Gareth Penny’s surprise resignation has clearly not surprised me as much as it has some and I certainly don’t believe that his resignation signals any great change in the DTC’s business model or policy. I neither take seriously some of the stranger rumours that the diamond industry unfortunately still seems to enjoy so much.
I am very much inclined to take the announcement pretty much at face value, I think it has been clear to anyone who knows Gareth that he was always and remains a highly competitive and driven individual determined to make his mark as an innovative business leader. He has always come across as a man on a mission in a hurry to change things.
While I have never doubted the sincerity of his aims or his personal integrity or had major reservations about the general direction in which he wished to take the industry in. I haven’t always liked the approach or process involved and I believe a more considered dialogue with clients and brokers at the time would possibly have been just as effective.
Gareth’s commitment to his family life is very genuine so I have no problem accepting that references to putting his young family first is indeed an important factor in his resignation decision as well as a general feeling perhaps that he had come to a crossroads in the development of his own career and felt it was the appropriate time to move on as the figures have shown that the recovery is in place.
Can he claim to have achieved his aims in terms of how the DTC defined and promoted SoC originally?
In defence of the reputation of De Beers and the diamond industry in which it operates he can certainly take considerable credit both for the conviction and clarity of his views and the way he implemented them. Certainly high marks here, the area which had the most potential to seriously damage the industry both short and long term.
De Beers is a heritage brand (as the brand extension into retail reminds us) so it surprised many, myself included, the extent to which the strategic review disowned the achievements of the past in order apparently to focus on the challenges the future held.
Where I think Gareth must be disappointed, whether he admits it or not, is that the rhetoric around efficient channel distribution in rough supply has had much more mixed reviews and many have felt that the process has been elevated over the interests of the clients and indeed the DTC itself on many occasions. The very serious crisis which the industry has emerged from showed up the weaknesses as well as the strengths of the current distribution system.
There is a general feeling that the assessment process has often appeared to be excessively complicated, unresponsive and inflexible and this remains an issue the DTC management will be well advised to focus maximum effort on into the next contract period if the credibility and confidence in the system is to be retained.
No doubt many columns of trade and other press will be devoted to Gareth’s career and his leadership of both the DTC and De Beers. Much of it will be fawningly complimentary, some of it absurdly hostile or just unfair. While I have certainly expressed my views forcefully over the years (hopefully in a constructive manner) on quite a few of the aspects of SoC which had worried me and the clients we represent, I have never once doubted either the sincerity or clarity of purpose of Gareth Penny or his personal integrity. Although Gary Ralfe started the strategic review Gareth became its principal and most determined architect and it will be interesting to see whatever learnings from his experience he will take with him to share with his future colleagues in whatever industry he chooses or chooses him.
I am very much inclined to take the announcement pretty much at face value, I think it has been clear to anyone who knows Gareth that he was always and remains a highly competitive and driven individual determined to make his mark as an innovative business leader. He has always come across as a man on a mission in a hurry to change things.
While I have never doubted the sincerity of his aims or his personal integrity or had major reservations about the general direction in which he wished to take the industry in. I haven’t always liked the approach or process involved and I believe a more considered dialogue with clients and brokers at the time would possibly have been just as effective.
Gareth’s commitment to his family life is very genuine so I have no problem accepting that references to putting his young family first is indeed an important factor in his resignation decision as well as a general feeling perhaps that he had come to a crossroads in the development of his own career and felt it was the appropriate time to move on as the figures have shown that the recovery is in place.
Can he claim to have achieved his aims in terms of how the DTC defined and promoted SoC originally?
In defence of the reputation of De Beers and the diamond industry in which it operates he can certainly take considerable credit both for the conviction and clarity of his views and the way he implemented them. Certainly high marks here, the area which had the most potential to seriously damage the industry both short and long term.
De Beers is a heritage brand (as the brand extension into retail reminds us) so it surprised many, myself included, the extent to which the strategic review disowned the achievements of the past in order apparently to focus on the challenges the future held.
Where I think Gareth must be disappointed, whether he admits it or not, is that the rhetoric around efficient channel distribution in rough supply has had much more mixed reviews and many have felt that the process has been elevated over the interests of the clients and indeed the DTC itself on many occasions. The very serious crisis which the industry has emerged from showed up the weaknesses as well as the strengths of the current distribution system.
There is a general feeling that the assessment process has often appeared to be excessively complicated, unresponsive and inflexible and this remains an issue the DTC management will be well advised to focus maximum effort on into the next contract period if the credibility and confidence in the system is to be retained.
No doubt many columns of trade and other press will be devoted to Gareth’s career and his leadership of both the DTC and De Beers. Much of it will be fawningly complimentary, some of it absurdly hostile or just unfair. While I have certainly expressed my views forcefully over the years (hopefully in a constructive manner) on quite a few of the aspects of SoC which had worried me and the clients we represent, I have never once doubted either the sincerity or clarity of purpose of Gareth Penny or his personal integrity. Although Gary Ralfe started the strategic review Gareth became its principal and most determined architect and it will be interesting to see whatever learnings from his experience he will take with him to share with his future colleagues in whatever industry he chooses or chooses him.
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