In May 2015, seven of the world’s leading diamond mining companies came together to form the Diamond Producers Association (DPA). Alrosa, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds and Gem Diamonds established the PDA to “work together to support the development of the diamond sector”, focusing on marketing initiatives, enhancing consumer demand, trade and consumer research, among other activities.
The DPA, led Chairman Stephen Lussier, a senior De Beers executive and President of the diamond giant’s Forevermark brand, and CEO Jean-Marc Lieberherr, formerly head of Rio Tinto’s diamond division, recently launched the “Rare is Real” campaign. The campaign targets Millennials (ages 18 to 35) and according to a recent piece in Rough & Polished, the DPA’s target was to bring “the diamond dream” to a new generation.
The three goals of the campaign, according to DPA CEO Jean-Marc Lieberherr, is “to create an ongoing emotional connection with current and future diamond consumers, to construct trust and confidence in diamonds and the gems trade, and to develop further the diamond trade’s business practices from mine to market”.
According to the DPA’s presentation of the campaign, Millennials are a tough nut to crack: they have a “reluctant” attitude to diamonds, they see them as part of past generations’ desires, and do not want diamonds imposed on them.
There is hope at the end of this tunnel, though, as diamonds are a good fit for this generation’s desire for real connections and real experiences. According to the piece, Stephen Lussier also stressed the value of diamonds being “inherently rare, precious and having enduring value, as opposed to lab-grown stones”. In addition, research finds that millennials consider diamond jewelry as being “too formal” and that diamonds may appear to their peers as being rather blingy. Therefore, when they do buy something, they want it to have a significant personal meaning.
Although it is way too early to judge whether the Diamond Producers Association project is a success, the piece concludes, the new campaign at least acknowledges the industry’s challenges with that specific age group, and the means it can use to attract them to buy diamonds.
