Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...


GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Diamond Industry Hires Consultancy to Advanced Generic Marketing Campaign

30 january 2009

The initiative to create a generic marketing program for diamonds has entered the second phase of its development, after the industry brought in consultancy company McKinsey & Co to advance its plan of action, RAPAPORT reported. The move follows a meeting in June 2008 where the major diamond executives convened in St. Petersburg to brainstorm ways to proceed with the concept of industrywide generic advertising.
The discussion in St. Petersburg centered on the creation of a pan-industry body to carry out this generic jewelry marketing on behalf of the international industry. “The meeting led to an agreement, later in the year, to commission McKinsey & Co. to investigate whether such a body was necessary and outline what form it might take,” Lynette Gould, De Beers spokesperson, wrote in an email to Rapaport News. De Beers is one of five companies on the steering committee, named SteerCom, that will oversee the development of the campaign, along with ALROSA, Rio Tinto, BHP Billiton and Harry Winston.
Gould explained that this initial inquiry had concluded that an independently run organization was required to carry out generic marketing and liaise with other industry bodies to co-ordinate reputational issues. McKinsey has now been asked to devise a sustainable funding mechanism for the proposed new body, she reported. Gould said that SteerCom will solicit funding from across the industry so that all sections of the value chain can be represented in the new body.
Historically, De Beers has conducted its own generic diamond marketing campaigns, but says it will abandon that strategy to focus on its proprietary marketing, and has appealed to the rest of the industry to participate in the generic approach. In responding to the drop in demand for diamonds resulting from the global financial crisis, however, De Beers seemed to go back on that promise by doubling its holiday advertising spend for a campaign in the U.S. aimed at boosting the profile of diamonds during the Christmas season.
During the Diamond Trading Company's (DTC) January sight week, Gareth Penny, De Beers managing director, appealed to sightholders to come on board. “There’s only so much De Beers can do,” Penny told sightholders. “The onus is on you, amongst the best diamantaires in the world, to seek out and exploit niche and emerging markets with innovative marketing programs and products such as wedding and engagement rings, which will be buoyant throughout the economic cycle.” Gould said SteerCom intends to convene a briefing and discussion in the near future, to report on the progress made so far and to propose next steps involving other leading industry players.