Sponsored by Tasha R
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.
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.
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.
“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.
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.”
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.
The Latest
Three Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
A federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Cynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
The new space was designed to evoke a warm, inviting vibe.
Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
The auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
The four finalists will present their pieces at the 2025 JCK Las Vegas show.
The “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
The money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
The event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
Local reports identified the woman as the wife of the jewelry store owner.
A collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
The Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
Hampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
The group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
The collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
This year’s theme asks designers to take inspiration from classic fairy tales.
Senior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
The latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
No. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
Instead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.