WDC to Discuss Consumer Diamond PromotionAugust 28, 12
(IDEX Online News) – The promotion of diamonds and diamond jewelry to consumers will feature prominently in discussions at the October World Diamond Congress (WDC).
During a press conference at the recently concluded India International Jewellery Show, Gem and Jewellery Export Promotion Council (GJEPC) vice chairman Sanjay Kothari said that for the coming three years the organization expects to allocate close to $10 million on diamond jewelry promotion to consumers within India.
He added that the Indian industry had waited long enough for others to step into the void, and that it was now time for it to lead the move towards consumer promotions.
Kothari said India and China should take the lead in promoting diamond jewelry to the public.
"India is the most important market for us and we've resolved to start our diamond promotion efforts right here,” he said. “We intend to allocate during the coming three years between $2-$3 million two to three million per year toward this goal."
He also said that the GJEPC had contacted the Diamond Administration of China (DAC), the highest ranking governmental body regulating the Chinese diamond industry, to create similar efforts for the Chinese consumer market.
International Diamond Manufacturers Association (IDMA) president Moti Ganz said GJEPC’s efforts would motivate other industry organizations to join the initiative.
"Unfortunately, past efforts to convince the major diamond producers to establish and support the International Diamond Board for diamond promotion to consumers have not succeeded despite the industry's best efforts,” he said.
“The GJECP is now pointing the industry into a new direction and as it kick starts its campaign, other industry organizations cannot but follow this example. I am confident that during our discussions at the upcoming Congress… we will develop practical plans toward the international implementation of this welcome initiative."
The International Diamond Board was established in 2009 with the aim of creating and sustaining strong consumer demand for diamonds worldwide through category marketing once De Beers stopped its generic advertising. Despite its strong aims, the organization suffered from a lack of support and never got fully off the ground leaving a gap in unified consumer promotion that has yet to be filled.
The 35th World Diamond Congress is the joint binnial meeting of IDMA and the World Federation of Diamond Bourses. It will take place in Mumbai, India from October 14-17.