The International Diamond Manufacturers Association (IDMA) will hold its 23rd Presidents’ Meeting in New York, March 16-17, 2025. The event is organized with the support of IDMA’s U.S. member, the Diamond Manufacturers & Importers Association of America (DMIA).
On Sunday, March 16, IDMA and DMIA will host a mini-conference addressing the need for category-wide promotion of diamonds, designed to effectively underpin individual corporate and brand promotions. The pressing need for category-wide promotion has been and continues to resonate throughout our global community.
Two weeks ago, I was privileged to attend the inaugural Doha International Diamond & Gem Conference facilitated by Alex Popov and our very own Ya’akov Almor. There, I participated in a panel with a few of our renowned industry colleagues (pictured above) who focused on cooperation within the diamond and gemstone mining sector. Most of you know that for many, many years, I have been saying: “We are all in this together.” Referring to the many challenges we have had and still face together as an industry. The call for unity was made clear throughout the conference and was even more evident in WDC President Feriel Zerouki’s motivating keynote address.
On the second day, a panel presentation titled “Adding value to diamonds and gemstones: keeping consumers captivated” was held. The discussions primarily focused on the need to market and promote diamonds as a luxury product.
Veteran luxury industry insider Dr. Frank Müller moderated the panel. Panelists included David Kellie, CEO of the Natural Diamond Council (NDC); Francesco Tombolini, an independent consultant to the luxury industry (Italy); Katerina Perez, jewelry insider, journalist, and brand consultant (France); Richard Chetwode, independent mining and diamond market expert (UK); and Akbar Al Baker, the former chairman of Qatar Airways who has fantastic insight into the world of high-end jewelry. The panelists shared their in-depth knowledge of the luxury market while discussing category marketing of natural diamonds and how to effectively develop category marketing throughout the diamond supply pipeline.
The panelists addressed areas of great concern to all of us! What happens if we sit back and don’t do anything? The simple and straightforward answer is we cannot! Otherwise, we will be in for some significant challenges. So, how will category marketing of natural diamonds be done? How will it be paid for, and how can we learn from other luxury product marketing initiatives?
Of course, during the discussions in Doha, we agreed that, to date, category marketing of natural diamonds is a sine qua non that needs a massive infusion of efforts and funds. The major challenge before us now is to find a way to fund a coordinated effort to address the critical needs of our industry in an effective and financially sustainable manner. Our goal is to set the stage for industry-wide support, from miners to retailers, for the activities of the Natural Diamond Council.
To achieve this goal, the diamond industry – miners, rough dealers, manufacturers, industry service providers, traders, wholesalers, and retailers – must come together and actively participate in ongoing, substantive funding to broaden and enhance category marketing. As I indicated above, the support needed has fallen short, and efforts to reverse this impasse have proved daunting.
However complex the challenge may seem, there is no time like now. If left unaddressed, our challenges will become exponentially grimmer in the future.
In New York, we will no longer discuss the ifs and maybes, but will instead explore solid ways to develop well-funded, consumer-oriented advertising, marketing, and education campaigns for natural diamonds on the road.