Diamonds and precious metals are battling other luxury goods.
A panel discussion hosted at Jewellery & Watch Birmingham has outlined the need for retailers and the industry to back marketing campaigns promoting diamonds and precious metals.
The Outlook for International Jewellery, Precious Metals and Gemstone Markets seminar was hosted by Jewellery Outlook editor David Brough, who chaired a discussion with BJA chairman and Presman Mastermelt director Gary Williams, NAG chairman Pravin Pattni and Metal Focus director Philip Newman.
The discussion focused on how, as a result of the pound rising against the dollar over recent months, gold and silver now presented a good buying opportunity after sharp slides in prices of both precious metals last year.
Along with this, Brough spoke of the World Diamond Mark initiative now being promoted by the World Federation of Diamond Bourses (WFDB), based on an authorised dealer programme, to boost the global marketing of diamonds.
The panellists agreed that the UK jewellery retail sector needed to learn more about this new diamond marketing initiative, and said that fragmented jewellery marketing efforts faced stiff competition in the UK from other kinds of luxury, such as mobile phones and exotic holidays.
Gary Williams said that a more concerted marketing effort was required, across the spectrum from platinum to palladium and other precious materials, to drive forward consumer demand for fine jewellery.
Following the changes to the Platinum Guild International’s marketing efforts and the scaling back of its promotional activities in Europe, the panel said the onus was now on platinum jewellery manufacturers to promote their own platinum jewellery marketing campaigns.