The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Getting it done
As has already been widely reported, the newly introduced Diamond Source Warranty Protocol (which I assume eventually we’ll call the DSWP) wasn’t exactly met with widespread applause at the recent World Diamond Congress held in Mumbai.
The protocol, at the end of the day, is voluntary. If you are the type of jeweler that does not want to deal in goods from a specific entity or country, let’s just say for example Zimbabwe (strictly a completely random example, of course), then you can use the protocol to receive legal assurance that your diamonds did not originate there and you will work to find suppliers who are willing to play along.
If you don’t care, feel that your business can’t bear the extra costs or don’t have time for the added hassle, then don’t use the protocol or don’t deal with retailers that want to use it. It’s as simple as that.
Outside of the critiques of the protocol listed above, there was another that popped up in post-event coverage that I think can be answered more easily right now. And that is: why weren’t industry parties outside of JA, the DMIA and the JVC consulted in the development of the protocol?
The answer, I believe, is pretty obvious: the industry collectively struggles to come together and make decisions in a timely manner.
Let’s look at one example from the recent congress.
For months leading up to the event, it was obvious that the industry felt that it had to do something about the dearth of generic marketing for diamonds. I observed as much in a past blog, and a number of players at the congress actually labeled the lack of promotion, and resulting drop in consumer demand, as the industry’s single biggest problem right now.
To this end, at the congress the World Federation of Diamond Bourses announced a new “partnership initiative” called the World Diamond Mark.
According to a release on the mark (though I could wallpaper my apartment with the volume of congress press releases I received, I somehow missed this one), it will be based in Hong Kong and is “the new marketing arm of the entire diamond and diamond jewelry industry.” More details on the mark apparently are forthcoming, as is its website,
The creation of the mark comes a few years after the failure of a marketing body called the International Diamond Board (IDB), the industry’s 2009 attempt at creating a worldwide generic marketing campaign for diamonds.
The IDB died a slow death over many months, and here we are three years later, starting at square one again with this new World Diamond Mark.
Given the industry’s track record on coming to agreements, it’s no wonder why JA, the DMIA and the JVC didn’t want to bring the protocol to the broader global table. It would have been bogged down in endless political wrangling for years, and even may have eventually just died on the vine. And perhaps these organizations feel that they didn’t have that kind of time to waste, especially considering the possibility that diamonds could be added to the portion of the U.S.’s Dodd-Frank Act that regulates sourcing of "conflict" minerals.
As the saying goes, sometimes it’s better to beg for forgiveness than ask permission.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.