NEW YORK — The diamond world is in the middle of a significant shift, industry executives said at the Plumb Club Forum here.
Panelists covered a range of topics on March 3 — under the heading "It's a Rough World" — relating to the current trends and changes. They focused on how the industry is evolving from a monopoly to a multichannel and producer industry, predominantly driven by U.S. demand.
"Because there is much more awareness of building demand and catering to demand rather than just producing diamonds and then selling them into the market, it can be summed up that the diamond industry is changing from a supply-driven model to a demand-driven model," said Jeffrey Fischer, president of the International Diamond Manufacturers Association. He added that control in the industry is becoming decentralized, with countries like Russia and Canada taking charge of their own distributions.
In addition to Fischer, moderator Chiam Even-Zohar, founder of Tacy Ltd., a Tel Aviv-based consulting firm, was joined by panelists Jean-Marc Lieberherr, general manager of Rio Tinto Diamonds, and Richard Lennox, executive vice president and U.S. marketing director of Diamond Promotion Service.
The two-day industry conference hosted by the Plumb Club featured 46 U.S. jewelry and diamond manufacturers.
"We are moving into a historical time for diamonds," Even-Zohar said. "We are seeing the end of 350 years of uninterrupted London control of [diamond] distribution."
Consumer demand is still underperforming compared with competing luxury markets, said Even-Zohar, who has worked with diamonds for three decades.
Even-Zohar said African nations are assuming greater control over the distribution of their diamonds, noting that a new diamond-sorting center has been built in Botswana, in partnership with De Beers.
"The African countries are moving to cut and polish the merchandise in their own countries," Fischer said. "If they find it successful, then they will build their own models and they will start to cut more goods in their own countries. If not, they will have to reevaluate."
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)