2 July 2018
With millennials increasingly placing greater stock on sustainability and significance than on the actual value of goods, engendering loyalty among these consumers requires affinity with what they hold dear. The diamond industry is thus wooing this market segment through relevant narratives and retail experiences.
For decades, thousands of couples were sold on sealing the promise of eternal love with a diamond by the iconic “A Diamond is Forever” campaign by De Beers. In the years since this lapsed, an entire generation came to age without nary a diamond connection. In recent years, the industry has been reaching out to these consumers by tailoring campaigns to their modern realities.
The Diamond Producers Association (DPA), formed by the world’s leading diamond miners, is leading the charge. With its “Real is Rare. Real is a Diamond.” communications platform, DPA is engaging with millennials on the latter’s turf – equating modern relationships with the authenticity and endurance of a diamond. After all, what could be a better representation of everlasting love than a billion-year-old diamond, the association posits.
DPA’s campaign in the US focuses on modern relationships while in India, activities encompass couples’ unique journey to love, which may begin with marriage before growing into love. Meanwhile, DPA’s thrust is China is to build an emotional role among couples who value everyday expressions of love over grand gestures.
From the source
Another issue that is top of mind among millennials is sustainability. Again, this market segment takes a closer look at ethical practices, community building and provenance than any of its predecessors. And again, the diamond community has responded in kind – providing greater transparency and reassurance through traceability programmes.
A number of diamond companies started offering traceability initiatives that looked at a stone’s journey from the mine to the manufacturer and the market. Technology eventually joined in to enhance the experience, with cloud and then blockchain applications allowing ease of narrative.
At present, there are at least four different multi-party blockchain programmes in the market, presenting consumers with a thorough guide through the diamond’s supply chain.
With most millennials being comfortable with both online and offline shopping, retailers are focusing on enhancing the buying experience for these consumers.
Diamond jewellery brand Forevermark recently opened a retail concept store in China focused primarily on millennials. The Libert’aime by Forevermark flagship store in Shanghai has young, modern consumers in mind as evidenced by its product and retail portfolio. For starters, it offers a diamond jewellery range that caters to young fashion-forward self-purchasing consumers.
On the retail front, Libert’aime by Forevermark is designed to appeal to the 420 million millennials in China through an omnichannel model that offers a contemporary, highly interactive and engaging consumer experience. This combines the Libert’aime by Forevermark flagship store, online platforms and the launch of a WeChat store on China’s leading social media platform.
The physical store includes a number of innovative, digital experiences, including a 3D diamond wall and a ‘Magic Mirror’ where consumers can instantly share their favourite pieces with friends and family. In addition, it includes a ‘Diamond Bar’ where daily diamond jewellery can be found and a ‘Spectacular Diamonds’ area containing fancy-cut and multi-diamond pieces.