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RAPAPORT...
Hong Kong Trade Fair: Senior leaders and retailers in the global jewellery trade have today issued a stark warning to the industry at a seminar at the Jewellery and Watch Fair in Hong Kong – put reputation at the heart of your business or risk compromising future success.
Speaking at the “Importance of Reputation” seminar sponsored by CIBJO (the World Jewellery Confederation,) the Council for Responsible Jewellery Practices (CRJP,) the De Beers Group, and Jewellery News Asia, Dr Gaetano Cavalieri, president of CIBJO, said: “We are witnessing the rise of the conscious consumer. The industry is addressing this shift with guiding principles for retailers around the world. Retailers need to respond – sit up, listen and take action.”
Speakers urged jewellers to ensure they are paying more than just lip service to their social, technical and ethical responsibilities to win consumer trust, highlighting how customers need to believe in the business and wider industry they’re buying from too. Bob Gannicott, chairman and CEO Aber Diamond Corporation, stressed how, “a key component of retail margin is based entirely on the level of trust – in diamond jewellery sales, lower trust equals lower margins”.
This sentiment was echoed by Beryl Raff, executive vice president of Fine Jewelry at JC Penney. She said: “Our ‘brand’ and ‘our customer’ are our two most important assets, without which we do not have a business. We must protect them at all costs. The world is changing at a rapid pace and if we do not listen we will not thrive.”
Speakers at the seminar urged retailers to take action as follows:
• Join the CRJP: CRJP CEO, Michael Rae, said: “The expression, ‘the weakest link,’ has great resonance in the jewellery industry. Following the launch of our Code of Practices in 2006, our Responsible Practices system will be launched in the first quarter of 2008. This aims to define, promote and monitor responsible practices of our members throughout the gold and diamond jewellery supply chain.”
• Get the new CIBJO quick reference guide and take action: CIBJO launched a new guide to help retailers get to grips with building customer trust. “Believe in me: a jeweller retailer’s guide to consumer trust” highlights easy-to-implement trust solutions for retailers. Free copies of the guide are available from the CIBJO website www.cibjo.org
• Download a copy of the CIBJO Blue Book: Dr Cavalieri urged retailers to download and live by the principles of the CIBJO Blue Book – the accepted world standard for disclosure and terminology, available from www.cibjo.org
The ‘Importance of Reputation’ seminar ran at the Hong Kong Trade Fair on the 26th of Sept 2007 from 10.30am-12pm. The invitation-only seminar was attended by leading trade press and business leaders from around the world.
Speakers included Dr Gaetano Cavalieri, (President, CIBJO), Michael Rae (CEO, CRJP), Jonathan Kendall (Director, De Beers Group Marketing), Bob Gannicott (Chairman & Chief Executive Officer, Aber Diamond Corporation), Beryl Raff (Executive Vice President and General Merchandise Manager of Fine Jewelry, JC Penney Company, Inc.) and Kent Wong (Director, Chow Tai Fook Jewellery Company.)
Conference Sponsor Organisations:
CIBJO – The World Jewellery Confederation
CIBJO is the international trade organisation of the world jewellery industry. Its members comprise representatives of commercial organisations and over 70 national jewellery associations in more than 34 countries. Established in 1926, CIBJO educates and communicates on matters of business responsibility by raising awareness of consumer confidence issues, distributing information and acting as a forum for the worldwide industry to debate its views.
CIBJO Blue Book: The CIBJO Blue Book is considered to be the accepted world standard for disclosure standards, outlining correct terminology, classification and ethical guidelines for coloured gemstones, diamonds and pearls. It applies to wholesalers, suppliers, manufacturers and retailers at all points in the trade internationally.
www.cibjo.org
CRJP – The Council for Responsible Jewellery Practices
The Council for Responsible Jewellery Practices is an international non-profit organisation representing 80 member companies across the gold and diamond supply chain. Council Members are committed to promoting responsible business practices in a transparent and accountable manner throughout the industry from mine to retail. Their commitment aims to maintain consumer confidence in diamond and gold jewellery products and the trust of all interested stakeholders in their industry.
www.responsiblejewellery.com
De Beers Group
De Beers, established in 1888, is the world's leading diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. De Beers and its joint venture partners operate in more than 20 countries across five continents employing nearly 22,000 people. From its 14 mines across Botswana, Namibia, South Africa and Tanzania, De Beers produces approximately 40% of the world's rough diamonds and markets approximately 45%. As part of the company's operating philosophy, De Beers encourages sustainable working to ensure long-term positive development for Africa and returns approximately US$4.9 billion to the continent every year.
www.debeersgroup.com
CMP Asia and Jewellery News Asia
CMP Asia, the organiser of the most professional international jewellery fairs in Asia, offers excellent buying opportunities to the international jewellery business, in mainland China, Hong Kong and Macau. CMP Asia’s jewellery fairs attract over 100,000 trade buyers and 4,500 exhibitors from around the world. The September Hong Kong Jewellery & Watch Fair, with over 2,500 exhibitors and 40,000 visitors, is one of the top three global fine jewellery trade events.
Jewellery News Asia, CMP Asia’s flagship magazine, is Asia’s leading jewellery trade magazine published since 1983. Valued for is editorial strength, Jewellery News Asia is widely read by the world’s jewellery trade and Asia’s manufacturing industry. Like its English counterpart, Jewellery News Asia – Chinese Edition is published in Hong Kong, targets the jewellery trade in Greater China with its comprehensive and in-depth industry news in traditional Chinese.
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