RAPAPORT... The following video presentation is part one of two parts. View the second part now.
Diamond professionals are adjusting to a new economic reality that has set in since the downturn began in September. Not only has the recession taken hold, but a “generational revolution” has swept the U.S. and it is changing the rules of the game, said Martin Rapaport in his annual address at the Rapaport Breakfast and Conference at the 2009 JCK Vegas show.
Rapaport explained that the financial crisis is not just changing how others think about the diamond and jewelry industry but how the industry thinks about itself, its business and the future. “Many believe that the crisis will end and business will return to normal. All that is necessary is for the trade to regain confidence and bid up diamond prices,” Rapaport said. “Others recognize a new reality whereby the diamond industry must be aligned with the changed environment and trade confidence must be based on the new economic reality.”
The financial crisis, coupled with a post-Obama-election era and a shift to value-driven consumerism, has caused the diamond industry to rethink its own values and the way it does business. “Never before has there been a greater need to think strategically,” Rapaport added.
In his speech, titled "The State of the Diamond Industry," which is shown in this video, Rapaport provides a succinct outline of where the industry is halfway through 2009, gives his own view of what such “strategic thinking” should entail, and offers some solutions and food for thought on how the industry should move forward.