Rio Tinto Commits to the Chinese Diamond Industry

Rio Tinto confirmed the important role China will play in the long term sales and marketing strategy for its diamonds portfolio. Speaking at the 2010 China Diamond Conference in Shanghai, Mr Jean-Marc Lieberherr, general manager for the sales and marketing of all diamonds from Rio Tinto's mines, commented, “Diamonds have a small but important position in Rio Tinto’s diverse portfolio and attract much attention because of their growth potential. We see China playing an important role in that growth.” Rio Tinto recently launched its strategic partnership with leading Chinese retailer, Chow Tai Fook, to develop a fashion jewellery category, separate to the existing bridal market in China. Chow Tai Fook's superior expertise in the design, manufacture and retailing of diamond jewellery in China, along with Rio Tinto's world-class diamond productions, makes for a natural alliance. Mr Lieberherr highlighted the fact that China has entered a fast growth stage that will change the face of the diamond jewellery market, “The emerging middle class demographic in China is an ideal entry point for affordable diamond jewellery. Increasingly Chinese consumers will be seeking to differentiate themselves through fashion and fashion jewellery and this will be the driver of future growth in retail diamond jewellery demand.”