Encouraging Young Diamantaires and Millennials To Lead The Industry Into The FutureJuly 13, 17
A talk given last week by Diamond Dealers Club of Australia President Rami Baron as a guest speaker at the Diamond Club West Coast (DCWC) in Los Angeles, and a report that Tiffany & Co this week appointed a new CEO partly, or perhaps, largely, because the previous incumbent was unable to connect the firm's products with younger buyers, once again underline the importance of moving to instill passion for diamonds and jewelry among younger people.
Quite reasonably, the diamond trade is busy on a day-to-day in with dealing with pressing issues: competition has never been tougher, marketing to millennials and other buyers is continuously becoming more complicated.
The issue of lab-grown diamonds and the threat to the natural, mined diamond industry they pose is also a worry, as are the factors of banking and financing for the industry, and the inexorable decline in the number of jewelry businesses. But the industry must also look ahead to who is going to take the diamond industry forward, and who is going to be buying diamond jewelry in the future.
That is why the decision of the Diamond Producers Association recently to more than quadruple its annual budget this year to $57 million was so important.
The Young Diamantaires initiative launched at the World Diamond Congress (WDC) in Dubai last May by the World Federation of Diamond Bourses and International Diamond Manufacturers Association is a vital aspect in ensuring that the younger generation feels included. The group is not limited to WFDB members since its aim is to be inclusive and bring in as much input to discussions as possible.
And efforts made by Baron, the leading force behind the initiative, and others, to keep the momentum going are vital.
Communication and cooperation are vital for the diamond and jewelry industries, and encouraging a deep sense of passion about the trade among the younger generation is crucial.
This will help to boost cooperation and the spreading of information and assistance that will aid all members of the trade for the good of the entire industry.