A Call to Action

“Call for a new generation of industry leadership,” I wrote while still in Las Vegas where I attended the American Gem Society (AGS) board meeting, meeting with a fabulous board of directors led by Ruth Batson, executive director and CEO.

Sometimes I wonder how and why I do all this – especially since only earlier this month, I also agreed to become president of the newly minted US Jewelry Council, which I am very excited about!

My peers will tell you I am an adrenaline junkie; while others shake their heads at my “wasting precious time on industry affairs instead of concentrating on business.” Well, I do it because I genuinely love our industry, as most of us do. I also want to see a vibrant diamond and jewelry business long after I am gone.

One thing is for sure, I would not be doing this without the blessing of my wife, close family and industry colleagues. As to that much needed adrenaline rush, I get that riding on my Harley-Davidson motorcycle!

Therefore, this is, in fact, a call for action – and for new drive. There are not enough of us who are giving their time, energy and means toward the furtherance of our industry's general interest, defense and growth. The issues we are dealing with are multiple and complex.

On the supply side (upstream), we are scrutinized on how we produce and source our raw materials, precious metals and gemstones. In the downstream market, we are not only facing profitability issues, but we are also competing for our slice of the consumer market pie, a slice that nominally, year-on-year, is getting smaller, as the “bandwidth” of luxury consumer products competing with diamonds and diamond jewelry gets wider.

In other words, it is high time that the industry members who belong to the Millennial generation become engaged and take an active role in helping our industry succeed in the “new normal” economy and the consumer market of which they are an integral part.

Unlike earlier generations, all industry members will, I believe, welcome the transition of industry leadership to younger public servants. As president of the Diamond Manufacturers & Importers Association of America, I am very pleased to see that members of the younger generation are starting to take on leadership positions and to pitch in.

I believe each and every member organization of IDMA has the responsibility to nurture, motivate, engage and mobilize members of the next generation to assume leadership positions in their own organizations and, ultimately, in our international trade bodies.

This is a time for proactive engagement, and by just sitting back and watching from the side-lines, we will all be hindering the future growth of our industry. We have a great industry and a fabulous product, so, sign up and make a difference!