Opinion: An Urgent Call to Invest in Marketing

(diamonds.net) - The diamond industry must significantly increase its marketing spend to ensure the trade’s longevity. This need is highlighted by the difficult conditions the sector has endured over the past few years. Recent challenges have led to a lack of confidence in the diamond trade that resulted in a seemingly endless stream of financial misconduct carried out by a minority of ill-intended merchants. Our trade representatives need to introduce stringent measures that will combat such misconduct. More importantly, consumer appetite for our product has stagnated in this tough market, while the absence of marketing and innovation has had a further negative effect on demand. We must collectively work to restore the appeal of our product among consumers.