Anglo American unit De Beers said its 2019 marketing budget will exceed last year's figure of $170 million and will focus on the biggest market the United States, where diamond demand is holding firm.
After heated exchanges at the beginning of the month, the Rapaport Group has released a statement accusing the international diamond mining and retail corporation of "destroying transparency" in the industry.
US diamond demand hit $40 billion in 2016, up 4.4 percent from the prior year and comprising half of global diamond revenues for the first time since the 1990s, with the success of marketing targeted at millennials.
Indian diamond jewellery sales are rebounding after a fall of nearly 9% last year, while demand in the biggest market, the United States, has slowed in 2017 in line with muted economic growth, De Beers said on Friday.
Diamond jewellery retailer Forevermark, part of the Anglo American mining group, has expanded to 2,000 outlets globally and expects a further 10 percent rise this year, Chief Executive Stephen Lussier said on Friday.
De Beers expects the value of its diamond sales in China may rise this year by just over a tenth of 2011's surge, as the economy that has long bolstered global luxury goods heads for its weakest growth in 25 years.
De Beers, the world's largest diamond producer, said Monday the economic slowdown in China and a strong US dollar meant a "challenging" year for the industry, while India would be key to future growth.