DTC rejig to boost branded diamond sales

The sales of branded diamond jewellery in the country is likely to witness exponential growth following a restructuring of Diamond Trading Company (DTC), the marketing subsidiary of global mining major De Beers.

According to sources, DTC has been restructured, with the London branch concentrating on managing the existing sightholders and appointing new ones, while the Indian branch will focus on innovation in diamond jewellery and boosting its sales.

Cherie Tandon Saldanha, managing director, DTC Marketing India, said the company's continuous emphasis would be on creating a demand for diamond jewellery, launching innovative brands such as Forevermark and winning consumer confidence. DTC has allocated Rs 50 crore this year for marketing its brands in the country.

Apart from its global luxury brand Nakshatra, the company is now planning to focus on strengthening Forevermark, the popular global diamond jewellery brand, in the country for the next two years.

Industry sources believe that the restructuring will help create more demand for diamond in fast-growing countries such as India, where gold jewellery still scores over diamond jewellery.

The diamond jewellery market accounts for a mere 12 per cent of the Rs 9,600 crore Indian retail jewellery market. The company sees a huge potential in tapping mini metros and smaller cities and towns that are growing faster than the metros. Meanwhile, in the first half of 2007, De Beers reported a 7 per cent decline in global sales at $3,402 million.