The Supervisory Board of ALROSA has approved the Natural Diamond Promotion Program through 2030 to generate sustainable long-term demand for this product category and support the generic marketing efforts of the entire natural diamond industry.
The company's press service notes that the initiative provides a comprehensive approach to stimulating demand for natural diamonds. This includes strengthening the value positioning of natural diamonds as a symbol of authenticity and uniqueness, promoting the benefits of natural diamonds from a sustainability perspective, supporting retail and consumer education, ensuring regulatory protection, and combating unfair practices.
"Our goal is to protect the unique properties of natural diamonds, honestly explain the differences between them and similar products to consumers, help them make informed decisions, and ultimately invest in the future and sustainable development of our entire global industry: from diamond mining to retail," ALROSA CEO Pavel Marinychev noted.
The program aims to reinforce the key advantages of natural diamonds: authenticity, natural rarity, uniqueness, emotional significance, and long-term value, as opposed to synthetic stones.
The Russian government supported ALROSA's initiative. Deputy finance minister Alexey Moiseyev stated that this step is timely in light of the industry-wide efforts to promote natural diamonds.
"In terms of regulatory protection and combating unfair practices, we support the industry's efforts, including through the new version of the Russian Government Resolution on retail, which mandates the use of the term 'synthetic' in relation to synthetic materials, instructs to only denote their weight in grams, and prohibits the use of the word 'diamond' and quality and color characteristics for synthetic goods in jewelry," Moiseyev noted.
"We will promote regulations adopted in Russia as best practice in international organizations, through bilateral contacts with partners at the level of intergovernmental commissions, and strengthen the coordination of interstate cooperation among diamond-producing countries to preserve the industrial potential of diamond mining and ensure the sustainable development of local communities," he added.
ALROSA's new program will adapt to cultural experiences of priority consumer markets in the BRICS and EAEU countries, take into account the generational patterns of consumers, primarily millennials and Generation Z, and develop new consumption habits, such as self-purchases.
Theodor Lisovoy, Managing Editor, Rough&Polished
