"The World Diamond Mark (WDM) has developed and started to implement the fundraising from retail end of the industry and from outside service providers. This endeavour will continue. Soon the miners, through the DPA, and retailers, led by the WDM, will have the funds. If the midstream industry will not follow, its market share and profitability will shrink even further. [...] In this respect the role of major centres and bourses is paramount.
The World Federation of Diamond Bourses (WFDB) will hold its 37th World Diamond Congress in Dubai from May 16 to 19, and has identified transparency, responsibility and sustainability as the key themes of the meeting.
The Fiera di Vicenza, the European jewellery trade fair organizer, and the World Diamond Mark Foundation (WDM), a non-for-profit organisation established in 2012 by the World Federation of Diamond Bourses (WFDB), today signed a Memorandum of Understanding to sustain and improve image and consumer confidence for diamond and diamond jewellery. The partnership aims particularly to enhance business opportunities of WDM Authorised Diamond Dealerships (ADDs") and to establishing VICENZAORO as the major European platform for the promotion and the trade of diamonds and precious stones.
The World Diamond Mark Foundation (WDMF) and The Museum of Named Diamonds are partnering to promote diamond awareness to consumers and focus attention on the romantic and symbolic nature of diamonds. In addition, the Museum will include educational information for the consumer on the role of the World Diamond Mark and the WDMF will recognize the Museum as the industry's official registry of named diamonds. The partnership is intended ultimately to help retail jewelers communicate the story of diamonds to the consumer and, in particular, to target the so-called Millennial buyer.
For more than a century, diamonds have been a supply-driven industry. That model doesn’t work any more and the global diamond industry is now seriously hurting. (...) All these issues were brought up by speaker after speaker at the 2015 WFDB and IDMA Presidents' Meeting in Tel Aviv. Yet for all that, no one seems to have come up with a strong initiative to start wooing customers again. Everyone at the meeting seems to be content having reviewed the progress of the initiative known as the World Diamond Mark. This is actually a quality assurance and consumer confidence initiative.
In a press release issued by the World Federation of Diamond Bourses, President Ernie Blom states the World Diamond Mark Foundation will present its marketing plan to the leaders of all parts of the diamond industry, including the mining companies at the Presidents’ Meeting in Tel Aviv later this month. "I am looking forward to meeting some of the representatives of the mining firms," said Blom. "It is critical that the diamond firms are involved in the development of the diamond sector and address the important issues that face the industry.", Blom said.
In this week's editorial Rapaport's Avi Krawitz comments on the state of the industry. While the industry's major mining companies gathered at Rio Tinto's London HQ earlier this month, with representatives from De Beers, ALROSA, Dominion Diamond Corporation, Grib Diamonds, Petra Diamonds, Lucara Diamond Corporation and Gem Diamonds all in attendance, it is clear the diamond mining companies need to play their part to ensure profitability throughout the distribution chain.