Israel Diamond Institute Group of Companies (IDI) is calling on the Diamond Producers Association (DPA) to invest $200 million U.S. or more in a generic marketing campaign it is planning to launch later this year.
Speaking in advance of International Diamond Week in Israel held Feb. 14 to 18, IDI chair Shmuel Schnitzer said a large budget would be necessary to create an effective generic campaign.
“DPA has not yet released their plans nor their activity budget, however, they must at least meet, if not exceed, what De Beers spent in the past on generic promotions, which was $200 million worldwide,” he said.
“It is no secret the diamond’s worldwide prestige as a symbol of love, glamour, and luxury is due in large measure to the longstanding dedication of De Beers to promoting this message. It’s crucial to return to an industry-wide perspective, to hit while the iron is hot and to plan for the long term.”
When it was formed last June, DPA said it had an initial minimum annual budget of $6 million U.S.
“DPA is one of the most important initiatives of the diamond world in recent years,” Schnitzer continued. “As the diamond organization charged with promoting awareness and enhancing demand through generic marketing, DPA has the potential to generate great excitement among consumers. Generic marketing of diamonds is of critical importance in reinforcing the appeal of diamonds, especially to the younger generations of consumers. For this reason, I am so pleased a new generic marketing campaign will soon be underway.”
A diamond marketing panel is one of the highlights at International Diamond Week. It will include Jean Marc Liebherrer, former chair of the DPA. Liebherrer—who previously served as head of Rio Tinto’s diamond unit—was succeeded as DPA chair by Stephen Lussier, De Beers’ executive vice-president of marketing.
