Between high oil prices and the sub-prime mortgage crisis, the economic situation here in the U.S. has gone from bad to worse over the past few years. Let’s face it, we are still largely an oil-based economy and these higher oil prices have a trickle down effect as they increase the cost of goods (higher costs of manufacturing and delivery). That, in turn, has forced many consumers to tighten their spending belts.
With the holidays just weeks away, traditional gifts like jewelry are likely to take a hit. To remain competitive in this tough economic climate, companies are leveraging technology to help them stay competitive. When Rhodes Scholar Gareth Penny took over as managing director of De Beers (the worlds largest and most well-known diamond producer) he was the genius architect behind some of De Beers’ most radical -yet effective - changes in their business paradigm. Some of those changes included “demand driven initiatives” and “technological innovation” to help cut costs and increase diamond production and supply.
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