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Rio Tinto Explores Potential for Diamond Fashion Jewelry in China

Rio Tinto's market research notes that diamond fashion jewelry is desirable and part of a broader trend in China towards “affordable luxury.”
May 24, 2012 2:00 AM   By Dilipp S Nag
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RAPAPORT... Rio Tinto noted a growing trend toward diamond fashion jewelry in China, the largest jewelry ‎market in the world, as the company seeks to expand its presence in the country.‎

Rio Tinto commissioned global market research company Ipsos to better understand Chinese ‎consumer perceptions about jewelry comprising small, affordable diamonds, referred to as ‎fashion jewelry.‎

‎“These are important findings for Rio Tinto as we are accelerating our marketing investment in ‎the Chinese diamond jewelry market,” said Jean-Marc Lieberherr, the general manager for the ‎sales and marketing of Rio Tinto Diamonds. “It is also good news for diamond manufacturers, ‎jewelry designers, retailers and consumers.”‎

The research showed that Chinese consumers no longer see diamonds as purely a store of ‎wealth or bridal purchase. Rather, diamond fashion jewelry is also desirable and part of a ‎broader trend in China towards “affordable luxury.” The study noted that diamond fashion ‎jewelry is attractive as a versatile accessory for everyday wear and that design is critical to the ‎Chinese consumer when purchasing fashion jewelry.‎

These insights challenge the conventional wisdom that Chinese consumers only appreciate ‎large, high-quality, white diamonds or gold jewelry, Rio Tinto stated.‎

According to PLDG Creative Intelligence, an independent global jewelry trend and forecasting ‎company, this trend in China is consistent with other key jewelry markets where diamond ‎jewelry consumers increasingly want affordable,  beautiful designs and that are unique. “As a ‎result, international brands and designers are using small diamonds for innovative designs, not ‎tied to the bridal market,” it stated.‎

Rio Tinto recently partnered with leading diamond jewelry manufacturer and retailer Chow Tai ‎Fook to promote diamond jewelry as fashion accessories.‎
Tags: China, chinese, Chow Tai Fook, diamond, Diamond fashion jewelry, diamond jewelry, diamonds, Dilipp S Nag, Fashion jewelry, Gold jewelry, India, Ipsos, Jewelry, Jewelry market, market, Rapaport, Rio Tinto, Rio Tinto Diamonds
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