion and fashion jewelry and this will be the driver of future growth in retail diamond jewelry demand.”