Bringing Diamonds to a New Generation

(Rapaport) - The Diamond Producers Association (DPA) has the mammoth task of changing the diamond narrative, according to Jean-Marc Lieberherr, the organization’s chief executive officer. Initially, at least, that mission extends to how the diamond industry engages with millennials, who have become disillusioned with the idea that they’re simply expected to buy diamonds for an engagement or other occasions. The DPA’s claim is that consumers are looking for real, meaningful experiences and products that are rare in today’s fast-paced lifestyle. “Real is Rare,” its tagline declares, concluding, “Real Is a Diamond.” But Lieberherr is under no illusions. The DPA recognizes that the industry has lost some of its magic vis-à-vis younger consumers. Millennials, those 18- to-32-year-olds who make up the largest generation in the U.S., don’t have the same reference points for diamonds as previous generations did, he explains in a recent interview with Rapaport News. “They haven’t been consistently exposed to a diamond-category message,” Lieberherr says, referencing the impact that the generic marketing of De Beers “A Diamond Is Forever” campaign had on previous generations. “It’s therefore important to craft a message that’s relevant to them.”