Susan Jacques
CEO and president, The Gemological Institute of America
(GIA)
There have been many changes in our industry during the last
40 years: new supplies of diamond rough from Australia, Canada and Russia; the
advent of India as a major diamond manufacturing center; changes in retail and
consumer tastes; the move to online sales; and the growth of China and India as
consumer markets, to name some of the most significant.
From the GIA’s perspective as an independent institute with
an important mission to ensure consumer trust, perhaps the most significant
change was the advent of gemstone treatments and the introduction of synthetic
colored stones and diamonds. While these developments expanded the availability
of beautiful gems to many more consumers, they also increased the opportunity for
deception, which is why disclosure backed by research-based laboratory
identification and grading services is so vital to maintain that all-important
consumer trust.
Cecilia Garner
Legal services consultant for the jewelry industry
Former president and CEO, Jewelers Vigilance Committee (JVC)
Conscious and responsible sourcing is a grassroots movement
that ultimately caused a fundamental change in the jewelry industry. The
locations from which jewelry products are extracted, the impacts on
communities, and the manner by which products are brought to market are now
subject to scrutiny by government, social action groups and industry
members. Companies large and small have
reacted by incorporating the values of responsible and sustainable production
and transparent business practices into their business models.
Some of this change was motivated by compliance with
additional governmental requirements. But it also derived from the recognition
by industry members that the communities that produce our products are our
business partners and must be positively impacted by the resource they produce
to sustain
our business.
This change has manifested itself in new industry
organizations like the Responsible Jewelry Council, Jewelry Industry Summit,
Ethical Metalsmiths, and Fairmined Gold. Responsible, sustainable sourcing has
become a marketing tool leveraged by every sector and is a key value today.
Harold Dupuy
Vice president of strategic analysis, Stuller
The past 40 years cover an enormous amount of change — the
advent of the internet; the shifting of retail from a transactional purchase of
product to experiential moments; increasing digital presence online and in stores;
and the macro trend of mass-customization in all product categories. The common
underlying factor of all the aforementioned is the rapidly changing
technologies that serve as the foundation. However, technology advancement in
itself is not the most important change. It only serves to support the seismic
shift from mass marketing to customer-centric personalization, with a much
greater focus on the shopping experience rather than the actual product.
Mark Hanna
CEO, Richline Group
I love answering a question with questions! So, while
sitting in my music room listening to the Bee Gees, which took me back to 1978,
I pondered:
What happened to the price of gold? The price per ounce in
1978 averaged $208. Today it was $1,217.
What’s the internet? [To answer that,] I would need to wait
until August 6, 1991, when the World Wide Web went live to the world.
What’s a mobile phone? In 1992, I found out. IBM created a
device called the Simon Personal Communicator, more than 15 years before
Apple’s iPhone.
What’s online shopping? In 1995, I bought a book online from
some new start-up as Amazon.com launched its shopping site.
Will technology products become must-have items and impact
consumer spending on jewelry? Who knew that luxury electronic goods,
particularly smart phones and tablets, would grow four times more quickly than
spending in the luxury jewelry category between 2004 and 2013 online.
When will we invent man-made diamonds? Just read anything
these days, especially about Lightbox.
What’s this new consumer called the millennial? Millennials
are increasingly sourcing luxury fashion ideas from social media.
Where are the great marketing campaigns? “A Diamond Is
Forever” and “Nothing Else Feels Like Real Gold”?
The most popular song 40 years ago is the theme for jewelers
managing these changes productively today: “Stayin’ Alive”!
Article from the Rapaport Magazine - August 2018. To subscribe click here.