Diamond leaders push 'value' message

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Diamond leaders push 'value' message

November 14, 2008

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New York--With the retail industry already taking a hit amid declining consumer confidence, two diamond industry leaders released statements this week calling on the industry to emphasize the intrinsic value and emotional power of diamonds.

On Wednesday, Israeli diamantaire Avi Paz, president of the World Federation of Diamond Bourses, sent out a letter entitled, "A Time for Diamonds," outlining why consumers should choose diamond jewelry as a gift during the upcoming holiday season.

He notes that while competition from products such as electronics and women's handbags has intensified, "none of these products have the long-term staying power of fine jewelry," particularly jewelry crafted of diamonds and precious metals.

"The giving of diamond jewelry, more than any other luxury product, has always been an expression of love and most often serves to market yet another milestone in a relationship. Jewelry lasts," Paz said. "As such, we will continue to work passionately to preserve, advance and renew this message of diamonds and diamond jewelry as an expression of love and, yes, optimism!"

Earlier this month, Paz called on producers to hold back on diamond supply amidst the global economic crisis.

And on Monday, diamantaire Dilip Mehta, chief executive officer of Diamond Trading Co. sightholder Rosy Blue Group, issued a three-page statement detailing his views on everything from diamond prices, supply and demand to how members of the jewelry industry might emerge from the crisis as stronger entities.

Mehta contended that while decreased consumer demand might drive down prices on many goods, he expects that polished-diamond prices will remain firm because of diamonds' value and increasing scarcity, a point the industry needs to drive home with consumers.

"We need to highlight in our communications to the consumer the fact that overall polished prices have not fundamentally been impacted by the global economic crisis," Mehta said. "We need to stress in our promotions the diamond's ability to maintain value and remain valuable in the eyes of the consumer."

He also stated that rough supply must be in line with polished demand, both in terms of volume and price, and that companies should become efficient in regards to reducing costs.

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