Q. GET-Diamonds was just relaunched under a new licensing agreement. How did that come about?
After the inception of GET-Diamonds in 2020, followed by a concentrated effort to develop and grow the technology, we were looking for ‘GET’s Next Phase’: Finding a commercial company that would operate the platform under a licensing agreement. We were very happy when we were first introduced to YD and to it’s CEO Tim Goodman. We liked the fact that Tim Goodman has been in the diamond industry for several decades, and that he is experienced in marketing and in operating a business under a licensing agreement. We also liked the fact that currently YD is operating different platforms and developing different technologies that are focused on the diamond and jewelry industry. We also looked at the very impressive board of YD parent company, FABA, and all together we felt that we had found the right fit.
From that point on we knew that we had to put our brains together and see how 2 and 2 can equal 20 for the benefit of the diamond industry.
Q. What do you think is the key message when selling diamonds?
I believe that the focus should be more on what diamonds represent vs technical details (such as depth and table percentage etc). Diamonds represent commitment and expressions of love. They are a wonder of nature, and should be sold as such: rare, special, and something to aspire to, adore and appreciate for life. And of course diamonds are the perfect family heirlooms.
Q. Where do you see the industry going in the next 10 years?
I believe that we have reached a point where the technology is so advanced, and the competition is so furious that dealers will have to reinvent themselves in terms of the added value they offer when selling their diamonds. Also, the industry must start some serious marketing campaigns. In the last few years our industry has been totally absent in marketing, and we can see how luxury goods that have been consistently marketing their product took off, while diamonds just became less of an interest. I also believe that we need to have a different approach to the way that we market and sell our diamonds, as I detailed in your previous question. We need to tell the story of the diamond from mine to the end user, and we have a special story to tell!
I can share with you that the WFDB is currently working on what we call a grassroots social media marketing campaign to tell the story of natural diamonds; we will share the details soon. In conclusion, I believe that the long-term future for natural diamonds and diamonds jewelry is bright, but it will probably take a least one more year before we’ll see some positive changes.
And of course, we must pay attention to the evolving technology and use it to the industry’s advantage. We live in an age, where things are changing rapidly, and as the saying goes : if you snooze, you lose.
Q. How does GET-Diamonds work to the industry’s advantage?
The GET-Diamonds platform was created as a non-profit ,“by the industry, for the industry”. Which means that unlike a commercial entity (whose prime goal is to make profits) GET was created to offer solutions to the different needs and challenges of the industry. Its sole goal is to cater to its members’ needs. One of the ways we are doing this is by direct communication between the different bourses around the world, and the operators of GET Diamonds. We have focus groups around the world who meet regularly with the operators of GET Diamonds to update them on the changes and unique needs of each bourse and its members. GET is still young and in its early stages, but the plans, as well as different executions of these plans are already in motion. We are focused on achieving success.
Finally, a good platform like GET, which uses the most up-to-date technologies, will enable dealers to act fast; to find the diamonds they are seeking in minimum time, and to turn around the transaction as quickly as possible.
All of the above is what gives GET a crucial role in helping dealers function in the most efficient and profitable way.
