The Dubai Diamond Exchange (DDE), a DMCC (Dubai Multi Commodities Centre) platform, is all set to tackle the debate on ‘How diamonds fit in the new era of millennials’ with moderators Dr T.B. (Mac) McClelland Jr., President & CEO - Middle East, The Luxury Marketing Council; and Tim Dabson, Former De Beers Executive at the helm.
According to recent research by DeBeers Millennials are approaching both money and marriage differently which affecting their spending habits. Dubai Diamond Conference panellist Jean-Marc Lieberherr, Chief Executive Officer, Diamond Producers Association; Amit Dhamani, CEO and Managing Director, Dhamani Jewels; Rajiv Mehta, Director, Dimexon International
Kolia Neveux, Managing Director - Middle East & Africa, Bulgari are preparing to discuss how to appeal to the younger generation born between approximately 1980 and 2015.
With an estimated spending power of $65 billion in the United States alone, Millennials are a critical market segment that the diamond industry is appealing to with a range of advertising and programs.
Lieberherr will describe how the DPA is extensively surveying Millennials in the United States and preparing major campaigns in the key markets of India and China as well. "This is a challenging task, how do you connect this generation of buyers to diamond jewelry when they have never really been advertised to in the past? We have uncovered a great deal of vital and encouraging data. Because they live in a world of fast-fashion and unlimited choices, they actually crave the opposite and are looking for authenticity when buying luxury items, and diamonds are a perfect fit," he said.
Amit Dhamani, CEO and Managing Director of Dhamani Jewels, which has retail stores in the Gulf region as well as Europe, Thailand and India, commented: "I believe that Millennials appreciate fine jewelry in the same way as other consumer groups, but they have to be approached in a very nuanced way."
The conference takes place in Dubai's Almas Tower, the home of the Dubai Diamond Exchange, on October 16-17, and will bring together international leaders of the diamond industry ranging from African Ministers to traders, financiers and world-renowned jewellers. It will enable companies and governments in producing and consuming countries to build relationships and highlight the pivotal role that Dubai plays in the global diamond trade.
Peter Meeus, Chairman, Dubai Diamond Exchange, said: "Dubai is an established part of the diamond community and a much needed gateway to the Middle Eastern retail market. We keep adapting to market demand, and the topic surrounding millennials and their buying trends is certainly calling for a shift in industry marketing strategies. We look forward to learning more about this topic in October as we bring together over 350 stakeholders to discuss challenges and opportunities facing the trade today.”