Diamond Industry 'Must Change Consumer Attitudes'

Finance and Trade
31/08/2016 09:46

The diamond industry should stress the rarity and economic value of diamonds to retailers, writes Lisa Levinson, country manager, Forevermark UK and Ireland, in Professional Jeweller. "Diamond purchases evoke feelings of love, celebration, and euphoria. It is what sets them apart from other consumer categories. Being both expensive and emotionally significant, consumers want diamond jewelry to honor these attributes. They want rarity and they want reassurance. Diamond buyers want their diamond to be as unique as the feeling it portrays."

Levinson says that retailers' windows appear to show a huge abundance of diamonds, but that mining the stones is a hugely difficult and time and capital-intensive business that consumers are not entirely aware of. "The story for retailers to share with consumers is just how rare they are, and how the rarity of diamonds can be a symbol for those infrequent moments of true connection that we experience.

"We are seeing a shift from diamonds being a socialized symbol for rituals and milestones to embodying more esoteric individual meanings. In addition, the market is also realizing that the emotional value you attribute to a diamond translates into real economic value for producer countries. These are finite natural resources being used for creating societal development. We are doing ourselves a disservice by ignoring the true value of diamonds, by converting it into a game of lowest price per 4Cs.

"It’s through communicating these ideas and interpersonal dynamics that we convey why a diamond is a worthy expression of your emotions. The rarity of diamonds links the consumer’s feelings to the product. These stories of people’s lives and relationships make our product special, and I believe that the key to successful storytelling is to ensure that the story you tell is authentic."