Surat diamonds to regain luster as De Beers and Signet Jewellers boost U.S. diamond sales

SURAT, GUJARAT : Diamantaires in the world’s largest diamond cutting and polishing centre in Surat are hoping for a big revival in the diamond business in the United States (US) with Signet Jewelers, the world’s largest retailer of diamond jewelry, whose iconic retail brands include KAY Jewelers, Zales, Jared, Diamonds Direct and Blue Nile, and De Beers Group, the world’s leading diamond company, announced a collaboration to share the unique attributes of natural diamonds with a new generation of U.S. couples, ahead of an expected 25% increase in engagements over the next three years.

Surat diamond industry leaders expect that the new generation known as ‘Zillennials’ are expected to drive the diamond jewellery market over the course of next three years with increased export of polished diamonds from India.

Utilizing Signet’s trusted brands, digital capabilities and extensive store network and De Beers Group’s expertise in creating iconic campaigns, the collaboration will showcase the inherent rarity and timelessness of natural diamonds. A new campaign will fully roll out in the third quarter and feature online content, in-store experiences and targeted marketing messages.

Signet’s proprietary research indicates that there will be an upswing in proposals and engagements amongst U.S. Zillennials over the next 36 months, following a recent lull due to a lack of couples forming during the pandemic. The engagement uptick is expected to be driven by couples from diverse racial and ethnic backgrounds and the LGBTQIA+ community.

“The Surat diamond industry is facing a tough competition from the lab-grown diamonds that are gaining popularity in the developed countries including U.S and China. Such campaigns targeting the next generation of young consumers by the De Beers and Signet Jewellers will go a long way in improving the demand for polished diamonds” said a diamond company owner.

Surat and Gujarat accounts for about 95% of the world’s diamond manufacturing with annual export of polished diamonds in the range of $20 billion. U.S accounts for over 50% of the diamond exports from India followed by Hong Kong and China.

“Natural diamonds are the perfect symbols to celebrate life’s most meaningful moments – they are as unique, timeless, rare and precious as the emotions they represent,” said De Beers Group CEO Al Cook. “We now have the opportunity to connect a diverse new generation to the extraordinary attributes of natural diamonds.Signet is a true authority for pre-engagement couples as they decide which diamond to choose, and I am particularly pleased that we will be working together to equip Signet’s sales associates to share the unique attributes of natural diamonds.”

“When choosing a piece of jewelry, it’s vital to have complete confidence and trust in who you buy it from and how it was sourced,” said Signet Jewelers CEO Virginia C. Drosos. “Our industry-leading position in responsible sourcing is an asset we want to communicate to the next generation of diamond buyers. We are proud to stand by the “Signet Promise” – our commitment to upholding the integrity of the global diamond supply chain through responsible sourcing.”

“Our selection of diamonds is unrivaled, and our jewelry experts know the ins and outs of the diamond purchasing journey and value proposition,” said Drosos. “Our team members overwhelmingly choose natural for their own purchases – more than 4 out of 5 times, in fact – which speaks volumes. We are looking forward to investing in new trainings and initiatives to equip our field team to share the natural diamond story with our customers.”