Newly-elected Israel Diamond Institute Group of Companies (IDI) chairman Shmuel Schnitzer, has called on the Diamond Producers Association (DPA) to invest a “substantial amount” on generic advertising.
Schnitzer made his statement ahead of the International Diamond Week in Israel (IDWI), where a diamond marketing panel including recently stood down DPA chairman Marc Liebherr among others, will likely address issues regarding advertising.
The IDI chairman said that the DPA has yet to release either their plans or activity budget, but he urged them to attempt to match the $200 million it is thought De Beers spent on previous generic advertising. Schnitzer added that an industry-wide perspective was crucial if the industry wanted to plan for the long term.
“The DPA is one of the most important initiatives of the diamond world in recent years. As the diamond organization charged with promoting awareness and enhancing demand through generic marketing, the DPA has the potential to generate great excitement among consumers. Generic marketing of diamonds is of critical importance in reinforcing the appeal of diamonds, especially to the younger generations of consumers,” he said.
