WFDB President Yoram Dvash
The diamond industry is currently at a critical juncture. The meteoric rise in the penetration of synthetic diamonds into the market – which began as a marginal phenomenon – has become an unprecedented flood that threatens the value, image and future of the natural diamond.
The data speaks for itself:
In less than a decade, lab-grown diamonds have risen from having a marginal market share to accounting for more than 20% of global jewelry sales. In the United States – the world’s most important market – most new engagement rings now include synthetic diamonds. Their prices are falling rapidly, and the public is already having difficulty distinguishing between a natural diamond and a lab-grown imitation.
This trend is not just about sales – it demonstrates changes in values and culture. It is about the loss of the sense of intrinsic worth, wonder and uniqueness that have underpinned the natural diamond for generations.
Therefore – it is time to act. The challenge is too great for one body to handle alone. Only a concerted global effort by all the key players in the industry – can restore the natural diamond to center stage.
Fortunately, it seems that this is finally happening. At the WFDB Presidents’ Meeting in June I felt for the first time that the industry finally gets it. That it recognizes the importance of working together to raise the image of the natural diamond. In speeches, panels and in private conversations, key participants – heads of producing countries, mining companies, international organizations, retailers and diamond exchanges around the world – all expressed their willingness to invest major efforts and large financial resources necessary to achieve this goal.
Here are some examples:
The Luanda Accord, signed right after the Presidents’ Meeting by African diamond producing countries and industry stakeholders, agreed to pool resources and boost global marketing efforts for natural diamonds. All parties to the Accord have agreed to contribute 1% of their rough diamond sales revenue to a fund managed by the Natural Diamond Council (NDC).
De Beers is committed to investing huge amounts to raise the desirability of natural diamonds through focused educational and marketing campaigns.
The Natural Diamond Council (NDC) has established a new educational website https://diamondlearningcenter.org/, to enable jewelry salespeople to be better informed and inspired to communicate the unique value of natural diamonds to their customers. This initiative results from the understanding across the trade that sales staff need to be supported and trained in selling natural diamonds.
As this phenomenon gains momentum there will certainly be additional marketing efforts on the part of large retail chains such as Signet and Chow Tai Fook, and even by smaller retailers and online stores.
The WFDB has launched its own campaign using original videos to promote the emotional significance of natural diamonds.
I am extremely gratified to see the industry come together in this very important effort. I applaud it and encourage it, and I am very excited to see the results. Because the natural diamond is more than a product – it is a symbol. And its future depends on our unity.
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