Note from the Publisher: A World of Change

The best way forward is to focus on our customers and their needs, rather than our products and our needs.

May 23, 2024  |  Martin Rapaport
Martin Rapaport diamond industry image

The world around us is undergoing a series of perfect storms. Big changes are taking place, and they are going to influence how we can make a living. The situation is serious.

Competition from synthetics, Russian sanctions, Gen Z demand, falling prices, China slowdown, India booming, Botswana beneficiation, blockchains, social responsibility, and more are forcing us to change the way we do business, with whom we do business, and even why we do business.

The best way forward is to focus on our customers and their needs rather than our products and our needs. New generations of consumers must learn about the joy of giving and receiving jewelry. Older consumers need help recycling their expensive jewelry. We must carefully position ourselves and consider: Who are the new consumers? Where are they? What are they thinking? What do they want? How do we reach them? How do we help add value to the people we buy from and sell to?

By concentrating on people rather than products we have the flexibility to create new products that customers desire. Modifying products to highlight their benefit to society — if that is what Gen Z consumers value. Recognizing the fact that millennials are older and want to have families with children and a much greater sense of security. What should we change to better serve these vital customers? What do we want to give our customers? What do they need, not just what do they want.

At Rapaport we are implementing important changes. We are relaunching the Rapaport Magazine as a jewelry-centric magazine. Price information and data presentations have been moved to a new Rapaport Diamond Report. We will also be greatly expanding our digital environment with new Rapaport.com sections, analysis, webinars, videos, podcasts, and surveys.

RapNet is introducing a new BuyNow service enabling direct Rapaport quality control, shipping, and payment services for approved RapNet buyers and suppliers. We are also introducing a new Rapaport Source Certification program that will certify the rough source of polished diamonds and provide a “Green Star” listing for socially responsible diamonds offered for sale on RapNet.

Our “State of the Diamond Industry” breakfast presentation at the JCK show will focus on significant changes taking place in the diamond and jewelry industry. It will help companies develop strategic plans that will protect and grow their business.

Our special guests will include Mmetla Masire, managing director of the Botswana government’s Okavango Diamond Company, which is responsible for selling 25% of Debswana’s annual $4 billion rough diamond production. Also participating on the stage is Maksud Agadjani, 47th Street’s super-powerful rap jeweler with 1.6 billion views on social media.

I take this opportunity to invite you to the Rapaport Breakfast at the Las Vegas JCK Show, June 2, at 8 a.m. in San Polo Ballroom, Level 3 at the Venetian. The presentation will also be available online. Registration is now available at Rapaport.com/JCK24-Breakfast

This article is from the May-June 2024 issue of Rapaport Magazine. View other articles here.

Stay up to date by signing up for our diamond and jewelry industry news and analysis.

Share

Martin Rapaport diamond industry image Note from the Publisher: A World of Change

Share with others

Search

Date
Clear all search filters