De Beers CEO: Collaboration & Progress Will Create Opportunity in Changing Diamond Environment

Retail and Consumer Confidence
17/01/2017 22:43

From De Beers' press release: Speaking at a reception for customers of its Global Sightholder Sales business during the first Sight of 2017, Bruce Cleaver, De Beers Group CEO, today highlighted the importance of all parts of the diamond sector working together, following the unpredictable events of a volatile year in 2016. Commenting on the value of different parts of the diamond pipeline finding ways to work together more effectively, Mr Cleaver said: “We have made some good steps in this direction, with greater collaboration across the value chain to stimulate demand, to share industry insight and to support pipeline efficiency. But we must continue on this path and maximise the impact of our combined efforts to grow industry value.”

Mr Cleaver said, however, that it was vital for all parts of the value chain to benefit from industry progress, noting that: “None of us in the diamond industry can succeed sustainably in isolation. We must find ways to progress together, and we must continue to view challenges and opportunities from each other’s perspectives.” Highlighting areas of opportunity for the sector, Mr Cleaver noted: “With the industry’s medium to long term fundamentals being so positive, clearly there is opportunity for investing in financially robust and transparent diamond businesses.” He also stated that: “The commercial environment in which we operate is changing rapidly and…if we can find ways to compete more effectively in this evolving environment, then the change becomes a great opportunity.”

Alongside making a commitment for De Beers to continue its investment in both proprietary and category-based consumer marketing activities, Mr Cleaver went on to say that De Beers would launch a new and improved diamond verification instrument later in the year to help maintain trade and consumer confidence: “Our new Automated Melee Screening instrument, the AMS2…will be a significant leap forward in the technological response to product integrity challenges and we believe the AMS2 will play a major role in bolstering confidence across the value chain.”

The complete speech is available here.