It is necessary to strengthen buyers’ trust in the precious market, jeopardized by the confusion created in the market by the often aggressive marketing of synthetic diamonds (increasingly less called laboratory grown). And we must keep a steady course on sustainability, necessary to curb ongoing climate change and mitigate inequalities that undermine social cohesion. But sustainability strategies must be more pragmatic and less ideological, procedural and regulatory because we suffer from an excess of unenforceable rules. Only in this way will the current crisis in the diamond sector and the slowdown in the jewelry market be overcome, increasing the resilience of the sector to withstand fluctuations in the price of gold, which have caused many problems.
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These are the main topics addressed at the Cibjo-The world jewellery confederation world congress, inaugurated yesterday within the Vicenzaoro fair, hosted by Italian exhibition group (Ieg). “We celebrate the centenary of the international confederation right here in Italy to recognize the world excellence of manufacturing and design,” said president Gaetano Cavalieri. “The 600 delegates from 40 countries across all continents are reflecting together on how to overcome the current slowdown in demand and margin reduction. We will see several strategy changes coming because this industry is healthy, responsive, and wants to build the market to prosper for the next hundred years and continue to support 120 million people worldwide, from mines to jewelry stores, from manufacturing to precious goods markets, up to fairs like Vicenzaoro.”
It would be too easy, however, to put diamonds and ESG (environmental, social, governance) criteria on the dock as the sole culprits of the difficult conjuncture. But all representatives of the diamond supply chain present openly uttered the taboo word at last year’s congress: crisis. Gareth Penny, head of the consortium pre-selected by Anglo American and the Government of Botswana as the buyer (preferred bidder) of De Beers, spoke openly about it. “We will overcome the diamond sector crisis starting from the comeback of the giant De Beers,” he said. “A comeback that must be based on emotional marketing, on the promise of love that a diamond ring conveys. We must understand that the sector does not sell chemistry, but emotions. After all, it was De Beers that created the demand for diamonds a hundred years ago with very clever marketing; and now the same company can and must help reignite buyers’ passion and help the entire sector restart. But we must work strategically to regain ground, because for example now half of the US engagement ring market has become the domain of synthetic diamonds, to the detriment of natural ones.”
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Representatives of all supply chains at the congress (primarily precious stones, gold, platinum, jewelry) appreciated, not by chance, the work of the Cibjo diamond commission, which is rewriting definitions and rules to update the Blue book also used legally. Other news is coming on the definition of precious jade, a market second only to diamonds, but on which confusion undermines buyers’ trust.
The Cibjo congress work will continue until Monday, September 7. And it is safe to bet that delegates will continue to discuss concepts of renewing consumer trust, the new definition of synthetic diamonds no longer called lab grown, and new marketing and “sustainable sustainability” strategies.
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