The first in a series of webinars on the future of diamonds looks at sustainability: What is it, and why does it matter?…
RAPAPORT… Sustainability has emerged as a key driver of business strategy in recent years, growing from the need to protect the planet, uplift communities and ensure that products and services make a positive contribution to society.
But what is driving this interest? And what does sustainability encompass? Is there a sustainability premium, and if so, how much is it? How are brands approaching their sustainability programs?
These themes were center stage in the first of a series of webinars, sponsored by Sarine Technologies and titled Fast-Tracking the Future. The panelists were Florence Inumaru, the director of transversal projects at jewelry maison Boucheron; Shikha Jain, a partner at consultancy firm Simon-Kucher & Partners; and David Prager, executive vice president and chief brand officer at De Beers.
Follow this important and wide-ranging discussion, moderated by Rapaport’s Avi Krawitz, in the video above.
Some comments from the webinar chatroom:
• “I am in South Africa, very close to the mines. I don’t believe diamonds can be traced 100%. Provenance is a mere commercial pitch.”
• “What is important is to try, not to be perfect. :)”
• “If brands are not communicating at all, consumers and others assume that nothing is being done at all.”
• “Some of [us] ‘small’ guys have been successfully selling specialty-cut diamonds at a premium for years. I see this as another arrow in our quiver.”
• “If you’re doing SOMETHING at the upstream (mining) or cutting (midstream), please talk about it. Your clients will be grateful to know more about your small and big steps.”
• “David’s point on investing in women entrepreneurs is a great point heading into International Women’s Day/Month.”
• “Unfortunately, provenance is more than a self-fulfilling prophecy.”
• “The ‘trust’ message can begin — easily — by making a few adjustments to the brand’s main website: While personal security is a thing to be addressed, transparency is critical in the digital age, and consumers across the generations want to know that they are not accessing a questionable site. Disclosing the location/address of the office and even a phone number is a critical first step in confirming the business is legitimate, and the consumer will begin to trust. Even if the company is set up for chat or email contact only, providing information in the lower banner of the website to demonstrate legitimacy is a critical first step.”