Opinion: Diamond Industry Depends on Jewelry Industry, Not Vice Versa

Opinion piece
07/01/2016 10:08

Vocalizing what many in the industry have been whispering in the corridors, jeweler and diamond industry blogger Mel Moss says that the current adversity facing the diamond industry - i.e., the miners and manufacturers - could serve as a catalyst for positive changes, provided a change of attitude. "These sectors need to realise that the diamond industry is a separate entity from the jewelry industry. The predominant attitude among diamantaires is that diamonds are the focus of all jewelry. The truth is that the diamond industry is dependent on the jewelry industry...not vise versa! The essential component of any piece of jewelry has never been a diamond but precious metals." Moss adds that, "Diamonds are just another option available to the jeweler. Currently, the diamond industry has an overblown opinion of its importance ... The diamond industry has taken the popularity of diamonds for granted and this has resulted in apathy and a lack of direction and passion."

In short, jewelers need an impeccable product rather than relying on the assumption that diamonds are intrinsically more desirable than others luxury items. On this point, Moss feels the industry needs improvement: "The diamond business is poorly regulated. There are virtually no controls ... The driving force behind diamonds is profit and the diamond industry has benefitted from some very questionable methods of making profit." His main point, however, is that jewelers themselves are in the business to make a profit, and not specifically to sell diamonds: "most jewelers don’t really care what they sell as long as what they sell makes money." Thus, if diamantaires want jewelers to promote their product, then "It is essential that industry adopt a new and more inclusive attitude, an attitude that is less self-centred an attitude that does not alienate the jewelry industry."