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What’s Happened to Generic Diamond Promotions?
The various diamond-mining companies have from time to time understood and conducted various product awareness programs among the consumers as a part of their marketing strategy.
By: Diamond World News Service
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May 7 2010 2:07PM
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Reference: 4928  

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Eli Avidar, Managing Director, Israel Diamond Institute Group of Companies

The Israel Diamond Institute Group of Companies (IDI) is a non-profit, public interest company, which represents all organizations and institutions involved in the Israeli Diamond Industry. Eli Avidar, Managing Director of IDI gives his views on the importance of generic diamond promotions.

Diamond World: How important are the generic promotions for diamonds in today's scenario where diamond jewellery has to compete with other luxury goods?

Eli Avidar : Generic promotions are extremely important because of the huge competition from luxury items, not necessarily jewellery. Generic promotions will position the diamond in its place as a valuable product and a leading one among luxury goods.

Diamond World:Can you tell us the major generic promotions for diamonds that you have had in Israel in the last ten years. How successful have these promotion programs been?

Eli Avidar: We have not had generic promotions in Israel. Israel is a very small market.

Diamond World:From the generic diamond promotions who of the two – retailer or manufacturer – benefit the most and why?

Eli Avidar: Everyone will benefit. The whole pipeline will benefit and maybe it can stop the shrinking process of the pipeline, which started even before the global economic crisis.

Diamond World:What are the mistakes that have taken place in the method of the generic diamond promotions? What are the major lessons you have learnt from them?

Eli Avidar: The main problem is that the generic promotion has been going through a decrease in the last 10 years and we see the result in the decrease of interest among young customers. We simply need to start promoting diamonds again and in a language and values suitable for the current era.

Diamond World:Can you tell us what are your association's plans and strategies in promoting diamonds in the coming months?

Eli Avidar: We mainly promote diamonds through our international activities through public activities in some countries. China, India, Panama and more.

Sanjay Kothari, Convener, Marketing and Promotions, Gem and Jewellery Export Promotion Council

The Gem & Jewellery Export Promotion Council (GJEPC) is an all - India apex body for Gem & Jewellery representing 6,500 members. Set up in 1966, it operates under the supervision of the Ministry of Commerce & Industry, Government of India. The Council is primarily involved in introducing the Indian gem & jewellery products to the international market and promotes their exports. To achieve this, the Council provides market information to its members regarding foreign trade inquiries, trade and tariff regulations, rates of import duties, and information about jewellery fairs and exhibitions. In the second half of 2009, GJEPC held the first India Diamond Jewellery Promotion Program under the name ANANT. Sanjay Kothari, Convener, Marketing, and Promotions, GJEPC talks about the program, its success, the lessons learnt, and future plans.

Diamond World:How important are the generic promotions for diamonds in today's scenario where diamond jewellery has to compete with other luxury goods?

Sanjay Kothari : Generic diamond promotions are essential. Earlier De Beers did it for around 10 to 15 years; thereby we have been seeing 10 to 20 per cent increase in sales of diamond jewellery in the country. However, since two to three years, De Beers have stopped generic promotions and no one was doing it. We, as a Council, took this opportunity to promote diamonds under the banner of ANANT. It is a generic promotion of diamonds that is essential and required. The sale of diamond and diamond jewellery as an accessory or an investment needs to remain in focus. That is the whole idea.

Diamond World:How much do you think generic diamond promotions have been successful in India in the past ten years?

Sanjay Kothari: Prior to 15 to 20 years, the diamond market in the country was very small as compared to what it is today. Due to the promotional efforts by De Beers in the last 15 years, the market has been growing by 10 to 15 per cent every year. Today it has gone up more than US$ two billion. It is estimated that the India is probably the third or fourth largest country in consumption of diamonds after the United States of America and Japan.

Diamond World:From the generic diamond promotions who of the two – retailer or manufacturer – benefit the most and why?

Sanjay Kothari: The entire chain, which comprises mining companies, diamond manufacturers, jewellery retailers and the consumers, benefit from these promotions. Apart from being an adornment, fashion accessory and a symbol of love, trust and affection, if the prices of diamonds increase at a consistent rate of two to three per cent, it would be a little bit better from investment point of view resulting in increase of sales. So generic promotion is beneficial to the whole line.

Diamond World:ANANT was held from 19 September, 2009 to 14 February, 2010. Has the program helped in boosting diamond trade within India? Could you give the reasons?

Sanjay Kothari: Though ANANT was originally planned to run until Valentine’s Day, we continued the program until Akshaya Tritiya. I would not say the program was a great success story. The direct benefits are not so great. Any new venture needs to be given time of three years to get proper results. This was the first year so the program was initiated. It is also the first time in the history of the diamond industry anywhere in the world where mining companies, manufacturers, and jewellers have jointly made efforts to promote this product. The collective effort undertaken by the Council is beneficial to even the small jewellery manufacturers or retailers. Not everyone can spend huge amount of money. The program has to be done on a sustained basis for three years. What direct benefit people have from the program needs to be judged. We have heard that the participating retailers have benefited to some extent. The whole idea is to attract people to their showrooms that has succeeded to a certain extent.

Diamond World:What are the mistakes that have taken place in the method of the generic diamond promotions? What are the major lessons you have learnt from them?

Sanjay Kothari: Involvement of the retailers is necessary. They need to promote ANANT side by side their own promotions. Then only the program would benefit everybody. Just spending two to four lakhs of rupees and being a part of the program does not help. There is a need for the retailers to make their stores visible with ANANT. In addition, if the retailers are getting Sonam’s picture to use, what more do they want in this three to four lakhs of rupees. They can utilise the picture for six months to one year. The retailers have also to be proactive. Then it can benefit everybody. Yes, mistakes have been done. With whatever resources we had, we tried to spread across many channels, hoardings, newspapers, magazines, etc. We should have done it only in certain avenues. We will be taking care of that in the next season of the program. Other promotional effort that will attract consumers to the retail showroom will be looked into. Only advertisements are probably not enough to attract the consumers to the showrooms.

Diamond World:What suggestions do you give for improving the generic diamond promotions in the country?

Sanjay Kothari: We will try to convince people. Unless people and retailers do not become a part of it, ANANT cannot succeed. So more retailers should participate in the program. Otherwise, whatever amount the Council and mining companies spend is not going to prove beneficial. Every retailer or manufacturer has to put in money if they want to see the product properly sold. A godfather is not going to take care of you throughout your life. De Beers was there and they were spending money for promotions. At that time, we did not spend anything for promotions. Now, we will have to spend from our own pockets. This year too we will continue the program until Akshaya Tritiya. We will hopefully continue the program next year also, provided everyone joins.

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