Diamonds are widely accepted as beautiful, meaningful, valuable and desirable. They are also understood as portable, rare and concentrated stores of wealth. These modern perceptions are based in truth but are largely the product of a developing diamond manufacturing industry marketing its products over the last 100 years.
While it is true that diamonds are relatively expensive, rare, hard to find, mine, cut and polish, finance and market, the most important percept created by the industry promoting diamonds is simply expressed in their best known brand statement “A Diamond Is Forever.” Yet exactly what ”is forever” is always up to the perceiver. As an idea in the promotion of diamonds, the salient message remains, on Elizabeth Taylor’s bosom, a finger or in a vault box, lovers and investors believe diamonds are a limited resource with deep and lasting value.
Welcome to the fourth annual report on the global diamond industry prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company. Last year’s report, Journey through the Value Chain, focused on providing the investment community with a detailed understanding of the road to market for rough and polished diamonds.
In this year’s edition: Diamonds: Timeless Gems in A Changing World, we focus on key challenges facing the industry, initiatives under way to address them, and possible outcomes that would support the industry’s continued growth. We believe that the challenges explored in this report also present opportunities for all players in the diamond industry and for the investment community.