Indian Jewelers Visit Argyle Diamond Mine

(IDEX Online News) – Twenty of India’s leading jewelry companies recently visited Rio Tinto’s Argyle Diamond Mine. India is a diamond manufacturing hub for Argyle diamonds. 

Vikram Merchant, manager of Rio Tinto Diamonds’ Mumbai office who is leading the Indian delegation said, “The relationship between Argyle and the Indian diamond industry is very special and was forged 25 years ago when Argyle looked to India’s developing expertise in diamond cutting, the main vehicle for understanding the profitability of the unique Argyle production.”

The Indian retail diamond jewelry market is worth around $10 billion and is forecast to grow at some 15 percent per annum for the next five years.

“Nazraana,” Rio Tinto’s flagship consumer advertising campaign for Argyle diamonds in India titled taps into the strong Indian gift giving rituals and comprises affordable diamond jewelry.

Launched in 2012, the Nazraana campaign encompasses print, digital and cinema advertising and is supported by its brand ambassador, Bollywood actress Yaami Gautam.

Rio Tinto said that as well as the developing domestic demand for diamonds, it is focused on keeping a vibrant and efficient manufacturing sector in India where some 300,000 people are employed cutting and polishing Argyle diamonds.

The company is currently developing the Bunder diamond project in Madhya Pradesh.

Currently, jewelry featuring Argyle diamonds are sold in 150 of the largest independent retail jewelry stores in India.