Episode 81: Conversations in Park City, De Beers Leadership, New Patek Philippe - a podcast by JCK

You’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about Conversations in Park City, a new De Beers CEO, and a new spin on a classic Patek Philippe watch. Victoria recaps her time in Park City, where she contemplated the present and future of retail with experts curated by PSFK. Rob reports on the change in leadership at De Beers, where Bruce Cleaver has stepped down and become co-chairman, and Al Cook will step into his shoes as CEO. Victoria covers the latest iteration of a popular Nautilus and what it means for the direction of the Patek Philippe brand.

Show Notes

01:00 Victoria interviewed the president of Bulgari who was in the Maldives.

04:30 A recap of Conversations in Park City

09:00 A change in leadership at De Beers

19:55 New Patek Philippe watch

Episode Credits

Hosts: Rob Bates and Victoria Gomelsky

Producer and engineer: Natalie Chomet

Plugs: @jckmagazine, jckonline.com

Show Recap

Hospitality Meets Jewelry

Victoria got up early to speak to the president of Bvlgari, Daniel Paltridge, who was in the Maldives at the time. They talk about the Bvlgari hotel and how expensive it is—€2,500 per night! Rob wonders what guests might get in addition to the room for that price. (Likely not jewelry.) There are other examples of brands that cross over from fashion to hospitality—Armani, Shinola, etc. The hope is that you can capture an audience in one and then target them in the other side of the business.

Conversations with Friends—in Park City

Victoria recently traveled to Park City, UT, to Conversations in Park City, the leadership summit hosted by Jewelers Mutual. The brainchild of Mark Smelzer, head of content for Jewelers Mutual (and JCK’s former publisher). He had a vision to pull together the crème de la crème of the industry and bringing them all to a leadership retreat. Everyone met at the St. Regis in Deer Valley, with their loved ones in tow. Victoria brought her family and enjoyed the wonderful weather.

But the main focus was the content. Mark pulled in one of the leading thinkers on retail strategy and futurism, PSFK. Jeff Weiner of PSFK brought in some experts that they’ve used for their presentations—on the omnichannel experience, “phigital” retail, and other things retailers need to be prepared for. It was both present- and future-focused, informing retailers about shifts in the consumer atmosphere. Though Victoria tends to tune out when people talk about NFTs, she found this coverage easier to digest. It was a beautiful setting for some great conversations. Overall, the event was brief and meaningful. She hopes there will be another one next year.

A Change in Leadership for De Beers

Rob reports that Bruce Cleaver is stepping down as CEO of De Beers and handing over the reins to Al Cook—an industry outsider who worked for an energy company. His predecessor, Philippe Mellier, was also an outsider. He got great results for the bottom line of the company, but injured some relationships with clients who felt he drove prices too high. Bruce repaired that relationship, and is well-respected. Though it’s not clear why he is leaving this position, he will still be involved as co-chairman. It’s a job where you’re never bored because there are so many aspects to it.

Victoria wonders about the selection process. She points out that the new CEO is another European white man. Was anyone from their stakeholder countries considered? Some people have pointed out that De Beers is an African company that caters to women, yet all of its CEOs have been white men. People have comment that Al Cook doesn’t have the background on marketing, branding, etc. An outsider will have to be tutored in the varied aspects of the business. It’s also of note that Bruce is leaving without a contract with Botswana. A rough agreement has been drafted, but not signed yet. De Beers’ portfolio has been diversified by lab-grown, which might give them some leverage.

The Lab-Grown Diamond Trajectory

It’s been four years since Lightbox came out. Lab-grown is such a complicated market. Many still don’t accept it as a viable category. Swarovski is rolling out lab-grown as well. Breitling has just announced they’re starting to use lab-grown diamonds and fully traceable gold. This is more transparent than Victoria has seen a Swiss brand be. It’s clear that lab-grown is going to be part of the conversation going forward.

New Patek Philippe Watch

Speaking of watches! Victoria wrote an NYT piece about a Patek Philippe watch using white gold that might “break the horological internet.” The long-awaited successor to the 5711—a hyped but discontinued watch model— is here. Called the 5811, its main difference is that it’s in white gold instead of steel. A Nautilus that has been around since 1976, Victoria is confident it will be popular. It’s close to people’s hearts, and has always been in steel until now. They’re breaking away from the steel sport models that fetch more than the gold models.

They went to the prestige category. What they are concerned about is the preservation of the brand. It’ll be hard to acquire by an average consumer. Their aim is to elevate the brand.

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