18 August 2010
Rio Tinto announces new market development initiative for the Indian diamond industry
Mumbai, August 18 - Rio Tinto's diamond business has reinforced its commitment to the Indian diamond industry with the announcement of a new and innovative marketing initiative focussed on the Indian bridal occasion.
The campaign, titled "Nazraana" was announced at Rio Tinto's recent India 2010 Symposium in Goa. The India Symposium 2010 was a unique opportunity for 58 Indian diamond jewellery retailers to meet with Rio Tinto's Select Diamantaires to discuss new avenues for the distribution of Rio Tinto diamonds in the growing domestic market.
Commenting on the recent Symposium, Jean-Marc Lieberherr, General Manager for the sales and marketing for all diamonds from Rio Tinto's mines said,
"We are very confident in the growth prospects for diamond jewellery consumption in India and the recent Symposium is just one example of how we are working to develop a strong connection with the Indian retail community and deepen our understanding of this important element of the diamond supply chain."
The Nazraana initiative is underpinned by research that supports the fact that, in addition to the traditional bridal jewellery set, there is an emerging demand for diamond accessories as an ideal gift for family and friends celebrating at Indian weddings.
According to Vikram Merchant, Manager of Rio Tinto's India Representative Office,
"We see a great opportunity here to work with Indian jewellery retailers to fill a gap in the market for affordable diamond jewellery accessories for the bridal occasion in India. Rio Tinto's Argyle production is well suited to bridal accessories and we will work with our Select Diamantaires to ensure Indian retailers are supplied with the necessary product and support materials to create this new market segment."
The Nazraana initiative provides a structured training program for Indian retailers and their sales associates that will guide them in achieving incremental sales, without impacting the main bridal sale. The program includes selling and visual merchandising techniques and will be conducted at venues all over India.