Interview with Rubel & Menasche

Interview with Rubel & Menasche
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In an interview for Rubel & Menasche, The Old Days Are Gone, A New Way Of Doing Business Is Here, Edahn discusses how lab-grown, transparency, Amazon’s low price-point jewelry, Anglo American’s takeover of De Beers, and high retailer fragmentation are influencing the diamond industry today.

A few excepts:

Lab Grown

Lab-grown diamonds are an interesting concept, among other things because of the industry’s reaction and attitude towards it. Perhaps to the diamond industry’s dismay, there is a market for gem-quality lab-grown diamonds.

Social Responsibility

There is no doubt that the diamond industry is doing a lot of good, not to mention providing jobs to some 1 million people, mostly in India and Africa. In addition, many in the industry are big contributors to social causes. This includes Indian diamond firms building and financing schools, hospitals and other essential and empowering services, Israeli firms financing soup kitchens for the hungry and so on. So in that regard, the diamond industry has a lot to be proud of, especially because most of these guys are not bragging about their activities. They simply do.

Consumers choose how much they want to dive into the details before making a decision. As an industry, we need to make sure that as much relevant information as possible is made available and whatever a consumer wants to know is accessible.

Marketing

The days of De Beers generic “A diamond is forever” marketing campaign are over. There is no point waiting for someone to pick up the effort for everyone, although it may happen. Each company needs to invest in their marketing and do the best to generate interest in their product and traffic into their stores. The De Beers that supported marketing for all is no longer around anymore, which means we have to let go of the near romantic notion that the proverbial custodian will return.

The full text of the second in a series of interviews with Rubel & Menasche’s Marianne Riou is here.

The first interview, 2014 was a very unusual year for the diamond industry, can be found here.

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