How values-in action will help the diamond industry survive and thrive in a post-COVID-19 World

23.04.2020: By Sam Shiroff The world is experiencing a seismic transformation from unprecedented measures to stem the spread of COVID-19. The jewelry industry is at a standstill. For many businesses, their very existence is at stake. We know things will be diffe


By Sam Shiroff



The world is experiencing a seismic transformation from unprecedented measures to stem the spread of COVID-19. The jewelry industry is at a standstill. For many businesses, their very existence is at stake. We know things will be different “on the other side.” So, what can you do to ensure diamonds remain relevant in a post-COVID world? 





Your actions today will shape your ability to thrive tomorrow




How businesses respond to COVID-19 is already affecting perceptions. People, be they employees, customers or suppliers, are judging whether companies are being true to their values.



The diamond industry has been built over generations. Trust is a currency. We are seeing big brands like Tiffany & Co and De Beers, as well as smaller companies, reinforce that trust in this time of crisis. Here’s how you can demonstrate your “values-in-action”: 



Communicate openly and honestly: Develop a vision for what is to come. Talk about your values and how they are guiding your recovery.
 


Employ Smart Generosity: Take care of the people who rely on you. Double-down on the generosity that you know works. Other people will ask “where were you during COVID-19?” The industry needs to tell its stories when it gets back to business. Yours’ should be one of them.
 


Embrace the future: Learn the new technology and develop the skills to thrive in a world of video meetings and virtual diamond selection. Help others do the same.
 







The other side



Amidst the uncertainty, it is clear that in a post-COVID-19 world, trends that were on the horizon will be upon us. While you embrace new ways to communicate and sell, you must also ensure that diamonds remain a lasting symbol of love and commitment. Demonstrating values-in-action must be a top priority for consumers to continue to view natural diamonds as desirable. Here’s how you can help the industry remain relevant for the future:



Insist on Transparency: whether its chocolate, clothing or diamonds, consumers expect more transparency, not just in quality, but also all along the supply chain. For years, this pressure has been mounting. The industry must embrace it to survive.
 


Think Long-Term: as you re-build your business, make the type of values-based changes you see others doing and you’ve been meaning to make.
 


Put Values First: The selfish decisions of a few unscrupulous actors have threatened the industry’s reputation in the past. It is everyone’s responsibility to ensure it never happens again.
 


Large or small, every player in the industry must play a role. Those who harness the pioneering spirit that runs deep in this industry will be instrumental to surviving the present and thriving in the years ahead.
 


Sam Shiroff  is a Senior Associate at Carol Cone ON PURPOSE, a global consulting firm guiding companies to activate their values for business and societal impact. Sam was previously the Director of Corporate Social Responsibility at Signet Jewelers.


 


Permanent-URL: http://www.automobilsport.com/how-values-action-help-diamond-industry-survive-post-covid-19-world---206310.html

23.04.2020 / MaP

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