Podcast: The Need for Diamond Marketing

The diamond industry still needs to invest in promoting its product, or it will face continued losses, according to Antwerp trader Shashin Choksi. 

The sector has failed to make progress in this area since Choksi cowrote an opinion article on the subject for Rapaport in 2019, he said on episode 119 of the Rapaport Diamond Podcast.  

The article, which called for levies on diamond exports to help fund marketing, “ended up [landing] on deaf ears,” lamented the managing director of diamond supplier Swati Gems in his conversation with Rapaport’s Joshua Freedman. “Everybody…in the trade, from the miner to the small retailer, lost money in the last couple of years — [a] huge amount of money. People prefer to lose money instead of investing a tiny bit into marketing, which is so crucial.” 

The merchant reiterated his desire for diamond exporters to direct a fraction of their revenue to industry marketing. “If [I] can’t afford to add…$0.25 on every $100 I sell, I don’t deserve to be in this business,” he argued. 

During the podcast, the dealer related the history and focus of Swati Gems, reflected on the state of the Antwerp diamond industry, and explained how the high-profile India wedding of billionaire heir Anant Ambani to Radhika Merchant had benefited the jewelry sector. He also spoke about the importance of maintaining high ethical standards and communication to protect the diamond trade’s image.  

“Not long ago, there was a negative article in a Belgian newspaper. I was so hurt to read the comments of the local people about the product [online],” Choksi said. “Many of them are wrong, but who is there to teach them or to tell them?” 

Listen to the podcast here: