Rio Tinto has recently launched a trend campaign to boost the prestige of diamonds in China… and increase the demand for their own. “The Fashion of Diamonds” initiative saw Rio Tinto collaborate with five designers to bring the results of extensive market research into reality using Argyle diamonds.

rioRIO Tinto has launched a marketing initiative to capture the growing interest in diamonds from China, with the global giant tipping that the fashion diamond jewellery market in the economic powerhouse will hit about $US6 billion by 2020.

Jean-Marc Lieberherr, managing director of Rio Tinto Diamonds, said at the launch of the “Fashion of Diamonds” initiative in Shanghai last night that its Argyle mine in Western Australia would produce more than 15 per cent of world volume in about two years.

“Increasing wealth will continue to underpin China’s demand for diamond jewellery, which is in strong demand as a fashion accessory,” Mr Lieberherr said, adding that the miner initially launched its China strategy in 2010 at the Shanghai World Expo.

“Since that time we have continued to focus on developing together with our trade and retail partners the diamond fashion jewellery market in China, creating opportunities for diamond purchasing beyond the solitaire engagement ring.”

Rio’s Fashion of Diamonds initiative involves 13 collections and more than 90 pieces of jewellery based on wide market research.

Demand from China is said to only be a “tip of the iceberg” and in five years diamond fashion jewellery is expected to revolutionise the Chinese jewellery market.

Rio has previously tipped that in the next five to 10 years, China will be the second largest diamond consuming market after the US, accounting for close to a third of world diamond jewellery demand.

You can view the original article from The Australian here.