Antwerp Diamond industry reconnects with US on networking tour in Chicago and New York
A delegation of representatives of the Antwerp World Diamond Centre and ten Antwerp diamond companies last week concluded a successful networking tour in Chicago and New York. Especially the Antwerp presence at the Smart Jewelry Show in Chicago succeeded in re-establishing Antwerp, the oldest and largest diamond trading center, as a reliable and competitive partner for the local market and enabled the Antwerp traders to reconnect with small and medium-sized, independent retailers.
American jewelers realize the vast majority of their revenues, approximately 57%, from diamond sales. While New York is the central axis for the distribution of polished diamonds, Chicago is the regional center for supplying the entire Midwest. North America remains the most important market in the world for polished diamonds. Figures from the Diamond Office show that last year, no less than 602,000 carats of rough diamonds and 771,000 carats of polished diamonds were exported from Antwerp to America, good for a total value of over four billion USD. The diamond trade represents 4.7% of all trade between Belgium and the United States.
The Smart Jewelry Show is an annual trade show held in Chicago, which focuses on small and medium-sized independent retailers. The tradeshow kicked off with an impressive educational program including workshops and seminars, attended by over 500 visitors and exhibitors. Headlining the educational program was the diamond power panel, a lively panel discussion between industry specialists including newly appointed AGS Board President Cathy Calhoun, Diamond Empowerment Fund Co-Founder Dr. Ben Chavis, Idex Editor in Chief Danielle Max and AWDC President Stéphane Fischler. A lively panel discussion revealed that independent retailers and midstream diamond traders and manufacturers are experiencing very similar issues. Topics that were discussed were the increased pressure on profit margins, the need for generic marketing for diamonds, changing market conditions and consumer behavior, with online sales and the ‘millennials’ requiring adapted strategies, and the overall sentiment that consumer confidence in diamonds as the ultimate symbol of emotions – telling the story – needs to be restored.
During the show, AWDC provided visitors with information on the Antwerp diamond industry at a dedicated AWDC booth, while the delegation of Antwerp diamond traders and AWDC representatives got the chance to meet and network with exhibitors, buyers, and various local trade organizations during several networking opportunities. In addition, the AWDC set up a special networking event prior to the AWDC sponsored InStoreMag/Smart Party for all show participants and visitors, where attending retailers and visiting buyers were invited to connect with the Antwerp delegation.
According to Wim Ruythooren, representing Antwerp diamond company Luc Vets Diamonds, participating in the Smart Jewelry show provided a B2B networking event which was well worth attending; “A well organized event with interested parties on the Antwerp as well as the American side. A job well done from AWDC." Emily Kiechel from New York diamond company, K.R. Diamonds, added, "These events were a wonderful networking opportunity for people involved in all aspects of the diamond industry. Without the typical, trade-show atmosphere we were all free to mingle and not stand behind or in front of booths. Information was freely exchanged which should hopefully result in new or rekindled business relationships."
Gaurang Gohel, from Antwerp-based company Indiam said the Chicago show was useful as the company was able to meet new potential business contacts. “We made three contacts during the AWDC Networking event alone. Now it is following up time. We are very happy with these initiatives set up by the AWDC and with the professional manner in which they are organized.”
Ayelet Lerner, Director of Antwerp diamond company Lerner Diamonds and spokesperson for the Antwerp ‘Young Diamantaires Club’ commented, “The Chicago Smart show enabled Antwerp companies to be exposed to a wide variety of people and companies from different parts of the States. The networking event and evening which AWDC organized and sponsored was absolutely beautiful and also gave us an exceptional opportunity to meet with US retailers in a relaxed and unique setting.”
In New York, the delegation joined the Antwerp diamond traders led by Antwerp Bourse President Marcel Pruwer and Diamond Dealers’ Club President Reuven Kaufman at the Antwerp Diamond Week. In the framework of this Bourse-DDC initiative, AWDC hosted an Antwerp Diamond Night, inviting Antwerp Diamond Week participants alongside local traders and retailers to meet with the Antwerp traders that participated in the AWDC US networking tour.
Ayelet Lerner from Lerner Diamonds; “In New York the 'Antwerp Diamond Night' was done in the same great taste as the Chicago event, although the traffic was disappointing. This could be due to the fact that companies do not feel that meeting new suppliers is currently a priority in the business.
Travelling in our business can be a difficult task, often with unrealistic expectations and mixed emotions. This trip broadened my horizons in many ways and showed me that there are still plenty of Americans who would love to have access to what we have to offer. Having AWDC there as our host and organizer had immeasurable added value and I would not hesitate to join them again on trips to this region.”
