RAPAPORT... Along with many others in the diamond trade, my job entails crisscrossing the globe to attend trade shows and conferences of varying sizes. The recent Basel trade fair, which attracts both buyers and sellers of large, fine-quality diamonds, jewelry and watches, proved to be a particularly rewarding experience. While the products displayed at the show were truly astounding, it was the people in attendance that made all the difference. Basel seems to bring out the older generation of the trade whom one rarely has an opportunity to meet and interact with — large dealers, experienced brokers and those who have simply endured the ups and downs of the diamond markets throughout the years.
Today’s younger generation, of which I am a part, is focused on looking forward, exploring the array of opportunities in today’s marketplace amid the current, complex legal and ethical requirements. In so doing, we are often quick to dismiss the success stories and shortcomings of our predecessors as having to do with the past and not the present state of the market. While forging ahead based on our own instincts allows us the freedom to consider previously uncharted paths, there is much to be gained from learning how others who have come before us have overcome obstacles that are inherent in the jewelry business.
There is a story of two people in the diamond trade who decided to go into partnership. One had access to capital, while the other had accumulated a large amount of experience. After some unfortunate occurrences, the two partners decided to call off the partnership. The individual who had originally contributed the capital ended up gaining experience, while the individual with the experience ended up obtaining the capital.
We must seize the opportunity to learn from those who have accumulated experience in our field. While continuing to test boundaries and pursue new paths, we can gain valuable insight into avoiding pitfalls along the way by listening to the “old-timers.” Absorbing any information they are willing to share and understanding its implications to our personal situations is an invaluable source of knowledge.
Arming ourselves with that knowledge can help us cope with the unprecedented volatility of today’s global economy and the challenges and changes our industry is yet to face. Numerous businesses, both large and small, have been forced to close their doors, unable to combat the varying internal and external pressures affecting our trade.
I believe organizations capable of maintaining a balance between old and new, young and old and the experienced versus the energetic, will thrive in the future. My father often tells me that I have been deprived of ever seeing the markets in a downturn and he is right. As uncertainty prevails, we must proceed cautiously and attempt to understand our surroundings as best as possible. Interesting times lay ahead. For those capable of combining the experience possessed by the old and the ambition present in the young, the future can be filled with the opportunity for success rather than the risk of failure.
Article from the Rapaport Magazine - May 2008. To subscribe click here.