While the natural diamond market remains steeped in tradition as an exceptional luxury experience, the industry continues to evolve — which includes increasingly engaging consumers online and via social media.
The industry is also leading on the ESG front, with recent initiatives spotlighting emerging designers while also fostering greater inclusivity. Here, David Kellie, chief executive officer of the Natural Diamond Council, discusses the state of the industry, which employs 10 million people worldwide.
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WWD: How is the natural diamond market responding to consumer demands for adopting more and effective ESG measures?
David Kellie: The natural diamond industry has been committed to working toward a more sustainable future for the last 20 years, despite the recent consumer demand for it. Unlike many others who may find themselves in a virtue-signaling scramble in an effort to meet consumer desires, this is longstanding, genuine work for the diamond industry.
The diamond industry puts social responsibility and environmental protection at the forefront of everything we do and takes responsibility for those dependent on the industry. The natural diamond industry supports the livelihood of 10 million people worldwide, providing safe, high-quality jobs in remote parts of the world where employment opportunities are otherwise limited. In addition to the incredible amount of employment opportunities created are investments in health care, education, critical infrastructure development and countless environmental protection efforts.
In addition to the work of our members, the Natural Diamond Council launched the Emerging Designers Diamond Initiative in 2021 alongside Lorraine Schwartz. The program aims to remove barriers of entry for Black, Indigenous and people of color designers wanting to work with natural diamonds. Through funding, mentorship and other exclusive resources, we’re working toward a more inclusive and diverse diamond industry.
WWD: How has the acceleration of e-commerce and digitalization impacted the natural diamond market?
D.K.: E-commerce and digitalization are transforming the diamond industry for those who are willing to embrace it. The diamond industry is deeply rooted in tradition, as is the case across the luxury sector, and while the in-store experience is still a coveted rite-of-passage for many purchasers, they are seeking inspiration and “stalking their prey” online.