Rapaport Magazine
Markets & Pricing

The final cut


We’ve come a long way, baby

As the Rapaport Price List celebrates its 40th year, we ask industry execs: What are the biggest changes the industry has seen in the past four decades?

By Rapaport News
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.

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