With uncertainty prevailing over the prices of polished diamond and the demand for the diamond jewellery dwindling in key markets, the Indian diamond industry is planning to launch a generic advertisement campaign worth $8 million to promote diamond jewellery in Indian and Chinese markets.

Industry sources said there is a vacuum in the generic marketing of diamond jewellery after De Beers ended its five-year-long 'a diamond is forever' advertisement campaign in India. The De Beers advertisement campaign changed the mindsets of the consumers about diamond jewellery.

Official sources said big diamond companies affiliated to Gems and Jewellery Export Promotion Council (GJEPC) have unanimously decided to launch the advertising campaign of its own in India and China. For this, the GJEPC is in the process of earmarking $4 million to be spent on the campaign in India and the same amount will be utilized for China too.

"We are looking at generic marketing for diamond jewellery in India and China. An effective ad campaign, like that of the De Beers is set to drive the sales of diamond jewellery. We are in the process of hiring a leading advertising company to run the campaign," said vice-chairman, GJEPC, Sanjay Kothari.

India and China are key markets for diamond jewellery after US, having a total $12 billion worth of annual sales. In 2010, the diamond jewellery sales in India and China recorded growth of 31 per cent and 25 per cent respectively. Unfortunately, both the markets lack generic marketing to increase the sale of diamond jewellery.

In 2008, GJEPC launched the Anant marketing initiative to promote jewellery in India. The demand for diamond jewellery increased by 20 per cent year-on-year.

"We are calling on the global diamond centres such as Israel, Belgium and Dubai in particular to join the effort. It is crucial to create awareness about diamonds and diamond jewellery among the consumers," said Kothari.