The World Diamond Mark (WDM) is an initiative created by the World Federation of Diamond Bourses (WFDB), and it aims to create a new marketing arm of the diamond and diamond jewellery sector and boost retail sales of diamonds around the world. It is an initiative that hopes to see the fulfilment of a generic marketing strategy for all players in the industry and its eventual implementation is guaranteed to increase diamond sales on a global scale.
Ernest Blom, the president of the WFDB, has said that so far the World Diamond Mark has made exceptionally strong progress and many of the major industry players have offered full support to the idea. At a recent International Diamond Trade Fair in Antwerp, Belgium, Blom elaborated on the plan for the WDM and explained how it would promote the desirability of diamond jewellery and diamonds among consumers, thus having a positive effect on the industry overall.
The chairman of the board of the World Diamond Mark Federation, Alex Popov, also addressed the crowd and talked about the abundance of support the initiative was receiving from the leading players in the industry. He mentioned that India’s Gem and Jewellery Export Promotion Council (GJEPC) were exceptionally keen on the idea and that there were numerous other large players in the diamond sector pushing for the regulatory standard to be implemented as soon as possible. Popov also said that the implementation of the WDM would lead to better brand recognition, improving diamond sales and credibility throughout the market place.
Growing the Industry
The WDM initiative is aimed at educating diamond and jewellery retailers and earning consumer confidence with a programme of accreditation valid internationally. Generic marketing strategies would be introduced to ensure blanket conformity across the industry and all diamond sales would be marketed under the same approved guidelines.
The cornerstone of the WDM is the Authorized Diamond Dealer (ADD) concept that would increase visibility of diamonds in retail outlets, making them more accessible to the public. The aim would be to increase consumers’ confidence in purchasing diamonds and make them more familiar with the quality, cut and clarity of the stones used in luxury jewellery. Jewellery retailers would receive ADD accreditation from the WFDB and become part of an international marketing strategy that increases the probability of diamonds being purchased by luxury goods buyers.
With such positive support from major players in the diamond industry, the WDM is pushing to run its first trial in the near future and hopes to become a global standard within the next few years.