The World Federation of Diamond Bourses (WFDB) president Yoram Dvash has published a president letter urging the industry to invest in major promotional campaigns that create demand for natural diamonds.
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” campaign. 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, said Dvash in the letter.
“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,” he said.
He mentioned that it is up to every member of the industry to contribute to this effort, which includes the producing countries, the mining companies, the bourses, manufacturers, traders, jewellery designers, retailers and all the other players whose livelihood depend on the 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,” he added.
WFDB will initiate an industry-wide discussion in the coming weeks and ensure that the diamond industry remains competitive as it approaches the holiday season. (Photo courtesy: WFDB)
06-11-2024
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