'Spend Substantially on Generic Campaigns'

Shmuel Schnitzer
Shmuel Schnitzer

Ramat Gan:  Shmuel Schnitzer, Chairman of the Israel Diamond Institute Group of Companies (IDI) and past President of the Israel Diamond Exchange (IDE) and the World Federation of Diamond Bourses (WFDB), called on the Diamond Producers Association (DPA) to invest a substantial amount in the generic marketing campaign that it was planning to launch later this year.

Schnitzer was speaking in advance of the International Diamond Week in Israel, to be held February 14 – 18, 2016, which would feature a Diamond Marketing Panel including Jean Marc Liebherrer, formerly Chairman of the DPA and head of Rio Tinto’s diamond unit, among other speakers. Liebherrer was succeeded as DPA Chairman by Stephen Lussier, De Beers Executive Vice President of Marketing.

“The DPA is one of the most important initiatives of the diamond world in recent years. As the diamond organization charged with promoting awareness and enhancing demand through generic marketing, the DPA has the potential to generate great excitement among consumers. Generic marketing of diamonds is of critical importance in reinforcing the appeal of diamonds, especially to the younger generations of consumers. For this reason I am so pleased that a new generic marketing campaign will soon be underway,” he said.

Schnitzer said that a large budget would be necessary to create an effective generic campaign. “The DPA has not yet released their plans nor their activity budget, however they must at least meet, if not exceed, what De Beers spent in the past on generic promotions, which was $200 million worldwide. It is no secret that the diamond’s worldwide prestige as a symbol of love, glamour and luxury is due in large measure to the longstanding dedication of De Beers to promoting this message. It’s crucial to return to an industry-wide perspective, to hit while the iron is hot and to plan for the long term,” he said.