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Exclusive! Kim Pelletier, CEO of Get-Diamonds, Talks About The Platform Created By The Industry For The Industry October 20, 2020 (0 comments)
Antwerp, Belgium—Get-Diamonds, the new nonprofit diamond trading platform created by the World Federation of Diamond Bourses, has access to a global pool of the best of the world’s diamond companies. Longtime diamond industry executive Kim E. Pelletier was recently tapped as CEO to lead the platform and spearhead its growth. In an exclusive interview the Centurionchats with Pelletier about both how the platform, already the industry’s most extensive, got started and the impact it will have for worldwide diamond sales.
The Centurion: You are well known in the diamond trade in the United States and elsewhere. What has been the reaction of colleagues to Get Diamonds and your new role?
Kim Pelletier: I have been incredibly touched by the support and well wishes I have received from the industry for my personal success. I started my career many years ago and have been fortunate to have worked with countless retailers as well as wholesalers throughout the United States and globally. I’ve spent many years in the diamond sector, working with DeBeers, Polygon and Hearts On Fire and most recently with IGC BV. Get-Diamonds.com enables me to leverage what I have learned and the relationships I have made during all my experiences.
Even more importantly though is the reaction of the industry to the mission of Get-Diamonds.com. The spirit with which the network was created by the World Federation of Diamond Bourses is to foster transparency and equal opportunity for all to succeed. Get-Diamonds.com was formed at a unique moment in time when the world was, and continues to be, in disarray from the Covid-19 pandemic. This pandemic caused many disruptions across all industries, including the diamond industry. Instead of sitting back and letting the established forces in the industry dictate value on a whim, a grass-roots movement among diamantaires worldwide led the WFDB to create a trading platform based on fair market dynamics and transparency.
It also came at a time when diamond and jewelry businesses were being asked to quarantine and modify their businesses to work remotely, with staff at a distance and customers even farther away. Get-Diamonds.com provides a platform to reach out and connect globally, not just across a table in an office or a diamond exchange, but across the globe via technology.
The Centurion: There are several other diamond online trading platforms, among them one for whom you worked for several years. What is unique about Get Diamonds?
Pelletier: As mentioned, what’s unique about Get-Diamonds is that it was established “by the industry, for the industry.” The mission of Get-Diamonds.com is simple: it is to strengthen the trade, not profit from it. We are a not-for-profit that plans to reinvest the majority of its revenue into projects that support and grow the diamond trade, including funding generic marketing of diamonds in the major consumer centers. Members are able to understand and see for themselves what’s happening in the marketplace and make decisions based on facts that result from the trading dynamics of the industry as reflected within Get-Diamonds.
The Centurion: What are the biggest challenges you face in your role as CEO of Get Diamonds?
Pelletier: The biggest challenge for me as CEO and for the Get-Diamonds Board of Directors, which is made up of leading diamond companies and bourse presidents, is to create visibility for the platform. Get-Diamonds launched in late April so we are young, only six months old. It has been remarkable what the board and members have done to create a critical mass of active traders on the network. The support and commitment of the WFDB and its members globally has been unprecedented. However, there is still more to do. Spreading the word to the global diamond and jewelry industry about who Get-Diamonds is, why Get-Diamonds was formed and why it’s important for the industry to support the Get-Diamonds trading platform is of the utmost importance. With the support, commitment and backing of the WFDB and its members, Get-Diamonds has access to a global pool of the best of the world’s diamond companies.
The Centurion: What’s next?
Pelletier: Our focus is to now bring on members who are farther downstream. As you would suspect, given my background, many of my relationships are with the independent retail jewelers in the United States. My mission is to educate and share with them what an incredible resource Get-Diamonds is for their businesses. Get-Diamonds serves up a global network of diamond suppliers, allowing retailers to truly source the world for that perfect diamond for their end consumer. Previously, unless a retailer traveled to all of the diamond centers such as Israel, Belgium, and Mumbai they would not be able to access this many diamond suppliers in one location. Now they can do so from their home offices, pivot their companies and adjust to the new business environment.
The Centurion: Who are you targeting in your marketing efforts for Get Diamonds?
Pelletier: Get-Diamonds.com is a valuable resource for all companies in the diamond and jewelry industry that have a need for diamonds. We have a powerful and robust database of diamonds to search and source from. Our tech team is working tirelessly to develop more and better user features that will offer access to even more resources. The diamond trading platform is just the beginning; now is the time for the industry throughout the pipeline to become part of this incredible journey and help to steer the development of tools and features that will even better serve our membership.
The Centurion: What are your plans for developing Get Diamonds?
Pelletier: Get-Diamonds will continue to grow and expand. Again, we are 6 months old so we are in our infancy. BUT that said, the amount of trading activity rivals that of our far more established competitive networks. In my opinion, the industry is ready for a resource they can trust and have confidence in. Our members can feel comfortable using the database knowing that the information that is being generated is helping to further the industry in general. We will constantly work with our members and listen to their needs. We want to hear from them and understand what they might need to help them improve their businesses, not only in developing sophisticated features and technology but also to get an understanding of global trends and business insights. With a more collaborative mindset, businesses around the globe will help facilitate the growth of the diamond industry in its entirety. We need to stop worrying as much about other consumer categories such as travel and work together to maximize the demand for natural diamonds and diamond jewelry.
The Centurion: You yourself are situated in the United States. How do you see the diamond market there today?
Pelletier: The pandemic has not only changed how American jewelers are buying diamonds but also how they are selling them. The diamond market in the United States has thankfully rebounded in recent months. It is not back to where it was pre-pandemic, however the good news for the jewelry industry is that the current state of the world has forced people to reflect on what and more importantly whom is important in their lives. Most retailers I have spoken with have been pleasantly surprised by how their businesses are rebounding. Much of what is being sold is in the bridal category. Diamonds are taking center stage right now. Customers are not waiting to get engaged post-quarantine; they are saying, “if we can survive three plus months of quarantine together we can survive a lifetime!” And since travel and a lot of other discretionary spending has been put on hold this year, couples are taking that extra money and putting it into their engagement ring.
However, the HOW has changed from the beginning of the year. Retailers are adapting to the customers wishes as to how they want to buy their diamonds. Many more sales are being transacted online than ever before. Get-Diamonds provides an online resource to retail jewelers that allow them to search the globe for the perfect diamond for their customers.
We are all very lucky to be able to work in the diamond industry. Having the opportunity to celebrate some of the happiest moments in a person’s life is priceless. Get-Diamonds allows us as an industry to offer the best choices for diamond customers and help to celebrate life’s most precious moments.