A New Wave in the Diamond Industry
In the midst of the issues related to conflict diamond appears Diamond Foundry, a new business backed by Leo DiCaprio. Diamond Foundry produces their diamonds in a lab in America, and, as their website says, “in harmony with nature and humanity.” They identify their customers as “people who make smart choices that signify quality and meaning over unsustainable convention.”
Diamond Foundry introduces a concept of “morally pure” diamonds. The company emphasizes that their lab-grown diamonds are of highest-quality, certified by professionals, and that the owner can rest assured that his/her gem is not linked to human-right abuses or similar issues.
Diamond Foundry’s strategy is appealing to a new generation of consumers, who care not just about the brand and the price tag, but also about the story behind the product. The company hopes to set a new trend and gear the customers to buy its lab-created diamonds that come with a promise of ethical sourcing.
Blood Diamond in Africa
In the latter years, blood diamonds have been a topic that pops up when speaking of diamonds and engagement rings. Not just a name for the famous movie starring Leonardo DiCaprio, it’s a real issue in the African continent. Diamond-related conflicts have been devastating to many countries in the region, affecting lives of all people, including women and children.
Although the issue receives a lot more coverage and publicity now, a consumer trend so deeply engrained in the society as diamond engagement rings is not easy to stop. Many of those rings are produced at cost of people’s lives. It is not uncommon for a diamond to go through hands of local war-lords prior to becoming a jewel on a bride-to-be’s finger.
How Diamond Engagement Rings Were Made Popular
After the Great Depression, the business of diamonds was going slow. People were reluctant to pay extra just to own a pretty stone. De Beers then came up with something that would shape the diamond industry for the next century. With the help of Philadelphia-based advertising agency, N.W. Ayer, they launched a campaign to the make the stones set in engagement rings every girl’s must-have.
They successfully portrayed diamonds as symbol of eternal love, running their catchphrase “a diamond is forever” in every commercial.
Take a look at this one, for example.
De Beers’ catchy campaigns made inseparable the concepts of “engagement” and “diamond rings.” The “two monthly income” diamond rings became part of popular culture, helping De Beers’ revenue go up 55% between 1938 and 1941, according to a Quartz’ article.
I sit on Facebook and watch friend after friend get engaged. As horrible as it sounds, it never crossed my mind where the diamonds “came” from. I was more concerned about the cut or size. After reading your blog post and doing more internet research I am completely surprised at the facts. It doesn’t seem like many companies are doing much about this, repeatable companies should know where the diamonds come from. If you look on Tiffany & Co.’s website they give a clear promise to not sell conflict diamonds (http://www.tiffany.com/Service/FaqDetail.aspx?faq_id=1749&FAQ_CATEGORY=65). I also found it interesting that TIME published an article to help buyers understand the steps they could take to avoid conflict diamonds (http://time.com/4013735/how-to-buy-an-ethical-diamond/). I think Diamond Foundry has a really interesting niche that they are getting themselves into. Not only are synthetic gems cheaper than some other rare materials but also you have full control of the process and can even “meet” who will be crafting the piece. I think this company could give some jewelers run for their money.