The recent holiday season provided us with a great opportunity to ponder the past year and assess the impact of 2014’s major developments, with a view to improving our overall performance in the year ahead.
The diamond industry is an international industry that reaches across the borders of our global world. It bridges across cultures, nations, religious beliefs, languages and ways of life. The information we share comes from many and diverse sources and spreads around the world to spark the industry.
De Beers used to run and manage generic diamond marketing for the entire diamond industry, even though it was not a diamond polisher, jewellery maker or retailer. De Beers did this because it was the world’s largest rough diamond supplier, the source of more than 80% of the supply of goods.
Man-made Diamonds, lab-made Diamonds, lab grown diamonds, synthetic diamonds and many other names have been given to what many consider to be a threat to the diamond industry. When referring to the matter it is almost as if people are asking, “to be or not to be?” I say: to be and to thrive.
I believe increased transparency could change the future of the diamond industry. There are two main types of transparency now needed - pricing transparency and operational transparency.