The group is seeking up to $60M.
The Diamond Producers Association, a trade group, hopes to increase its budget as much as tenfold in an effort to woo millennials who don’t seem to be as interested in diamonds as earlier generations were, Bloomberg reports.
It’s asking for the boost — to as much as $60 million from its current $6 million — from its supporters, including Alrosa and De Beers, according to the news service, which cited “people familiar with the plans.”
Bloomberg notes that demand for polished gems has decreased and millennials have increasingly tended to spend their income on “electronics and fine dining.” At the same time, lab-grown diamonds also pose a threat to diamond-mining companies.
The Diamond Producers Association last year debuted its new “Real Is Rare” advertising campaign directed at millennials. AdWeek noted that video spots in the campaign featured couples whose “romances follow non-traditional trajectories.” They each featured couples who’ve had critical moments of uncertainty in their relationships.
Read more at Bloomberg
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
