Indo Argyle Diamond Council closes

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Indo Argyle Diamond Council closes

October 02, 2008

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Paso Robles, Calif.—The Indo Argyle Diamond Council (IADC), a by-invitation-only, paid-membership program for Indian diamond jewelry manufacturers, will close this December because it has "accomplished all of its goals," the organization has announced.

According to the IADC, over its 15-year history, the program has raised the U.S. market's awareness of India's ability to manufacture high-quality, sellable diamond jewelry in price points from mass market to high end.

One of the most significant signs of the program's success has been the tremendous increase of jewelry exports from India to North America. The amount of finished-jewelry exports has gone from approximately $300 million in 1994 to $2.3 billion in 2007, the IADC reports.

Another successful aspect of the program was its ability to introduce and secure appointments between IADC members and major North American retail jewelers. This was accomplished more than 3,060 times leading to every major retailer now purchasing directly from Indian jewelry manufacturers, according to the IADC. Some of these appointments took place in India during IADC-sponsored buying trips with the IADC management team.

"From the beginning of the IADC, many major retailers showed a desire to better understand the global diamond mining, cutting and jewelry manufacturing situation," Marty Hurwitz, chief executive officer of MVI Marketing Ltd., the owners of the IADC, said in a media release. "We were able to bring this information to them in a complete and open manner through the IADC Diamond Market Overview presentations conducted in retailers' corporate offices by IADC management. The goal of this service was to help retailers make informed decisions about how to source their product closer to prime manufacturers and, therefore, reap better margins."

Hurwitz added that the organization is proud of the IADC's success and how it has improved the industry by shortening the product development "pipeline" to consumers all over North America, enabling them to purchase more diamond jewelry at every price point.

"We applaud all current and past IADC members on their commitment to the program and U.S. retail jewelers. This commitment has resulted in the ability of the U.S. consumer to buy diamond jewelry at any price point," MVI President Liz Chatelain said in the release.

Over its 15-year history, the IADC had about 65 members, many of whom spent between 4 to 10 years in the program.

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