On the sidelines of the JCK Las Vegas show, a deeper conversation was taking place than the usual negotiation for goods. Numerous educational seminars and keynote addresses urged businesses to move beyond simple product and price transactions and think long-term to ensure industry growth.
While De Beers management challenged jewelers and diamantaires to assess what they’re doing to keep the “diamond dream” alive, Martin Rapaport, chairman of the Rapaport Group, called on the entire pipeline to focus on the final 18 inches that the product must move across the jewelry counter for the customer’s purchase.
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“We have to think what we can do with the last 18 inches that is going to make it possible for us to charge higher prices for diamonds and sell more of them,” Rapaport said during the Rapaport Breakfast at the JCK show. “If we can do that, then everyone is a winner, from the miners to the manufacturers, dealers, wholesalers and retailers.”
“Doing so, he explained, requires a unified effort in which the idea that you have to look after your customer’s customer’s customer becomes part of the diamond industry culture.”
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” The idea that you have to look after your customer’s customer’s customer becomes part of the diamond industry culture.”
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Rapaport argued that higher prices can only come from jewelers, without whom, mining, manufacturing, merchandising and marketing activities would be worthless. With polished price increases persistently lagging behind the rough price rises, he stressed that growth cannot be driven from the rough mining sector because if people downstream don’t make money, the miners won’t be able to market and sell their product.
– Diamonds and desire in jewelry
– Industry must embrace brands, de beers execs say
– Have you asked women?
