De Beers Diamond Jewelers Makes Influential Expansion To China
Today, De Beers Diamond Jewelers expanded by opening its first outpost in Mainland China. Known as the quintessential diamond jeweler that is independently managed and operated by LVMH Moet Hennessy Louis Vuitton, the brand has opened a 734-square-foot store at Shin Kong Place in Beijing. “De Beers is achieving strong growth in Asia, and China is an important and exciting market for us,” said Francois Delagem, chief executive of De Beers Diamond Jewelers, on the expansion.
De Beers is already popular in cities like New York, Paris, San Francisco, and London, but its new China presence stamps not only a market shift, but a cultural one as well. Up until 1993, when De Beers began marketing diamonds in China, diamond rings were a rare commodity to come by. Now China is much more welcoming to the diamond, which was shown in a 25 percent sales growth for China last year. The country is now tied with Japan as the second-biggest consumer of diamonds behind the United States.
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