HRD Conference Day 1: Important Issues Surface

Starting his speech with a two minute video clip full with strong images of nature, and connecting diamonds with nature, Diamond Trading Company Managing Director Gareth Penny kicked off the presentations at the opening of the HRD’s third annual diamond conference focusing on consumer confidence in natural diamonds in Antwerp yesterday (Monday).

While on the record many participants said synthetic diamonds are not a threat but rather a challenge to the diamond industry at large, differentiating natural diamonds from synthetics was the backdrop to the conference.

Penny focused on several central values he felt were essential to building consumer confidence. Topping the list was leadership, specifically in ensuring ethical practice and social responsibility in areas such as child labor and the environment.

Another key issue was passion, in which Penny said jewelry consumers buy mystique and emotion, encouraging the audience of miners, government officials and diamond traders to emphasise this in selling diamonds.

A value that is perhaps a key issue in the industry today was unity. Pointing at the Kimberley Process as an example of how unity can work successfully, Penny called for the creation of industry-wide standards to tackle the issue jointly.

Following him, Dan Ben-Ary a branding expert with five years experience in the diamond industry, echoed some of Penny’s words, saying, “branding is about confidence” in his presentation ‘Why Reputation Matters’.

He recommended the industry join forces to promote a ‘Natural Diamond’ campaign, but later caused a stir when in an answer to a question from the audience said the industry should not be afraid of synthetic diamonds, adding, “we can make money from them”.

Warning against individual companies taking unilateral steps to promote best practices and developing corporate responsibility principles individually, but not communicating or coordinating with each other, Jewelers of America President & CEO, Matthew A. Runci, told the audience that coordination is now happening.

“When, about a month ago, we proposed to these companies that we meet to explore these issues, to their credit all responded affirmatively. Today, just a few weeks later, it is with great pleasure that I am able to announce the launch of the Early Adopters Initiative.”

In the long run, this was probably one of the most significant announcements of the day.