World Federation of Diamond Bourses (WFDB) president Yoram Dvash has appealed to the entire trade to help fund ongoing marketing campaigns for natural diamonds, with the largest portion to be paid by producing countries
The lack of any major generic marketing campaign over the last 20 years has led to younger consumers forming different viewpoints on natural diamonds than earlier generations, Dvash said in an open letter the WFDB published last week. They do not see diamonds as a symbol of everlasting love, and instead are more concerned about how they affect human rights, he explained.
“Now is the time to make a change; we need now to invest in major promotional campaigns that create demand for natural diamonds,” urged Dvash. “De Beers and the Natural Diamond Council [NDC] 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.”
The WFDB will initiate industry-wide discussions in the coming weeks. Stakeholders, including producing countries, mining companies, manufacturers, traders and retailers, are encouraged to collaborate and contribute to a revitalization strategy, ensuring that the diamond industry remains competitive as it approaches the critical holiday season.
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