This debate shows the need for the industry to demonstrate the value of its products. The link between a diamond and love is clear and well-established. But while consumers don’t think twice about buying $300 sneakers, or $1,000 handbags, they regularly balk at spending a few thousand dollars on engagement rings. And yet, it takes a lot of painstaking craft to make a ring (of the non-$25 variety). It also takes a lot of effort and money to get diamonds out of the ground. Plus, consumers are buying a product that is intended to hold its value and truly last forever ... it’s clear, many consumers don’t know all that. Perhaps that’s something the industry can think about how to rectify in the year ahead.
- JCK's Rob Bates addresses the stormy internet debate about Kay Jewelers' $24.99 diamond ring