Future facets

Rapaport Magazine asks four of the trade’s top execs: What innovation would you like to see in the diamond and jewelry sector in the coming years, and why?

Bruno Scarselli
Partner, Scarselli Diamonds Our industry is in the middle of a crisis. Bank financing [has] contracted from $14 billion to $4 billion, banks’ confidence is at the lowest level, consumers’ confidence is shaken, [chemical vapor deposition (CVD) diamonds] are at the center of an industry discussion. The industry needs to react cohesively and swiftly, but there are no leaders. We have filed an innovative patent for the commercialization of a technology to generate billions in new capital inflow to the diamond industry while securing industry standards [via] a blockchain platform, thus generating confidence for the entire ecosystem — mines, diamond manufacturers, banks, insurance, retailers and consumers.

Beth Gerstein
Cofounder and co-CEO, Brilliant Earth We think there’s a great opportunity to offer customers a shopping experience that’s memorable, high-touch and personalized. We would also like to see a redefined retail environment that is seamlessly integrated across channels, utilizes tech-enabled tools to aid decision-making, and allows for the creation of personalized products. We choose to focus on offering a memorable, high-touch and personalized experience because it’s reflective of the expectations we’re seeing in the marketplace. Customers...want to shop how, where and when they want. We want to provide a convenient and enjoyable shopping experience that meets and exceeds their expectations.

Terry W. Chandler
President and CEO, the Diamond Council of America We have to learn to speak millennial. Our industry has to learn how to build relationships with millennial consumers. I don’t think we’ve done a good enough job yet. Millennials have a different perspective. They want relationships; they want you to be green; they want transparency. Research shows that they like our product, and they like nice things. But we’re still speaking a language they don’t understand. My advice? Hire millennials now, and let them tell you what millennials want. They want to work with you, not for you. Also, engage millennial consumers. Create an advisory board of millennials. Take them out to dinner, listen to what they have to say, then act.

Todd Reed
Jewelry designer and CEO, Todd Reed The first thing that comes to mind is to Make Diamonds Special Again. One way to do this is to slow down the mining. This will help justify the high prices, encourage higher design, and bring back the sensibility of what makes diamonds so special. I love diamonds, but in the last 10 to 15 years, what was once special has become “seen it, done it.” If we slow down mining and advocate for more creativity within our own industry, we can foster more curiosity in consumers.

Image: Adobe stock

Article from the Rapaport Magazine - March 2019. To subscribe click here.

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