The international jewellery industry has lacked a generic diamond jewellery advertising campaign ever since De Beers ceased funding its worldwide marketing activities some years ago.
The World Diamond Mark (WDM) is an initiative of the World Federation of Diamond Bourses (WFDB) and is designed to fill that breach. The objective is for the WDM to be the new marketing arm of the entire diamond and diamond jewellery sector, and aims to ensure the health and future growth of the industry.
WDM chairman Alex Popov announced in Mumbai, India, earlier this month that the funding had been secured from the Bharat Diamond Bourse and Indian Sightholders for the 2014 pilot program to begin in Hong Kong and China.
While the diamond advertising campaign will not initially be seen in Australia, Rami Baron, president of the Diamond Dealers Club of Australia, said it was an important step towards rebuilding the diamond market and “brand” for consumers.
As an executive member of the WFDB and part of the select team spearheading the new initiative, Baron will give Australia its first official preview of the WDM at the upcoming Sydney jewellery fair.
His presentation will also detail a brief history on the world of diamonds. Baron said that most retailers would agree that the WDM was a great idea but they needed to be aware of the transition from the past as there were many young people who hadn’t heard of De Beers or didn’t understand its former role and importance.
“In speaking with many people as we began to research the WDM, I realised that we should not assume that the audience we speak to has an understanding on the history of diamonds. I think it’s important to explain it right from the Oppenheimers story up until today,” Baron said.
“The presentation will include the former international De Beers advertising campaign and the problems in the 1970s that Israel had trying to take on De Beers. It also explains a little bit about the World Fed [WFDB] and the diamond pipeline and then introduces the new WDM,” he added.
For example, Baron said he explains how US$12 billion of rough finds its way into consumers’ hands to eventually become a US$72 billion retail industry.
“It’s not a long, drawn-out talk, it’s basically a quick and non-technical explanation about how the trade went from a monopoly to where it is today and, more importantly, where it’s going. I paint a picture of why we need something like the WDM and why it’s relevant to Australian diamond retailers and dealers.”
The WDM is a non-profit organisation operating from Hong Kong. It was first announced in October 2012 by the WFDB, the largest diamond organisation representing 28 affiliated diamond bourses worldwide.
When Popov announced the new funding, which came after three days of negotiations at the India International Jewellery Show, he added that the Indian Gems and Jewellery Export Promotion Council (GJEPC) had committed to matching, dollar-for-dollar, the Bharat Diamond Bourse and the Indian Sightholders contribution, while further funding was expected to be secured in the coming weeks from Israel and Antwerp.
Popov explained that the WDM’s objective was to be based on three fundamental principles: “The education of jewellery retailers about diamonds; confidence-building with the consumer public with the WDM accreditation program and the creation of a generic marketing program to promote diamonds and diamond jewellery, based on the Authorised Diamond Dealer concept," he said.
Baron’s presentation, to be held at noon on Sunday and Monday at the International Jewellery Fair in Sydney (1-3 September), will detail how jewellery retailers can benefit and become involved.
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