Speaking to diamond industry leaders at the WFDB world conference in Moscow last month, Baron said there was a need for a new generic marketing campaign for diamonds to replace the ones previously undertaken by De Beers.
He said WFDB members should take the initiative and “recapture and grow our segment of the luxury market” as one of the bourse’s key responsibilities was to “stimulate the sales of diamonds and diamond jewellery in an ethical manner”.
Under Baron’s proposed marketing strategy, the WFDB Mark would become an internationally-recognised symbol of credibility and a new division of WFDB membership would be established to allow jewellery retailers to join their local bourse and use the Mark.
“My vision is to create a worldwide diamond community,” he said.
“My aim, first and foremost, is to accomplish a greater awareness of diamonds, and do so by reaching out to retailers”.
Baron’s proposed strategy includes a consumer-orientated WFDB website, in-store marketing materials and a consumer magazine.
He said his idea was well received in Moscow where “financial backing” was provided and a working party of 22 people was established to conduct a feasibility study.