“We believe passionately in the potential of the products we manufacture and sell, in the timeless beauty of the gems and precious metals of which they are comprised, and in the genius and artistry of the men and women who create the final products. In our hearts we know that these are objects of great value. But we also understand that this value is maintained as a result of an unwritten contract between ourselves and our consumers.” – CIBJO President Dr. Gaetano Cavalieri
CIBJO Congresses serve as the official gathering place for the World Jewellery Confederation’s Assembly of Delegates, and also are the venue for the annual meetings of CIBJO’s sectoral commissions, where amendments can be introduced to the organisation’s definitive directories of international industry standards for diamonds, coloured stones, pearls, gem labs, precious metals, coral and responsible sourcing, known as the Blue Books. Congresses are also where the programme of the World Jewellery Confederation Education Foundation (WJCEF) and CIBJO’s ongoing cooperation with the United Nations is reported upon, and in particular its commitment to the UN’s Sustainable Development Goals.
Shanghai, China’s chief industrial, commercial and financial hub and the gateway to its more than US$141 billion per annum jewellery market, hosted delegates from around the world to the 2024 CIBJO Congress, November 2-4, with pre-congress meetings on October 31 and November 1 2024. Key figures from the jewellery sector addressed pressing issues surrounding consumer confidence and industry standards.
On November 2 2024, Opening the event were Liu Ping, Deputy Secretary General of the Government of Shanghai, and Li Dong, President of Donghao Lansheng Group, one of the event’s hosts. Other hosts included the China Gem and Jade Exchange and the Diamond and Gems Administration of China.
Consumer Trust
CIBJO President Dr. Gaetano Cavalieri emphasized the industry’s responsibility to uphold consumer trust through adherence to responsible business practices. He highlighted that building this trust is a core mission of the World Jewellery Confederation, stating, “We believe passionately in the potential of the products we manufacture and sell, in the timeless beauty of the gems and precious metals of which they are comprised, and in the genius and artistry of the men and women who create the final products. In our hearts we know that these are objects of great value. But we also understand that this value is maintained as a result of an unwritten contract between ourselves and our consumers.”
“If we do not honour that contract, if we do not protect the trust they place in us, then the value of the jewellery – the prices, the revenues and profits – are all worth very little,” he continued.
Dr. Cavalieri said that what will be discussed in the 18 sessions within the 3 days following the Opening Ceremony, are the building blocks of the barricades we construct to protect and defend consumer confidence.
“These are the creation of standards, operating principles and universally understood nomenclature that ensure that, in an industry with supply chains that cross multiple borders, we understand each other, and work together to ensure the integrity of our products,” he said. “These building blocks are created and maintained by our various commissions, committees and working groups, and are articulated and described in the various Blue Books and guidance documents they produce.”
Reflecting on current global challenges, Wang Baomin, Chairman of the National Gems & Jewelry Testing Group (NGTC), stressed the importance of addressing industry-wide issues through sustainable development, responsible sourcing, and innovative regulation. “The Congress offers a platform for reflection and collaboration as we work to establish stronger branding systems and achieve high-quality growth,” Wang Baomin said.
Representing the Chinese jewellery market, Ye Zhibing, President of the Gems and Jewelry Trade Association of China (GAC), reiterated the nation’s dedication to upholding trade standards. “China aims to contribute to sustainable development globally by supporting fair competition and fostering mutual benefit within the jewellery sector,” he stated.
Leadership amid Uncertainty
Amid economic and geopolitical uncertainties, speakers at the Congress called for decisive leadership to safeguard consumer confidence. Feriel Zerouki, President of the World Diamond Council and Senior Vice President of De Beers Group, addressed the need for resilient leadership. “True leadership isn’t about making popular decisions or seeking applause. It’s about standing firm in our values and making responsible choices that will serve us all in the long run, even if they’re not always popular,” she said. Zerouki urged the industry to stay unwavering in its commitment to ethical practices, noting that leadership shines brightest during challenging times.
Edward Asscher, Vice Chair of the Responsible Jewellery Council (RJC), stressed that consumer trust is deeply influenced not only by economic conditions in key markets like China, the U.S., and Europe, but also by environmental and ethical considerations. “When we are talking about consumer confidence we are talking about all aspects. The general economic situation in China, the USA and Europe as the most important consumer markets. But we also must look at other factors influencing the consumer. A responsible supply chain and the change in environmental demand,” he stated.
Shared Responsibility and Sustainable Progress
Iris Van Der Veken, Executive Director of the Watch & Jewellery Initiative 2030, reiterated the collective responsibility of stakeholders across the supply chain. “We believe it’s about people. No one can do this alone,” she said, encouraging collaboration to drive innovation and sustainability efforts. Van Der Veken also noted increasing consumer interest in issues like carbon footprint reduction, responsible sourcing, human rights, and biodiversity impact. “If we look along the supply chain, each one of us is responsible. We are here to help accelerate and innovate,” she further noted.
Damien Cody, President of the International Colored Gemstone Association (ICA), made a passionate speech named “Where is the romance…..?” which addressed the need for industry transparency and consistent communication standards to bolster consumer trust. He called for honest disclosures, clear terminology, and active steps to tackle greenwashing. “Let’s focus less on the negativity and bring back the love, the romance, the spontaneity and the joy attached with the purchase of jewellery,” he advised, adding that the industry should focus on achievable, realistic goals.
China
During the period following the global 2007-08 financial crisis, known as the Great Recession, China experienced remarkable growth in its consumer markets, emerging relatively unscathed compared to major Western economies.
“The belief at the time, or more accurately I would say the hope at the time, was that there would be no limit – sales and revenues would be keeping on climbing, as more and more Chinese consumers became enraptured by the lure of fine jewellery,” the CIBJO President Dr. Cavalieri said.
“And that might have been the case,” he continued, “at least for a while longer, were it not for an almost invisible threat that took over all our lives in 2020 – the COVID virus. In the space of just months the world shut down, and it would be about two years before we returned to a sense of normality.”
“While the accelerated growth rates of the 2010s are almost certainly behind us, China continues to outpace most other developed markets – and, yes, I think it is correct in 2024 to refer to China as a developed market – rather than simply a developing market. China is today the world’s largest consumer of coloured gemstones, gold and platinum jewellery, and unsurprisingly of jadeite (or Fei Cui),” he stated.
He further noted that the significance of China, like India, is that the country is shifting from being a country that manufactures goods that are designed or inspired by mainly Western players, to becoming a trendsetter in its own right, influencing what is being bought worldwide, and exporting its intellectual capital and not only its production capacity.
“It’s no longer wrong to state that the single-lane highway of taste and knowledge moving eastward has become a dual carriage way moving in both directions, where Chinese and other Eastern trends and innovations find equally receptive markets in the traditional Western consumer centres. We live in a unified global market, to optimize its potential, much of what do here at the CIBJO Congress is of critical importance,” Dr. Cavalieri emphasized.
A Call to Action for the Industry
The Congress closed with a unified call for the jewellery sector to prioritize consumer confidence amidst tightening regulations and growing consumer scrutiny. Attendees acknowledged the importance of sustainability, ethical sourcing, and greater transparency in reinforcing trust and ensuring long-term prosperity.
The 2024 CIBJO Congress served as a critical platform for industry leaders to collaborate and define strategies that keep pace with evolving consumer expectations while fostering sustainable growth and innovation.
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This article was published and printed on Gem Spectrum print magazine Issue #2 Winter 2025, page 1. Please browse the Flipbook below.
