Consistent, emotive marketing campaigns will be key to the recovery of natural diamond markets, said Gareth Penny, chairman of the board of Ninety One, who previously served in senior leadership roles at Anglo American and De Beers, including as Group CEO of De Beers.

In a keynote speech at the opening ceremony of the CIBJO Centenary Congress, he said the confidence of the next generation of consumers was vital to the future success of the diamond industry.

“Consumers need to know why to choose a natural diamond,” he said.

“Consumer trust cannot be assured,” he added, urging the industry to establish a set of priorities to help determine the survival of the natural diamond industry as it faces competition from synthetic diamonds.

“Natural diamond has never been valued because of its chemical composition. It has been valued because it celebrates life’s greatest moments. We are celebrating a dream that ‘I am loved.’”

“If we don’t sell a dream, our market will disappear.”

“People are not buying a luxury good for its components, but for what it says about them.

“Brands tell a story about the person wearing the jewellery to those around them.

“Our first task is to create a market for natural diamond jewellery.

“Engagement is the place where a natural diamond sits at the centre of the purchase.

“A natural diamond says, ‘I am loved. I am chosen. Someone has made a commitment to me.’

“We need to fight on that emotional territory again. We need to sell meaning, not materials.”

Mr Penny also spoke of the importance of beneficiation from diamond mining to communities in mining regions in countries such as Namibia and Botswana.

“Our greatest communication failure as an industry is what we have failed to explain,” he added, referring to efforts by natural diamond suppliers to provide information about the supply chain from mine to market.

Mr Penny said sustainability in the natural diamond industry needs to become more sustainable.

“We need to move from doing good to ‘showing’ good,” he said.

He also said the natural diamond industry needs to create desire among younger generations.

“The value chain must work as one,” he said.

Mr Penny said innovation must strengthen tradition.

He said new materials, construction techniques and designs in jewellery were needed to counter the impact of soaring precious metals prices.

Mr Penny spoke of the importance of De Beers Group maintaining its leadership across the global industry.

“An industry without leadership struggles to create demand,” he said.

Penny said it was a privilege to celebrate 100 years of CIBJO.

“100 years of craftsmanship, of standards and trust,” Penny said.

“CIBJO has united designers, manufacturers and retailers in the view that integrity is not optional,” he added.