Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), has called on the diamond industry to fund new marketing efforts for natural diamonds, with producing countries contributing the most significant share.
In a recent open letter, Dvash highlighted the absence of substantial, industry-wide marketing for natural diamonds over the past 20 years, which he believes has shifted younger consumers’ perceptions. Unlike past generations, today’s younger consumers don’t associate diamonds with eternal love; instead, they focus more on the ethical implications, such as human rights issues linked to diamond production.
“The time for change is now; we must invest in major campaigns to boost demand for natural diamonds,” Dvash emphasized. He noted that companies like De Beers and the Natural Diamond Council (NDC) are already investing millions in campaigns with top retailers, which he sees as positive. However, he expressed concern that these efforts may not be sufficient or timely, stressing the need for well-coordinated, year-round promotional activities.
In the coming weeks, the WFDB plans to initiate discussions across the industry. Dvash encouraged collaboration from stakeholders, including producing nations, mining firms, manufacturers, traders, and retailers, to develop a unified strategy aimed at keeping the diamond industry competitive as it approaches the crucial holiday season.
“Our industry needs to reach a healthy level of marketing investment,” Dvash added. “We also need to ensure diamonds remain in the public’s attention consistently.”
Related topics:
- Botswana’s President Concedes Defeat, Ending Decades of BDP Rule
- Debswana Diamond Sales Plummet 52% in 2024
- Yellow Diamond Earrings Top Christie’s Auction in Hong Kong
