Luxury hotels, department stores, and restaurants are always pushing the limits of grandeur to impress their customers. And what could make a hotel or restaurant look more lavish than a drink or suite package that comes with a real diamond? Even if the $10,000 martini with bling at the bottom doesn’t sell very well, it certainly generates press and adds splendor to a cocktail menu. What is the marketing advantage of these extravagant package deals? “People of extraordinary wealth want a story you can tell, or an experience you can share on social media,” says Allen Adamson, branding expert and chairman of Landor Associates.
Elsewhere, the New York Palace Hotel has teamed with jewelry designer Martin Katz to create the Jewel Suite, a two-story, 5000sq-ft penthouse that costs $25,000 a night. Along with more standard luxury amenities (a private rooftop terrace, complimentary champagne, sweeping views of the Manhattan skyline), the Jewel Suite comes with a complimentary Diamond Microband Ring, valued at $2,500, that the guest can customize in a private meeting with Katz himself.