Avi Paz, president of the World Federation of Diamond Bourses (WFDB) and the Israel Diamond Exchange, is making the case for diamonds and diamond jewelry in a letter to the industry.
A Time for Diamonds
By Avi Paz
With the current economic downturn now a fact, consumers have been quick to reset their spending priorities and it is clear that luxury products are among the first items to be reconsidered on their shopping lists. Still, global uncertainty or not, the holiday season from Thanksgiving to Christmas has always been the most important sales window for luxury items. So the question remains, how will savvy consumers decide what luxury presents to purchase for their loved ones?
Over the past decades, the luxury product market has gone through many changes. First of all, the definition of luxury has changed. A generation ago, luxury products were just a small niche occupied by fine jewelry; high-end, luxury watches; furs and to some extend exclusive travel. However, in recent years the luxury product niche has expanded, and as a result has become far more competitive.


