India is traditionally a diamond manufacturing hub for Argyle diamonds, and has evolved into an important consumer market for diamond jewelry.
The visitors, leading independent jewelers from north and eastern India, will observe the scale and investment in the Argyle underground mine that has been a main source for the expanding diamond jewelry market in India.
Indian retail diamond jewelry market is worth around $10 billion and is foretasted to grow roughly 15% per year for the next five years. Rio Tinto has launched a consumer advertising campaign entitled “Nazraana”, which uses Indian gift giving rituals and offers affordable diamond jewelry for all celebratory occasions.
This campaign uses print, digital, cinema advertising and is supported by Bollywood Actress Yaami Gautam. Today, jewelry comprised of Argyle diamonds is sold in 150 of the largest independent retail jewelry stores in India.
The partnership between Rio Tinto’s diamond business and the Indian diamond industry spans the entire diamond jewelry supply. In conjunction with developing the domestic demand, Rio Tinto is focused on keep a vibrant and efficient manufacturing sector in India where 300,000 people are employed cutting and polishing diamonds.
Shane Johnson, the managing director of the Argyle diamond mine, said, “India is the powerhouse of the global diamond industry and an important consumer market for Argyle diamonds. Rio Tinto is delighted to welcome these companies who are developing the Indian market for Argyle diamonds in new and exciting ways.”