Antwerp Diamond Night

Guangzhou Diamond Exchange and the Antwerp World Diamond Centre will coorganize the Antwerp Diamond Day in Guangzhou, on the 28th of November 2018  Register now! Attend the educational seminars, an exclusive Meet & Greet and the Antwerp Diamond Night

Run of Mine Diamond Tender

From 19th-26th April, Guangzhou Diamond Exchange held a Run of Mine Diamond Tender in Guangzhou All parcels with a total weight of over 230,000 cts have been successfully transacted

Generic Public Course on Rough Diamonds

In March 2018, Guangzhou Diamond Exchange opened its first Generic Public Course on Rough Diamonds, including theoretical learning, trading experience sharing, factory visiting, as well as goods viewing, and the industry responded enthusiastically

Seminar on Diamond Supply and Demand

In March 2018, Stephane Fischler, President of World Diamond Council visited Guangzhou Diamond Exchange, and shared his view on China facing new opportunity and challenge on diamond supply

Happy Spring Festival

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RAPAPORT's Golden Sentences Help You Make Money from Diamonds

publish:2019-01-29

Diamond market is changing, and in 2019 it is surging. Martin Rapaport, founder of RAPAPORT Group, at the recently concluded International Jewellery & Diamond Conference 2018 - Guangzhou, delivered a speech on "The State of the Diamond Industry", and shared passionately for one and a half hours about the main problems, coping strategies and future trends facing today's diamond trade. Rapaport's speech is very inspiring to the diamond industry. We extract some of the golden sentences, hoping to bring new thinking to the development of our colleagues in the industry in 2019.
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Transparent Competition
Transparency and Competition create Fair Market Value.
 
They also lower Transaction Profits. The more customers know about product quality and prices, the less sellers can take advantage of them.
 
We can’t make money on what customers don’t know.
 
Diamond Demand
Different people buy different diamonds for different reasons. It is complicated. There is no one market.
 
Consumers don’t just buy diamonds as a physical product. They buy the idea behind the diamond.
 
Diamonds are a valuable symbol of commitment. They are the opposite of short term fashion.
 
Diamonds are forever, just as the commitment to the woman is forever.
 
Diamonds are not just another pretty little thing. Diamonds are not a cheap fashion purchase.
 
The Diamond Engagement Ring is the core of diamond demand. It combines Emotional and Financial Security. It is the ultimate symbol of commitment between two people.
 
Branding
A Brand is a Promise to the Customer.
 
What is the Promise of Diamonds? Valuable, Serious, Scarce, Rare?
 
Brand your yourself, your story and what you sell.
 
Branding is the future because it creates value. It sells the promise of an idea behind the product.
 
It provides a consistent added value message.
 
It consolidates marketing to a targeted community.
 
It ensures the product meets customer expectations.
 
Brands make more money by promising a story.
 
The Product is an excuse to sell the story.
 
Diamond Supply
Rough Diamonds have been pushing Polished Diamonds. This is about to change dramatically.
 
Rough prices will be coming down. Polished demand will set their prices.
 
Rough and manufacturing are under extreme pressure.
 
It is all about the consumer now.
 
Consumer Demand
Consumer demand is changing radically.
 
The most important thing in the world of diamonds is consumer demand. Nothing else matters. The mines, manufacturers and retailers will be dominated by consumers.
 
Digital technology will revolutionize the supply chain. It will shift market power to consumers.
 
Clicks is more important than the bricks.
 
How, where, and why consumers buy diamonds is shifting Market Power and Profits from Mining and Manufacturing to Retail.
 
Technology allows us to highly segment customers. We can identify very specific target markets.
 
Once we identify the who we want to sell, we can identify the what we want to sell them.
 
We can create highly specific products to highly specific customers. We can communicate to customers in highly specific ways. We can allow customers to customize exactly what they want.
 
Supply Chain Revolution
The digitalization of demand is creating online customization and a superior customer experience that will revolutionize the supply chain.
 
It’s not just speed and process. It’s a transfer of power.
 
Consumers are adopting technology much faster than suppliers. New high tech suppliers are replacing retailers. It’s all about technology and the digitalization of the supply chain.
 
Transcend the Product to the Customer.
 
It’s not what you are selling. It’s who you are selling
 
Who is more important than What.
 
Products don’t matter. Customers matter.
 
You can always change your products.
 
Identify and meet the desires of your customers.
 
Right Customer. Right Product.
Right Channel. Right Distribution.
Right Time. Right Price.
 
Emotional Competition
Price Competition does not increase profits. Price Competition does not create value.
 
It shifts value from seller to buyer.
 
Emotional Competition creates value.
 
It sells an idea that adds value to a product. It increases the value of the product with a story.
 
The lesson. Sell the story not just the product.
 
Create value by creating a story behind the product.
 
Is a diamond worth more money if it helps the poorest people in the world? If it makes the world a better place?
 
Can the idea of fair trade add value to diamonds from artisanal diggers?
 
Is there any value in this story?
 
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709cts Peace Diamond, courtesy Rapaport Group
Source Certification
Brands want to ensure the legitimacy of the diamonds they buy.
 
There are many stakeholders that see value in source certification.
 
Is this a reasonable value creation story?
 
Value Strategy
Profit = Value Creation – Cost
 
Sustainable Profit = Value Creation – Value Capture
 
Price=Willingness to Pay
 
When you leave Extra Value over for others, you create Sustainable Profit.
 
Create sustainable profits allowing your customers to capture value.
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Make Money from Diamonds
Rough and manufacturing under extreme pressure
 
Digital technology will revolutionize the supply chain.
 
It will shift market power to consumers.
 
Transcend the product to the customer.
 
Stop Selling Products. Start Selling People.
 
Identify and meet the desires of your customers.
 
Create value by creating a story behind the product.
 
Brand your yourself, your story and what you sell.
 
Create sustainable profits
 
Allowing your customers to capture value
 
Surf the waves of change. Turn challenges into opportunities.
 
Be Strong - Insist on good profit for your work.
 
Be Brave – Implement new ideas, create new stories.
 
Have Fun – Enjoy and be proud of what you do.
 
Make The World A Better Place.
 
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Introduction on Rapaport Group:
 
Rapaport Group, founded in 1978, is committed to Creating Transparent Competitive Markets, Creating Trading Platforms, Revolutionizing Supply Chain and Making the World a Better Place with the values of being Ethical, Transparent, Competitive and Efficient. Its products include: Information Services (Rapaport Diamond Report), Online Trading Platform (RapNet), Diamond Grading Service, as well as Auctions & Trading Services. 
 
From February 24 to March 5, Rapaport Group will hold a large-scale original recycled diamonds auction in Hong Kong. Guangzhou Diamond Exchange will try its best to provide convenience for domestic diamond jewelry processing factories, wholesalers and purchasers to participate in the auction. Coming soon!
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