Guest column by Lisa Levinson, country manager, Forevermark UK and Ireland
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 jewellery to honour these attributes. They want rarity and they want reassurance. Diamond buyers want their diamond to be as unique as the feeling it portrays.
Walking down Bond Street, one gets the distinct feeling that there is an abundance of diamonds. It’s hard to conclude that the jewellery in the windows make up a substantial portion of the world production. It takes a truck of cartoon-sized proportions (where you might just be able to touch the top of the tires) to move enough earth to get to a couple of 0.50cts. The whole world production of rough diamonds from the beginning of time fits into a double decker bus.
Consumer research shows that people understand that diamonds are a limited natural resource. 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 socialised symbol for rituals and milestones to embodying more esoteric individual meanings. In addition, the market is also realising 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.