It seems like times are changing for the diamond industry! Whilst, a few months ago the creation of the Diamond Producers Association seemed like just an idea for a project—but one that had already been the subject of plenty of articles!—it is now a fact: 7 of the biggest diamond producers have come together to defend their interests and those of the diamond sector. So, are there grounds for hope? Is the diamond industry on the point of moving with the times and understanding the need to work together and combine its forces?
The question we are all asking is: what can the diamond industry expect from the DPA—Diamond Producers Association? No, better than that: what DOES the diamond industry expect from the DPA? And the answer to that question is: everything!
Except that it would be incongruous and illusory to expect everything from diamond producers. Clearly, their association should help to promote the cause for diamonds in the world. But, if they have come together like this, it is above all to defend their own interests. So you cannot put everything on their shoulders.
I am always amazed at the immeasurable expectations that people have of De Beers. Because, after all, it is first and foremost a company whose aim—as for any company, except for those who work for the social good—is to make money. Not to carry the whole industry on its back… Is it not time to untie the apron strings, to spread our wings and learn to say no?
Maybe it is not that easy but everybody should look to the future and take the future of their company in hand. Diamonds or not, the development of a company is and must be dictated by supply and demand. Otherwise how can we progress?
So, yes, we must make efforts to stimulate demand.
Like De Beers—yes them again—who are bringing back their slogan “A Diamond Is Forever“. Though whether this high quality but rather tired slogan will speak to today’s consumers, is another story….
Or like Rio Tinto, that is starting a partnership with the four biggest jewelry designers in the US, in the hope of finally appealing to Generation Y.
It is amazing to see how much debate this generation Y is causing! Is it really so hard to win-over a generation that is so fast to get carried away, which passes on information at the speed of light, for whom image is everything? Of course, you need to create bespoke everyday jewelry, where diamonds are right at home. Of course, you need to talk fashion, to tell them beautiful stories of living together better.
Maybe we could start by hiring young people from that generation? By trawling the Internet and the social networks—Instagram, Youtube, Pinterest—to understand who their stars are, the graphics that appeal to them, who are the people that they follow, what style they like and what adventures are they passionate about?
So, does the future of the diamond industry and the perception that consumers have of diamonds depend solely on the DPA and the diamond producers? Definitely not.