Bruce Cleaver pledges to focus on partnerships and increasing demand
Days after he took over De Beers, new CEO Bruce Cleaver said in a blog post that he will focus on strengthening demand for diamonds and firming up existing partnerships.
He began by noting that the industry has always depended on consumer demand.
“Let’s not forget that the three biggest-ever years for consumer demand for diamond jewelry were the last three,” he wrote in a post on De Beers’ website. “And despite some recent assertions that millennials have a lower desire for diamonds than previous generations, it is clear from our research that the diamond dream remains as vibrant as ever—and millennials undoubtedly care profoundly for what diamonds symbolize.”
Still, he warned that the industry can’t take consumer demand for granted.
“As those who led the industry in the past established the diamond dream, the responsibility now falls to us collectively to nurture it, grow it, and share it around the world with consumers young and old,” he wrote.
He also stressed the importance of partnerships—a word that some felt has been missing in recent years.
“Partnerships have secured our past successes,” he wrote. “Partnerships are the cornerstone of the business. And partnerships will define our future.… We must never lose sight of the fact that for the entire diamond pipeline to succeed, every individual part of the diamond pipeline needs to succeed.”
He said the partnerships extend to the countries where De Beers mines.
Diamonds “make positive contributions to countries around the world that have used their revenues wisely, to communities that surround operations and to the beneficiaries of the practical benefits of responsible mining and ethical sourcing,” he wrote. “I’ve seen with my own eyes that diamonds do good. But I think they can—and should—do better.”
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