Recently Yoram Dvash, President-The World Federation of Diamond Bourses (WFDB) call on industry fraternity to Invest in Marketing Natural Diamonds under his heading; Let’s Invest in Marketing Natural Diamonds!
The diamond industry is undergoing a very challenging time, with demand, especially for natural diamonds, declining significantly. The Chinese market has slowed down almost to a standstill and economic developments in the United States have raised the cost of living and left many with less disposable income. Moreover, natural diamonds are being challenged by synthetics, which have been promoted heavily at the retail level.
Let’s look at the origins of this crisis. There has not been a major generic marketing campaign for natural diamonds for close to 20 years, when De Beers stopped promoting, A Diamond is Forever. An entire generation of consumers has come of age without having been exposed to promotional campaigns with positive messages about natural diamonds. They are likely to be concerned about the diamond industry’s reputation concerning human rights. And they do not necessarily believe that natural diamonds stand for everlasting love.
The situation requires a major intervention to raise demand.
Our industry has never invested in marketing like other luxury categories. It was always clear to us that consumers wanted our product, and if there was any problem it was limited supply. Consumers wanted our product because they were exposed to very successful generic campaigns over many years. And now the effect of these generic campaigns is wearing off.
Now is the time to make a change; we need now to invest in major promotional campaigns that create demand for natural diamonds. Right now, both De Beers and the Natural Diamond Council are both spending millions of dollars on campaigns with leading retailers, and that is very positive. But I am concerned that this is too little and too late. To be successful, campaigns need to be coordinated and to be consistent throughout the year.
It is up to every member of the industry to contribute to this effort: the producing countries, the mining companies, the bourses, manufacturers, traders, jewelry designers and manufacturers, retailers and all the other players whose livelihood depend on this industry. The producing countries in Africa and elsewhere, and the mining companies must contribute the largest sums. We need to bring the diamond industry to a healthy level of spending on marketing. Moreover, we need to consistently keep diamonds in the public eye. Let’s create a 5-year plan for marketing diamonds, and not rely on short-term initiatives when the situation is particularly dire.
This effort needs to be coordinated, so let’s begin the discussion of how we can move this forward. The WFDB will initiate an industry-wide discussion in the coming weeks. In the meantime, let’s hope for a positive holiday season for all.
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