How do I sell more diamonds, a diamond trader recently asked me. Why don't we see global promotion of diamond jewelry so that more diamonds are sold? How can diamonds compete with the latest iPhone, cute tablet or round-the-world trip? Does the younger generation, such as those born after 1980, regard diamond jewelry as a must-have item? Are we leaving the field open to manufacturers of lab-grown diamonds who can supply stones at lower prices while appealing to young people with claims of producing environmentally friendly goods not tainted by blood diamond issues and not dug out of the ground by allegedly wretched, oppressed and impoverished workers?

So, how do I sell more diamonds, the trader asked me again. One of thousands of members of the 30 diamond exchanges around the world affiliated to the World Federation of Diamond Bourses (WFDB), he asks a fair question. How can the industry create demand for diamonds and pull demand through the pipeline? That issue is increasingly being asked by diamond industry organizations. Indeed, it is difficult to attend an industry conference anywhere in the world where the issue does not come up.

Generic marketing and promotion; such a boring title for such an important topic. As industry players know, De Beers practically single-handedly paid for global generic promotion of diamonds at a cost of around $200 million annually for several decades. When the mining giant was mining/selling 80 percent, and more, of global supply, it was clearly in its interest to promote diamonds as widely as possible around the world. Indeed, the firm is credited with creating huge new markets in India, Japan and elsewhere.

As De Beers' share of global supply began to decline, however, the company's management increasingly questioned the wisdom and necessity of its large-scale investment in generic promotion of diamonds. Other large industry players did not want to share the cost, but were happy to enjoy the benefits.

Consequently, De Beers came to the realization that other large firms in the diamond pipeline would not pay their share of the cost of adverts and promotional campaigns. As CEO Philippe Mellier has said on many occasions: the company, with about 38 percent of global supply, is no longer the industry's custodian. Of course, it is not just another diamond industry player, but it is no longer an overwhelming power. In that case, let's create our own brand and put our marketing spend into it, De Beers said. And that's what it did with the Forevermark brand.

With De Beers' withdrawal from generic marketing, the industry took a few initial steps towards creating a body made up of its constituent parts. After a few meetings, however, the idea broke apart. There followed something of a blame game with some of the firms blaming each other in private, while publicly saying how committed they were to continuing with the formation of the group. The fact that five or six years later they still have not created such a body answers the question about how steadfast they were about it.

There are examples of the success of promotional bodies in industries close to, and associated with, the diamond trade – in the gold and platinum businesses, for example. The World Gold Council (WGC) is the market development organization for the gold industry, and says that among its roles is spotting unrealized potential for gold and proposing possibilities for its use in order to boost demand. The WGC works with industry organizations across the supply chain and provides ongoing comprehensive analysis of the sector regarding gold demand and keeps the industry in the wider public spotlight.

It provides continuously updated information regarding gold mining, supply and demand, jewelry industry demand for gold, information regarding different gold investment possibilities, and the uses of gold in technology, health and medicine, the environment and even cancer treatment. A look at its website, alone, shows the ongoing efforts the WGC makes to keep the use of gold in the public eye and the supply of a wealth of statistics.

Meanwhile, Platinum Guild International creates and strengthens consumer and trade markets for platinum jewelry. It aims to increase consumer desire for platinum jewelry and to provide information, sales support materials and training to the trade to turn that desire into a sale. The PGI says that some stores have reported a 40-percent increase in sales after receiving its training.

Funded by leading South African platinum producers and refiners, the body is already close to 40 years old. In addition to its headquarters in London, PGI has offices in the leading global jewelry markets – China, India, Japan and the USA – in order to be able to easily provide information on the spot.

Meanwhile, last month, it was reported that South African platinum producers are planning to launch another industry body, to be called the World Platinum Investment Council, to promote investment demand for the precious metal aimed at boosting sales in the face of falling prices. The world's top platinum producers Anglo American Platinum and Impala Platinum are reportedly heavily involved in the initiative but several smaller companies in the sector are also likely to help finance it.

Compare that to the lack of a similar organization to promote demand for diamonds and diamond jewelry. However, moves are being taken that could lead to the creation of a generic body to promote diamonds – the World Diamond Mark Foundation (WMDF). The body's main argument is that the diamond jewelry industry has fallen far behind its competitors – and there are many of them since there is no shortage of products putting up a tough fight for consumer spending.

The WDMF, together with India's Gem & Jewellery Export Promotion Council (GJEPC), is to hold an international World Diamond Conference in Delhi on December 11-12 to discuss the future of diamonds and diamond jewelry in the global luxury consumer market. Organizers say the gathering will be attended by representatives of the world's leading diamond mining countries, major diamond producers, diamond and jewelry manufacturers, retailers and industry organizations.

Unfortunately, some industry players are already saying that it is doomed to fail. The miners will not feel the need to put money into it. By cutting back production and leaving diamonds in the ground a little longer, they can control rough diamond prices. They may say that they are concerned that polished prices are not speeding ahead, therefore making the manufacturing process almost financially unviable for some plant owners, but as long as they can put prices up several percentage points every year and bring value to their shareholders, their job is done.

Meanwhile, some countries may be in favor because it is in their interest, it is claimed. India, for example, would clearly support the plan since an estimated 1,000,000 workers are employed in the country's diamond cutting and polishing and jewelry manufacturing sectors. India's annual gem and jewelry exports of more than $30 billion make it one of its most important industries and foreign currency earners.

Will large retailers want to put money into the project? The large chains are becoming ever more powerful and are happy to only advertise and promote their own products, while the smaller chains and, certainly, the mom-and-pop stores, do not have the spare cash to put into the project.

The truth is there are many reasons not to become involved. Money is tight and the advantages of marketing and advertising can often be difficult to prove. But not becoming involved and taking the approach of only being active where your own brand or sales area is concerned could be the path to ruin for the industry as a whole.

For the sake of the diamond industry globally and across the entire pipeline, let us hope that industry players can start on creating a promotional body that will benefit everyone.