January 27, 2020 - Jewellery World

It seems that 2020 is already a year bringing about significant change to the jewellery industry with new buying groups, new technology and now new support for the industry.

Recently announced is the Jewellery Industry Summit, which aims to ‘empower, inspire and enable businesses to succeed into the future’, according to event organiser Laura Moore from Moore Events Australia.

Moore started her career in the Jewellery Industry in 2006 where she worked as the Marketing Manager for Peter W Beck. During her time there she volunteered on the board of the JAA and also helped set up the Academy of Jewellery Manufacture and Design. Moore founded The Marketing Mind in 2016, a successful company assisting businesses in their marketing function, and in most recent years she has worked with some of Australia’s largest brands and on some major events such as the Australian Open, Supercars, WOMAD and Adelaide Fringe Festival.

The new Jewellery Industry Summit has taken a fresh approach to events held in the jewellery industry with the focus being on supporting business through education and services. 6 months out and the Summit already has a packed agenda with speakers from Channel 9 and PwC confirmed.

We sat down with Laura, Director at Moore Events Australia to talk more about this exciting event.

Laura, you have been in the industry for a while now, what made you want to create this event?

I’ve always been incredibly passionate about the jewellery industry and have for many years now worked in a range of different ways to help businesses and the industry grow. This event is the culmination of lots of conversations over many years with different jewellery businesses, associations and educators.

Explain the format of the Summit.

The Summit is made up of many different features and will run over two days. Guests will have access to multiple different workshops where they can learn both business skills and also jewellery handskills. There are lots of amazing speakers to present during both days of the summit on topics that effect the industry and business functions, and we have some incredible exhibitors who will provide a range of different services to the industry, both in jewellery specific services and also business services.

The Jewellery Industry Summit will also host a range of different networking events, the first being at the Summit on the Friday at the Wine Centre after a Q&A with some of the industry’s leaders.

There are so many more exciting and interesting guest experiences, some of which will be announced and some which guests will have to wait to experience on the day.

How do you see this benefiting the industry this year and in the future?

There are so many facets to this brilliant industry, that I see the Summit as a platform to bring everyone together to work to build and lift the industry. By adding experienced companies to contribute to jewellery businesses and focusing on learning and encouraging growth, I definitely see this event being the centre point of the industry working together each year. All associations, all types of businesses, young and more mature members, all working on building a bright future.

Is there a reason that Adelaide was chosen over another major city?

Adelaide was chosen because not only did it provide a beautiful venue as the backdrop to this inaugural summit, but it’s also nice and central to make the event more accessible for WA, VIC and TAS businesses, whilst not being too far for NSW or QLD businesses either.

The state also has so many options for holiday experiences. We are putting together a range of travel packages for guests to book after the summit, to the Barossa Valley or Flinders Ranges meaning guests can attend to build their business and then have a couple of days relaxing to digest everything they have experienced.

What do you hope people will take away from the experience?

I hope they take away a sense of excitement and confidence about what the future holds for their business. My vision for the Summit has really been to give back as much support for all kinds of businesses, from retailers to manufacturers, to importers and suppliers, gemmologists, valuers, everyone who contributes to the make up of the industry. So the goal is to ensure that everyone of our guests, no matter what their business or background, can attend the summit and gain knowledge, a valuable connection and network and have fun with their peers.

What kind of speakers and exhibitors are involved?

We are working with companies who work with small and large businesses in a range of different areas. We have some huge brands attending, some significant industry leaders attending and some very experienced business men and women presenting their knowledge. The mix of expertise is very broad actually, including accounting, OHS, digital, marketing, refining, CAD CAM, customer service, diamonds, insurance, education, and the list goes on and on!

From the website, clearly there is a strong level of support already, are you surprised about the feedback you’ve received so far?

I think the support and amount of positive feedback that I’ve received so far is just indicative of how much the industry has been wanting and needing something like this. I’m thrilled to receive a significant amount of support from some incredible businesses and sponsors and also companies that have never dealt with the jewellery industry before who can see the potential of this event.

What does the future of the Summit look like?

The Summit is geared to grow each year where the format will be reflective of what the industry needs. We will be working hard to ensure that it remains relevant and that guests and exhibitors see value out of attending.

Lab Grown Diamonds to follow rapid US growth

Thursday 12th December 2019The saying goes, “Pioneers end with arrows in the back and settlers make money”. Michael Hill International (MHI) have been criticized for…

Thursday 12th December 2019

The saying goes, “Pioneers end with arrows in the back and settlers make money”. Michael Hill International (MHI) have been criticized for their advertising of Laboratory-grown diamonds (LGD), but as an Industry magazine we feel a duty to give a voice to both sides of the story for the industry. Showcase started the ball rolling with the introduction of ALTR Created Diamonds into store. ALTR CEO Amish Shah said he has removed many arrows from his back. While some may criticize the move, MHI should be applauded by the trade for opening the doors wider by accepting that LGD has a place in the industry and in their stores. With the confusion in the industry round synthetic or created or Laboratory-grown diamonds there is no wonder retailers are also confused when promoting LGD to the consumer.

