Tuesday, Jul 07th

Last update10:18:25 PM GMT

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It's vacation time in the US

Dear IDMA Members, Industry Colleagues and Friends,

It's vacation time in the US and I am, once again, motorcycle riding for ten days with friends. Yes, you can laugh all you want about this gang of 50-plussers riding motor bikes, but we're out there, having great fun riding some of the back country highways in this amazing country. Each curve in the road brings surprises again and again with beautiful vistas and horizons ….

Indeed, sometimes, just sometimes, we need for a moment to sit back - even on a motor bike - and put things into perspective, and realize how small we are. And with we, I am also speaking about the fascinating and wonderful world of diamonds, gems and jewelry that we all strive to make a living in.

Before leaving on this trip, our communications director sent me a link to an article about the struggle of the luxury leather product market to find a sufficient and steady supply of quality hides suitable for their high-end purposes. Luxury leather, you say? Yes, a rather small market too, that according to the well-known consultancy firm Bain & Co. was worth globally $43 billion euros ($46 billion) in 2015. 

It is fascinating to read and realize that the similarities between our industries are many, not only with regard to 'issues' and 'problems' such as ethics, sustainability, sourcing and traceability, but also in the difficulties of steady and qualitative supply and pricing. And why would consumers look at us differently than at any other luxury product? Why would they have less demands? It is a very insightful article that will give those who read it cause to think.

Looking forward, you probably have read that the 38th World Diamond Congress will take place in mid October in Mumbai. The exact dates will be advised soonest! We'll keep you posted but please make sure you plan to attend!! IDMA's main focus will be on our market share, how to stabilize, grow and improve it, and working with our close colleagues at the WFDB to keep diamonds relevant and attractive to the consumer.

For those already on summer vacation, enjoy!

To our colleagues and friends elsewhere in the world, enjoy your seasonal recess!

Stay safe and stay tuned!

Ronnie VanderLinden, President