Sustenance and Growth of Consumer Demand Starts with Understanding the Consumer.

 

Today’s women powerful insights brought forth by the Report:
Today’s Women Powerful transformations observed in the Diamond and Jewellery industry.

Key Trends that Have Driven Women’s Social Economic Empowerment and Possibilities in the Diamond Sector.

In order to sustain and grow consumer demand, one must first understand the consumer, and, the consumer, in this case, has arguably never gone through the kind of transformation she has recently. The De Beers Diamond Insight Report 2017 sums up beautifully for the diamonds and jewellery industry, the key transformations observed in women, of recent.

Some powerful insights about today’s women brought forth by the Report:

Significant relationships are now much more about the growth of the two equal individuals, as much as they are about the growth of the partnership itself.

  • As marriage generally comes later in life, and as it is seen as a union between two equal individuals, women are receiving diamonds for multiple occasions both before and after marriage.
  • There has been a higher degree of self-purchase than before because of increasing spending power at the hands of women, who are very successful and independent today.
  • Even when women are not buying for themselves, their influence on purchase decisions remains.
  • Women now perceive themselves with a sense of strength and empowerment.
  • Besides love and commitment, which remain universal and powerful emotions symbolised by diamonds, emotions such as joy, optimism, pride and confidence are important today.
  • While traditional diamond selling occasions – such as engagements and anniversaries – remain very important, successful diamond marketing will increasingly need to reflect a range of significant moments in one’s life. This may include a new job, memories of a happy holiday or ‘just because’, and should be connected to the experiential element of lives and relationships.
  • Most commonly, self-purchase results from a spontaneous decision rather than being motivated by a specific occasion.
  • Gifting within the family – particularly by older to younger members – is an important part of the global diamond jewellery sector.
  • Success is increasingly defined by the acquisition of knowledge and ideas – not material goods.
  • 76% of women say that brands do not currently represent them.

Reasons people decided not to buy can be converted into opportunity:

Some insights here are: Not being gifted; Failing to find appealing designs; Not experiencing an appropriate event to acquire; No opportunities to wear diamonds

Some Takeaways for Retailers, Advertisers and Marketers, based on the De Beers Diamond Insight Report 2017:

  • The female self-purchase category presents a great opportunity. Products should be positioned well. Self-purchasers are mainly married women, most over the age of 35, with medium to high level of income. Since impulse buying is high in the category, design is an important element to capture this category. The retail store experience is also important.
  • Advertisers / Retailers should create a connect with a larger number of “life moments”. Increasingly, both gifts and self-purchase are driven by life moments. These could be: Overcome difficult time at work, New job; Memory of trip; Valentine’s day; Thank you; Coming of age; First job; I can afford it now; Big birthday; Anniversary; Birth of child; Graduation; Promotion; Early commitment; Pregnancy; Inheritance purchase, etc.
  • Encourage women to have greater confidence to celebrate all the key occasions in their lives – not just those connected to their relationship. Help women embrace the possibilities, not the responsibilities, of being a woman.
  • Use strong role women models in advertising.
  • Provide younger consumers with more of an interactive buying experience, as well as a narrative they can share with friends. This will bring further opportunities.
  • Most of all, to connect with women of today, one must connect with their new identity symbols: Uniqueness:  Being different, creative and original; More self-directed; Perceiving themselves as having more substance.

The efforts of the DPA and other bodies towards generic marketing have been commendable, and spot-on in appealing to Millennials. All retailers and other segments of the value chain need to do is take lead from this. Create contemporary designs, use technological advancements to advance manufacturing capabilities, strike conversations with consumers in places they are hanging out, and most of all – Appeal to the new sensibilities of the socially evolved and powerful woman of today.

As corroborated by the De Beers Diamond Insight Report 2017, 2016 has not been a bad year at all. Consumer demand for diamond jewellery saw marginal growth, driven by strong performance in the US, where demand exceeded US$40 billion for the first time. The fact that rough diamond demand also increased in 2016, shows that the mining sector did, in fact, jump in to take enough action after the events of 2015, where manufacturers could not afford the rough prices and all but stopped buying and stocking. Let’s never forget that every part of the pipeline must realise that it cannot survive without all other parts thriving. Beyond the all-important exercise to appeal to the customer, let’s not also forget to look to establish more sustainable models for the mid-pipe.

(Source): http://www.debeersgroup.com/en/reports/insight/insight-reports/insight-report-2017/foreword.html

 

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Sustenance and Growth of Consumer Demand Starts with Understanding the Consumer.

5 Things you need to know before buying diamonds

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A diamond’s quality & price is determined by the 4Cs.

Choosing a diamond is a celebration in itself. But choosing the right diamond, whether online or at a brick and mortar retailer can be a difficult task for most people. Most buyers don’t know what to look for in a good diamond and it is this lack of awareness that creates a slew of misconceptions.

Let’s face it – Diamonds can be very confusing. You might be faced with two diamonds that look deceptively similar yet one diamond is a lot cheaper than the other – leaving you, the buyer, perplexed! This happens in reality all the time when you do not know what to look for in a diamond.

However alike they may seem to you, the fact is that no two diamonds are exactly the same ever. There will always be subtle differences in clarity and colour that may be invisible to the naked eye.

If all this sounds familiar to you, we at GemAtlas have prepared a list of five useful pointers on the correct approach to buying diamonds, so that you never have to get confused (or conned) into buying inferior quality stones ever again.

Choose a trusted jeweller: Much like a doctor or lawyer, an expert jeweller can help you make an educated choice by showing you quality stones that match your budget and needs. If you don’t know of any, ask around and then make an informed choice.

Do your homework: Saying you don’t know anything about diamonds or gems for that matter – is the easiest thing to do. But if you don’t intend getting cheated of your hard-earned money or conned into buying inferior stones, do your due diligence online or talk to a trained gemmologist.

Learn the 4Cs: A diamond’s quality and price is ascertained by the 4Cs – Colour, Cut, Clarity and Carat Weight.

Colour: Colourless diamonds are extremely rare. A majority of diamonds have a slight yellow or brown tint. These are categorised from a D (colourless) to a Z (light yellow or brown). There is a separate colour grading system for fancy coloured diamonds.

Clarity: Most diamonds have unique clarity characteristics. Most inclusions are invisible except under magnification while flawless diamonds are rare and very expensive.

Cut: This term refers to a diamond’s reaction to light, in terms of how light strikes the surface, how much enters the diamond and in what form it returns to your eye. Diamonds with fine proportions, symmetry, and polish have the best interactions with light leading to enhanced fire, brightness and scintillation.

Carat: Diamonds are weighed in metric carats. Two carats weigh about the same as a small paper clip. A carat is divided into 100 cents, points or pointers, so a diamond of 50 points weighs approx 0.50 carats.

Invest in a grading report: A grading report can tell you the exact gemmological quality of your diamond. For example, is it a natural diamond or a synthetic one? Has it been treated, if so, how? What are its quality ratings (4Cs)?

You can also opt for a laser-inscribed personal message or the diamond’s unique grading report number on the diamond’s girdle.

Get your diamond appraised & insured: While the diamond grading report will detail the precise gemmological qualities of your stone, you will still need to take it to an appraiser to know its exact value. Last but not least it’s always preferable to get high-value gems insured for that much-needed peace of mind.

5 Things you need to know before buying diamonds