As part of Professional Jeweller's February 2014 issue, we asked leading businesspersons, designers and retailers about their expectations of the year ahead. Former Cool Diamonds director Daniel O'Farrell discusses plans to open his own Hatton Garden shop and the price of diamonds.
Professional Jeweller: Tell us about your business plans for 2014?
Daniel O'Farrell: There will be a huge development for my own business, but I hope that after the last 18 to 24 months of slow trading the industry will embark on an incline in sales and outlook. I worked for a clicks-and-mortar retailer from 2001 until mid-2013, when I went self-employed creating bespoke jewellery for my clients and supplying loose diamonds to the trade. At the beginning of 2014 I plan to open my own retail premises in Hatton Garden.
PJ: Have you planned your marketing strategy?
DO'F: As I am embarking on a new business venture I plan to do extensive marketing in 2014. We have plans in place for extensive campaigns within Hatton Garden, London and the Home Counties in the written press and, for the first time, a TV campaign.
PJ: How do you think diamond prices will evolve in 2014?
DO'F: I would anticipate diamond prices will stay firm but they will be driven by a number of factors. As long as demand in China, India and the US stays strong this will drive prices across the industry. In the UK we have seen a drop in VVS and IF prices due to low demand but as the prices have dropped so significantly, coupled with growth in our economy, I would predict that sales in higher clarity grades will increase.