Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), has praised the initiative by key industry stakeholders outlined at the Dubai Diamond Conference to raise $100 million for generic advertising of natural diamonds.
“The above initiative was born at a brainstorming session at the Dubai Diamond Conference,” he said.
“The most important topic on the agenda of the Dubai Diamond Conference was a brainstorming session to discuss how to boost marketing of natural diamonds. At the final session of the conference the Dubai Multi Commodities Centre (DMCC), Antwerp World Diamond Council (AWDC) and India’s Gem & Jewellery Export Promotion Council (GJEPC), in collaboration with the WFDB, IDMA and CIBJO, said they would start looking into funding campaigns of the Natural Diamond Council to promote natural diamonds. More trade bodies are expected to follow suit.”
Earlier, industry sources reported that diamond business leaders agreed to establish an industry-wide fund to support category marketing for natural diamonds. According to the proposal, rough diamond importers in major trading and cutting centres would be required to contribute a percentage of the value of each shipment - one number discussed was 0.05% - toward industry marketing efforts.
“If we are able to raise $100 million dollars to increase the international advertising pie, this will certainly help us to sell more natural diamonds. However, as I made clear in my letter last month, this effort needs to continue for at least five years, because to change attitudes and perceptions takes time,” Dvash added.
“If the industry-wide generic advertising initiative becomes a reality, I will be even more optimistic for the diamond industry’s future.”
Theodor Lisovoy, Managing Editor, Rough&Polished