Our December magazine provides updates on CIBJO’s plans to create a Laboratory-grown Diamonds Committee to manage rapid changes they see in the industry. In only a matter of weeks, however, I have been inundated with fresh developments in the LGD segment, that point to rapid growth in the sector. From news of changes to tariff regulations for lab-grown diamonds, to Goldmark’s launch of lab-grown diamonds last week and Michael Hill’s announcement that their Lab-grown diamonds trial is set to expand further in the next six months. The industry has picked up pace to prepare for a steep growth curve, that has been seen in the US over recent years.

An interview this month with the CEO of ALTR Created Diamonds, on Fox News in the US, referred to Lab-Created Diamonds as a US$150m industry in 2016 but estimated that in 2020 it will be a USD $1 billion industry.

For industry observers, the magnitude of this change was foreseeable. ‘Near term and high potential impact’ was how Bain & Co. categorised three interconnected trends affecting the Diamond Industry in their 2018 report – digital technologies, developments in Laboratory-grown diamonds; and generational shifts in consumer preferences. Their report predicted an annual growth rate in the sector of 15% – 20%.

Last month Grand View Research Inc released figures showing that while the Global Diamond Market as a whole is expected to grow at a rate of 3 per cent (CAGR) to reach well over USD 120 billion by 2030; LGD will grow at more than triple that rate, at 10% CAGR and are expected to account for USD 15 billion by 2035.

In January of this year, Stockhead.com quoted independent diamond analyst Paul Zimnisky, “I see the Laboratory-grown diamond jewellery market growing from $US2 billion today to $US15 billion by 2035, with market share encroaching more on the fashion jewellery market than the fine jewellery market”.

Others have been more bullish, LGD start-up, Diamond Foundry’s Martin Roscheisen was quoted in December 2018, as saying the industry could eclipse mined diamonds by 2030, citing a doubling of the company’s production and sales every quarter.

‘Innovate or perish’ is a well-worn refrain in most industries that have already felt the pain of digital disruption – in the traditionally slow moving jewellery industry however, a tidal wave of change looms high. Industry disruption was listed as the eighth biggest risk facing the Mining and Metals industry in a 2019-2020 report on the topic by EY. For mining and metals industry stalwarts, the advice has been clear: “We are now in an era of constant disruption, and it is coming from unexpected places. Instead of seeing it as a threat, you should see it as a great opportunity to innovate, evolve and thrive,” Paul Mitchell -EY Global Mining and Metals Advisory Leader.

At the opposite end of the spectrum, one major Australian retailer who is innovating in this space is Michael Hill, they have already expanded their initial trial of LGD’s from 11 stores to 23 stores across three countries plus its online channel in recent months and plan further expansion across its markets in the next six months. Let’s also reflect on what MHI does for the industry with their marketing strategy. All the advertising MHI do to promote their brand and products, stimulates and excites the consumer toward a jewellery purchase which we all benefit from.

According to Michael Hill, CEO, Daniel Bracken who is a little over a year into the job, the trial is the first of its kind for a major retailer in Australia and makes the business an industry disrupter.

He cites two key triggers for rapid growth in the Laboratory-grown diamond segment: The launch of DeBeers’ Laboratory-Grown Lightbox Jewellery and the planned unveiling in 2020 of DeBeers’ USD $94m manufacturing facility in Oregon – which will produce 500,000 polished carats per annum or $200m worth of sales.

Of the US, he says “It’s a much more mature market there and some retailers are saying that Laboratory-grown diamonds make up 20 percent of their bridal solitaire business”.

Responding to accusations that Michael Hill had not been fully compliant in its language describing Laboratory-grown diamonds across its marketing materials, the CEO said:

“Michael Hill has always sought to be transparent to the market and to show customers very clearly the process by which Laboratory-grown diamonds are made. As our first venture into market with Laboratory-grown diamonds we have taken a test and learn approach as we continually refine our response.

Mr Bracken also says the controversy is not surprising, citing the US experience as having ‘a handful of detractors’, before the industry understood and adopted the conventions for marketing Laboratory-grown diamonds.

“This is a game changer for the industry over time, our role is to help educate consumers along the way.”

Whilst many have speculated about the continued movement of DeBeers in the industry to both secure its mined diamond business and invest heavily in the LGD space. Others such as Diamond Foundry Chief Executive Martin Roscheisen, claimed that DeBeers have ‘primarily legitimised the man-made category’.

Legitimacy is at the heart of the controversy surrounding Laboratory-grown diamonds and it’s one that is in decline as consumer perceptions evolve and LGD gain popularity due to high affordability and low cost.

A survey by market research company MVI, showed that the attractiveness of a LGD for an engagement purchase had risen from 55 per cent in 2016 to almost 70 per cent in 2018.

While calling out manufacturing capacity limits, and other constraints such as access to technology, and funding; Bain & Company, Partner – Olya Linde also suggests the industry can have it both ways with the accessibility of Laboratory-grown diamonds for a wider consumer market, they could increase demands for diamonds in general.

Day: January 27, 2020

An Event for all! – Jewellery Industry Summit