Everyone agrees that the diamond industry should do more generic marketing, along the lines of the fabled De Beers campaigns that created the industry. So the news that the major miners are forming a Diamond Producers Association was warmly received.
Except, as we have said before, this won’t be a new De Beers.
For one, it is starting with a $6 million budget. “Anyone who thinks he can do generic marketing on a $6 million budget, I wish him well,” says Jim Pounds, president of Dominion Diamond Corp.
Still, that might be enough to get the ball rolling, says Jean-Marc Lieberherr, head of Rio Tinto Diamonds.
“We are never going to back to the $200 million advertising on television,” he says. “The young people we are targeting don’t even watch TV. If you look at the brands that target young people, they do it with social media and digital advertising.”
The group may also look for partners down the road.
“If we have campaigns that are compelling and value-adding and others wish to contribute, we will make that possible,” Lieberherr says.
At this point, the group’s priority is finding an executive director who will carry out its mandate. And while that mandate includes increasing consumer demand and confidence in diamonds, it also entails industry research and sharing best practices as far as health and safety.
