The global diamond industry is under fire for neglecting category-wide marketing, a lapse that leading figures say could jeopardize its long-term success. Speaking at the Facets 2024 conference in Antwerp, De Beers CEO Al Cook and other executives urged the trade to take collective responsibility for promoting natural diamonds.
A Call to Action
Cook acknowledged that the industry has relied too heavily on past generations’ marketing efforts, including De Beers’ own campaigns, without sustaining these initiatives. “We’ve taken this for granted for too long,” Cook told an audience of over 500 attendees.
He stressed that promoting natural diamonds shouldn’t fall solely on De Beers and Botswana. “We need everyone to step up,” he said. “It’s about all of us paying our share toward diamond marketing, ensuring the highest standards of sustainability, transparency, and ethics throughout the value chain—from the mine to the customer.”
A Decade of Missed Opportunities
Since De Beers ceased category-wide promotions 15 years ago, the industry has struggled to fill the gap. The situation worsened when Alrosa, the Russian diamond giant, withdrew from the Natural Diamond Council (NDC) following the Russia-Ukraine conflict, cutting the NDC’s budget by half.
“No one sees the value of marketing until it’s gone,” remarked David Kellie, CEO of the NDC. Speaking at a panel, Kellie highlighted how the industry failed to capitalize on favorable conditions over the last decade, such as reduced diamond production, a rising global middle class, and a luxury market boom.
“We’ve wasted an opportunity,” he said. “We could be flourishing, but instead, we’ve blown it. If today’s leaders can’t recognize the importance of investing in marketing, it’s time to leave this challenge to the next generation.”
Kellie also praised Antwerp, Dubai, and India for initiating discussions on creating an industry-wide marketing fund.
Positive Signs for the Holiday Season
Despite the criticism, there are glimmers of optimism. Cook revealed that De Beers has been “positively surprised” by strong retail performance in the 2024 holiday season. U.S. jewelry sales rose 7.4% year-on-year in October, according to Tenoris, while independent jewelers saw a 15% increase in gross sales, per The Edge Retail Academy.
Cook also pointed to a 5% rise in S&P 500 wealth since Donald Trump’s presidency as a factor boosting holiday spending. “The people buying diamonds this season are wealthier than they were before,” he explained.
India’s domestic jewelry market is also thriving, though China remains a “black spot,” Cook noted.