The global jewellery industry needs to focus more on jewellery consumers to boost the jewellery industry, and must develop partnerships to foster greater sustainability, industry leaders told the CIBJO Congress, during a session in which sector leaders provided their perspectives on the state of the jewellery industry and market.

David Kellie, CEO of the Natural Diamond Council (NDC), in his final keynote address to the CIBJO Congress before his retirement, spoke of the importance of being more consumer-focused to foster demand.

Effective promotional drives also underpin jobs, he said.

“Please remember that there are millions of people who depend on us to deliver their livelihoods,” Mr Kellie said.

“This industry has a sparking future ahead if we promote the industry with what we do,” he stated.

The CIBJO Congress also heard calls to take strong action and engage in proactive partnerships and collaboration to drive up efforts to achieve sustainability in the global jewellery industry.

“Sustainability needs to be part of your business plan,” Feriel Zerouki, President of the World Diamond Council (WDC), said in another keynote address.

She urged the industry to set solid foundations for a more sustainable industry.

“We will be judged by our actions,” she said.

In another address, Terry Hayman, CFO, World Gold Council, spoke of the impact of a series of all-time high gold prices this year and last year upon the global industry.

“One of the key issues facing the global industry presently is the impact of the soaring gold price, with central banks acquiring more bullion to protect their countries against volatility and shocks,” said Hayman.

“Gold continues to be a source of stability and resilience in unstable times,” he said in a keynote address.

Referring to longer term drivers, Mr Hayman said he saw increased demand for gold in Asia, and more interest in owning gold assets in an increasingly digitalised world.

Roberto Coin of jeweller Roberto Coin spoke of ongoing problems to the Italian gold jewellery sector caused by surging gold prices, adding that bullion prices had risen too far, in part due to what he termed speculative demand.

“We are unbalanced at the moment. We have to protect ourselves,” Mr Coin said.

Tim Schlick, CEO of Platinum Guild International (PGI), spoke of new opportunities in platinum jewellery linked to the surge in gold and other precious metals.

He spoke of the willingness of consumers to pay a premium for platinum jewellery despite the latest volatility in the precious metals prices complex.

He referred to the importance of developing coherent retail strategies to develop demand for platinum jewellery.

“Volatility in prices might be a catalyst for change,” Mr Schlick said.

“What is driving the future jewellery buyer? At PGI we are running a regular consumer panel to identify the coming trends.”

Mr Schlick spoke of the importance to implementing more sustainable practices to underpin demand for platinum jewellery.

Mr Marco Carniello, Chief Business Officer of Italian Exhibition Group, organiser of Vicenzaoro, spoke of the importance of international trade fairs to drive forward jewellery business.

He said exhibitors were delighted to go back to physical trade fairs after the pandemic lockdowns.

“Exhibitors value their participation in trade shows – and their value,” he said.

Mr Carniello said exhibitors were more focused nowadays on which shows to attend, so the quality of the offer of shows was vital.

Trade fairs must become platforms of trust in an increasingly AI-generated world where “fake news” can abound, Mr Carniello said.

He invited delegates to attend Vicenzaoro, which will celebrate CIBJO’s centenary in 2026.

Mrs Bernadette Pinet-Cuoq, Executive President of French trade association UFBJOP, spoke of the magnificence of the global jewellery industry because it creates beauty and timelessness.

“In one word, it is love,” she said of the jewellery industry.

Ms Pinet-Cuoq referred to the importance of CIBJO Blue Books to underpin standards across the global jewellery industry, such as delivering correct nomenclature for products offered to consumers.

Ms Pinet-Cuoq said the expression “laboratory grown diamonds” does not accurately represent the fact that they are often manufactured in factories, not laboratories.

The Congress will discuss the nomenclature surrounding synthetic diamonds.

She also spoke of the strong contribution of the Responsible Jewellery Council (RJC) to deliver standards to players across the industry worldwide.