The head of the World Jewellery Confederation (CIBJO) has blamed infighting within the industry for a decline in consumer confidence towards jewellery. Dr. Gaetano Cavalieri, CIBJO President, addressed the opening session of the 2024 Global Gems & Jewellery Development Conference on 19th December. He said that marketing strategies employed during the launch of laboratory-grown diamonds have negatively impacted consumer trust in jewellery as a whole.
While acknowledging geopolitical factors, Dr. Cavalieri pointed to the rapid growth of the lab-grown diamond sector alongside the natural diamond industry as a key issue. The situation was further complicated by a significant drop in lab-grown diamond production costs over the past two years.
Dr. Cavalieri said that the initial strategy of pricing lab-grown diamonds against natural stones, while potentially beneficial for lab-grown producers in the short term, proved detrimental in the long run.
“Both the natural diamond sector and the laboratory diamond sector need to disengage and go back to their drawing boards,” the CIBJO President concluded. “Each needs to clearly brand its product in a realistic and positive way so that consumer confidence will be restored.”
“The items we sell do not necessarily have inherent value – such is the nature of luxury products,” Dr. Cavalieri remarked in his keynote address to the large audience attending the opening session. “They have perceived value, created by the brands, and through cultural and historic associations. If the consumer loses confidence in our products, then their value is discounted. Without consumer confidence, a diamond, a ruby, an emerald or an exquisite piece of jade is simply a colourful stone.”
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