The group is seeking up to $60M.
The Diamond Producers Association, a trade group, hopes to increase its budget as much as tenfold in an effort to woo millennials who don’t seem to be as interested in diamonds as earlier generations were, Bloomberg reports.
It’s asking for the boost — to as much as $60 million from its current $6 million — from its supporters, including Alrosa and De Beers, according to the news service, which cited “people familiar with the plans.”
Bloomberg notes that demand for polished gems has decreased and millennials have increasingly tended to spend their income on “electronics and fine dining.” At the same time, lab-grown diamonds also pose a threat to diamond-mining companies.
The Diamond Producers Association last year debuted its new “Real Is Rare” advertising campaign directed at millennials. AdWeek noted that video spots in the campaign featured couples whose “romances follow non-traditional trajectories.” They each featured couples who’ve had critical moments of uncertainty in their relationships.
Read more at Bloomberg