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Press Release: A working group consisting of representatives of the Diamond Federation of Hong Kong (DFHK) and leading Chinese jewelry manufacturing and retail companies met with a delegation of the World Diamond Mark Foundation (WDMF) for an update on the implementation of the World Diamond Mark's (WDM) goals, the Authorized Diamond Dealers® (ADD) concept and its program. Headed by DFHK's president, Lawrence Yung Yi Ma, the working group discussed with the WDMF delegates the specific needs and conditions for the WDM and ADD programs to be implemented successfully in the Chinese jewelry retail and consumer markets. The meeting took place during the Hong Kong Jewellery & Gem Fair earlier this month. WDMF's chairman, Alex Popov, said that such meetings are essential to investigate how the WDM program needs to be shaped, adapted and formatted to fit the conditions - economically and culturally - of those markets in which the WDM will be introduced. "The most important outcome of this meeting was that, skipping the usual explanations about the need for generic diamond marketing and advertising programs, we were we were able to cut right to the chase. I was very encouraged by the participants' openness to our arguments that Asia, and in particular the Chinese jewelry retail and consumer market, is the ideal 'laboratory' to test run and ultimately roll out the full-fledged programs of the WDM. Therefore, the discussions were intense and very helpful," Popov said. He added that the WDM is in advanced negotiations with a leading Chinese jewelry retailing group to introduce the ADD program into its stores nationwide. The WDM's global objective is to ensure the health and future growth of the diamond and jewelry industry in the luxury market sector. It is based on three fundamental principles: the education of the jewelry retailers about diamonds; confidence building among consumers with the WDM accreditation program and the creation of a generic marketing program to promote diamonds and diamond jewelry, based on the ADD concept. The ADD concept is the cornerstone of the WDM program. The international diamond business community, represented by the WFDB, will accredit jewelry retailers as authorized diamond dealers. This will lead to greater and wider brand recognition of diamonds as a luxury product and to the increased visibility of diamonds in jewelry shops and outlets. Worldwide marketing campaigns will add to greater consumer confidence and enlarge the slice of diamonds in the luxury spending pie. The WDMF is a not-for-profit foundation, incorporated in Hong Kong, SAR, China.
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