The Diamond Registry’s Joseph Schlussel was among the industry experts who appeared in the September Jewelers Circular Keystone, the industry’s leading publication, to talk about the “State of the Industry” specifically the industry’s biggest challenge. The article titled, “Do We Sell Diamonds or Carbon?” noted the industry’s biggest challenge is to avoid the attempts to list diamonds as a commodity and get back to selling diamonds for romantic reasons.
Here are some excerpts from his article:
“The biggest threat to our industry is not synthetic manufacturers who turn carbon into diamonds. It’s commoditizers who want to turn diamond back into carbon…
“People who have devoted their lives to diamonds know they can never be a true commodity…. People don’t even agree on what an Ideal cut is. Would a narrow range of size and grade represent all Diamonds?
“We must get back to selling precious gems, not standardized sorted and graded pieces of coal. Let us educate the consumer about not only the steak but also the sizzle – the beauty, fire, brilliance and scintillation of nature’s masterpiece. Some people say it’s OK if diamonds are commoditized; you can make money on the mounting. That’s like saying forget about the steak, the real action is in the ketchup! The carbon market is hot at the moment but coals can turn into ashes. Diamonds are forever.”