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.
As reported by Rob Bates at JCK: Millennial consumers want to give and receive diamond jewelry as much as any other age group, the Diamond Producers Association found in a recent online poll. The post-Thanksgiving Day survey questioned 18-to-64-year-old consumers who are married or in a committed relationship, with a heavy sample of Millennials. The survey found that, contrary to the feelings of many in the industry, younger consumers still consider diamond jewelry “an authentic meaningful gift,” says Sally Morrison, marketing director for the Diamond Producers Association.
Diamond Producers Association (DPA) Chairman Jean-Marc Lieberherr will be in India on December 20 to hold discussions with all stakeholders on the details of a promotional campaign, said Gem & Jewellery Export Promotion Council (GJEPC) Chairman Praveen Shankar Pandya. The DPA founding members – ALROSA, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds Ltd, and Gem Diamonds Ltd – aim to work together to support the development of the diamond sector, focusing mainly on consumer confidence and communication.
JCK reports: The Diamond Producers Association (DPA) has appointed Mother New York as its global strategic marketing partner. Mother New York will work with the DPA and recently appointed managing director of marketing Sally Morrison on a new campaign that will make diamonds relevant to the next generation, a statement said.
The World Jewelry Hub is certainly not an emergency project and the Latin American market does not require the poor performance of any other market to justify its importance. We are talking of a region of a 600 million people, with fast growing economies, which to date have largely been off our industry’s radar.
De Beers’s former finance chief, who is developing a diamond mine in southern Africa, expects the industry to remain depressed this year as retail sales languish and traders struggle to turn a profit. “I don’t see the second half of 2015 being that positive,” said Stuart Brown, CEO of Firestone Diamonds Ltd. “Retail needs to recover and the midstream needs to sort itself out and that will take a bit of time. 2016 is still going to be a year of recovery.” Brown is clearly more pessimistic than some of his rivals.
As booksellers, record shops and small retailers everywhere know all too well, no industry is safe from the effect of disruptive technologies. The diamond industry is no exception. The disruptive technology that is catching imaginations is the development of artificial diamonds in volumes large enough, and of a quality high enough, to trigger retalitory action by the guardians of the diamond industry with the formation of the Diamond Producers Association - which Business News suggests only draws attention to the problem, thereby undermining its purpose.
The recently announced Diamond Producers Association will target its three-year $18 million budget at advertising at younger consumers, according to Stephen Lussier, head of marketing at De Beers, who expects the funds to “significantly” increase as more industry players contribute. “Millennials are no less interested in love than the generation before, but we need to make sure they continue to see diamonds as the expression of that,” said Lussier. Demand for diamonds in the U.S., the biggest market, is under pressure as consumers appetite for other products is growing faster.