MajorsNov 04, 2024
Jewelers Mutual Appoints Mastercard Exec to Its BoardDana J. Lorberg brings 35 years of experience in finance, technology, and strategy to the role.
SourcingJun 03, 2015
Diamond producers pool their resources
The world’s largest diamond mining companies have formed an association to buoy demand for mined diamonds, but won’t be doing generic marketing on the scale that De Beers once did.
Las Vegas--The world’s largest diamond mining companies have formed an association to buoy demand among consumers, particularly millennials, for mined diamonds.
Called the Diamond Producers Association (DPA), the organization rose “from the ashes” of the International Diamond Board, the industry’s last attempt at pooling resources to create a generic marketing campaign for diamonds.
However, its focus is more targeted--and its budget is too small--for a generic marketing campaign on the scale of what De Beers used to do in halcyon days gone by.
Alrosa, De Beers, Rio Tinto and four smaller mining companies--Dominion Diamond Corp., Lucara Diamond Corp., Gem Diamonds and Petra Diamonds--are the seven founding members of the association and have pledged a combined total of $18 million over the next three years to start its functions, with the larger mining companies paying in more.
That is much less than the hundreds of millions of dollars De Beers used to pour into its advertising campaigns each year.
“Everyone’s asked about generic marketing and we put it out there, the first budget we are aiming at is around $6 million (a year), and I wish anybody luck trying to do generic marketing for $6 million,” Jim Pounds, an executive vice president with Dominion, said in an interview with National Jeweler at JCK Las Vegas.
“What the focus of the DPA … will be (is) to maintain the desire for diamonds, and I think that’s very important … the young millennial generation, the next round of people going out to buy diamonds, we want them to have a desire for natural diamonds and to maintain that.”
In other words: the companies that mine diamonds want to protect their product as the interest in, and quantity of, lab-grown gem-quality diamonds increases.
Pounds said they also want to protect consumer confidence in diamonds, which have been hit with a number of disclosure scandals as of late.
There have been several discoveries of undisclosed lab-grown diamonds--including the 145 man-made diamonds submitted to IGI in Antwerp as natural stones a few years back--and the recent issue with the undisclosed, and still undefined, color treatment discovered by the Gemological Institute of America in Israel.
“No,” Pounds answered quickly when asked if he sees non-disclosure as an issue. “But there are isolated cases that you read in the press. We don’t see as a problem. But … we don’t want it to become a problem.”
Proper disclosure, he added, is an issue that concerns the entire jewelry industry. “You’ve got to be sure that whether you’re buying gold … and when you’re buying a diamond, it is what it says on the certificate or what the jeweler sells it to you as.”
While more specifics will come later in the year after the DPA hires an executive director, the press release announcing its formation lists maintaining and enhancing consumer demand for and confidence in diamonds, providing a reliable source of trade and consumer research, and acting as the unified voice of the diamond producers among its mandates.
The association also seems open to collaboration with other industry organizations. Forevermark CEO Stephen Lussier said at the Rapaport breakfast held Sunday in Las Vegas that the DPA is not going to do generic marketing on its own but will collaborate with others, and that “idea leadership” is needed.
The DPA will be incorporated in London but based in New York and will operate in compliance with all applicable competition and antitrust laws.
Pounds said they aim to have selected an executive director, which will be a full-time, salaried position, by the third quarter.
More on Sourcing
The Latest
CrimeNov 04, 2024
FBI Offering $15K Reward for Info on Halloween Mask-Wearing RobbersThe suspects are said to have been involved in the armed robberies of four jewelry stores across three Midwest states.
CollectionsNov 04, 2024
John Hardy’s New Jewels Turn the Black Sands of Bali into DiamondsThe new designs blend Creative Director Reed Krakoff’s aesthetic with the brand’s Balinese roots.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
IndependentsNov 04, 2024
Eiseman Jewels is Celebrating Watches All Month-LongThe Dallas-based jeweler will showcase timepieces from Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Parmigiani Fleurier, and more.
Weekly QuizOct 31, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 01, 2024
Gunderson’s Jewelers Opens New Location in NebraskaThe new store features a custom design studio and a bridal salon.
CollectionsNov 01, 2024
Piece of the Week: Sydney Evan Gets ‘Wicked’Designer Rosanne Karmes has created a collection to coincide with the release of the movie musical, which is expected to be a blockbuster.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
FinancialsOct 31, 2024
Charles & Colvard Faces Possible Nasdaq DelistingThe retailer said it will file the necessary paperwork to regain compliance as soon as it is able.
ColumnistsOct 31, 2024
Peter Smith: Nervous Flyers and Emotional SellingWhether you’re calming the jittery gentleman in seat 13B or selling a diamond ring to a hesitant customer, an empathetic approach is best.
Events & AwardsOct 31, 2024
WJA Will Celebrate 4 Award Winners at ‘Future of Forty’ GalaThe gala includes a red carpet, music from DJ Renata, an awards program, and “mystery boxes.”
Events & AwardsOct 31, 2024
The Instore Show Returns To Chicago AreaThe trade show, in its third year, will take place in late September at the Donald E. Stephens Convention Center in Rosemont, Illinois.
Lab-GrownOct 31, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
Events & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.
MajorsOct 30, 2024
Peggy Grosz Leaves Assael After Company Is SoldGrosz had served as Assael’s senior vice president and creative director since 2017.
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.
SurveysOct 30, 2024
Consumer Confidence Rebounds in OctoberA more positive view of the labor market contributed to the strongest monthly gain since March 2021.
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design StudentsThe funds will be distributed to schools in the U.S., Canada, and the U.K.
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security AllianceJennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry WeekThis year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2MThe GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and LoveThe ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.
MajorsOct 28, 2024
Jewelers for Children’s Halloween Costume Contest RocksParticipants can buy five votes for $5 to decide which jeweler will dress up as an ‘80s rockstar for Halloween.
TrendsOct 28, 2024
Amanda’s Spooky Style FileThese 15 pieces of jewelry hand-picked ahead of Halloween appeal to the costume- and candy-loving child in all of us.
MajorsOct 25, 2024
This New Bulgari Boutique Is on a YachtStarboard Luxury is bringing the Italian brand aboard The Ritz-Carlton Yacht Collection’s newest yacht.
CollectionsOct 25, 2024
Piece of the Week: A Haunting Piece of Mourning Jewelry The pendant, circa the late 1700s, likely was commissioned to remember a loved one who died young.
