As one of the largest producers of rough diamonds in the world, Rio Tinto enjoys an important presence in the international diamond market.
Rio Tinto's share of production from its mines in Australia, Canada and Zimbabwe is sorted and prepared for sale at its sales and marketing headquarters in Antwerp, Belgium. The Group's diamond business has representative offices in Mumbai, New York and Hong Kong. Rio Tinto also has an advanced diamond project in Madhya Pradesh.
India is, by far, the world's largest diamond manufacturing centre, in terms of the number of people employed and the volume and value of imports and exports. It is also a rapidly developing consumer market for diamond jewellery.
Rio Tinto's Mumbai office has been operating since 1989 and plays in an integral role in the sales and marketing of Rio Tinto's diamonds. We estimate that at least two-thirds of Rio Tinto's diamond production by value, is manufactured in India where some 250,000 workers are engaged in diamond manufacturing. Many of our customers have offices and factories in India. It is therefore important for us to have representation in India to provide information on the market and to offer customers and the wider industry a local point of contact.
Through the Mumbai office, Rio Tinto has developed and implemented processes to ensure that diamond traders, jewellery manufacturers and exporters are provided with sales and technical support. This support includes the development of improved cutting techniques, the creation of technical bulletins and provision of training assistance. The office is also responsible for promotional activities with an Indian focus, as well as initiatives to improve performance and enhance standards in health, safety, quality management and environmental and social responsibility.
A key element of Rio Tinto Diamonds' marketing focus in India is to support the growth in domestic diamond jewellery sales. Double digit growth in Indian diamond jewellery consumption is forecast between now and 2020, taking into account factors such as India's long tradition of gold consumption, a strong gem/diamond culture, a solid luxury tradition and a fast emerging middle class (some 586 million people by 2025).
As a result, Rio Tinto Diamonds' strategy is to work closely with its Select Diamantaires and Indian diamond jewellery retailers to develop targeted programmes aimed at promoting domestic diamond consumption in India.
Market research indicates the Indian bridal market is huge and offers an ideal opportunity to provide fashion jewellery as gifts, beyond the traditional set pieces worn by the Indian bride. The Nazraana initiative is the vehicle for Rio Tinto Diamonds to support its customers to develop affordable diamond jewellery gifts and to develop a retailer network across India to promote and market the Nazraana products.
There is also a dedicated web site at http://www.nazraanajewellery.com/.
Sales and marketing contact
India Representative Office
117 Maker Chambers VI, Nariman Point
Mumbai 400 021
T: +91 22 2284 3481
F: +91 22 2284 3486