What's Happening?
Ronnie VanderLinden, vice president of the World Diamond Council, has issued a warning to the diamond industry about the need for unity to ensure a positive outcome by the end of 2026. VanderLinden emphasized
the importance of collective marketing efforts, particularly in light of the failed Luanda Accord, which aimed to promote natural diamonds against the rise of lab-grown alternatives. The lack of sufficient advertising for natural diamonds, especially in the U.S. market, has been noted as a significant issue. VanderLinden also highlighted the impact of U.S. tariffs on the industry and the need for a trade agreement with India to alleviate these pressures.
Why It's Important?
The diamond industry's current challenges highlight the critical role of marketing and international cooperation in maintaining market share against synthetic alternatives. The failure to implement the Luanda Accord reflects broader issues within the industry regarding resource allocation and strategic planning. The emphasis on U.S. tariffs underscores the global nature of the diamond trade and the potential economic impacts of geopolitical decisions. VanderLinden's call for unity suggests that without coordinated efforts, the industry may struggle to compete effectively, potentially leading to economic losses for stakeholders involved in natural diamond production and sales.
