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Shmuel Schnitzer says DPA should invest a large budget for generic diamond promotion
Cites DPA must at least meet, if not exceed, what De Beers spent in the past on generic promotions
By: Diamond World News Service
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Feb 11 2016 8:16AM
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Reference: 12670  

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Shmuel Schnitzer, Chairman of IDI
Shmuel Schnitzer, Chairman of IDI
Citing the importance of generic diamond marketing and the role of the Diamond Producers Association (DPA) for the diamond industry, Shmuel Schnitzer, Chairman of the Israel Diamond Institute Group of Companies (IDI) and past President of the Israel Diamond Exchange (IDE) and the World Federation of Diamond Bourses (WFDB), opined the DPA invest a substantial amount in its planned generic marketing campaign to be launched later this year.

“The DPA is one of the most important initiatives of the diamond world in recent years. As the diamond organization charged with promoting awareness and enhancing demand through generic marketing, the 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 that a new generic marketing campaign will soon be underway,” he said.

He further noted that, a large budget would be necessary to create an effective generic campaign. “The 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. It is no secret that 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,” he said.

Schnitzer’s words come a few days prior to the International Diamond Week in Israel, to be held February 14 – 18, 2016. The IDWI will feature Diamond Marketing Panel including Jean Marc Liebherrer, formerly Chairman of the DPA and head of Rio Tinto’s diamond unit, among other speakers. Liebherrer was succeeded as DPA Chairman by Stephen Lussier, De Beers Executive Vice President of Marketing.

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