REGAL IMPORTS NEWS
De Beers has released the first of a series of Diamond Insight Reports that discuss diamonds, post virus. I am a sceptic. I believe that most of these studies are influenced by the objectives of the financing group. I was pleasantly surprised by this report. It is more about psychology than statistics.
The report explains that the Covid-19 lockdown is changing consumer values. Everyone watches the dire statistics relating to sickness and death. Staying closer to home has shifted attention from a fun and frivolous lifestyle to a greater appreciation of family, loved ones and personal relationships.
The report points out that as many as two thirds of North Americans have not been financially impacted by the virus. Spending is inhibited and cautious but when people feel more comfortable, it will shift towards emotional purchases including diamonds and jewellery.
Diamonds are still considered the most intimate of gifts. They have a strong value proposition in terms of sentiment over time. The report finds that younger buyers are fascinated with diamonds and diamond jewellery and that the diamond industry currently has a marketing advantage over its three main competitors; technology, travel and fashion.
The report encourages a sensitive sales approach when working with diamond clients. It is not a time for hard selling or discounting. Emotional purchasers respond positively to retailers presenting an honest, genuine and personal love of their products and profession. Any presentation that appears contrived or forced is detrimental.
Experts say that, right now, selling is all about communicating who you are, what you stand for and why you've chosen to be in business. The key is being yourself, honest and genuine. The De Beers report is strongly against anything that could be construed as disingenuous marketing. The buying public is attentive. They are looking for reasons both to buy and not to buy a product. They are discerning and can easily see through insincere presentations.
Bruce Cleaver, the CEO of De Beers, summarizes, "The Covid-19 crisis and associated lockdowns have caused people around the world to re-evaluate aspects of what's important in their lives and have reinforced the value of personal relationships."
Retail diamond presentations are evolving. Covid centric retailing is now about the personal connection between retailer and consumer. This personal bond adds greatly to the emotional component of a diamond. Now that the retail world is shrinking and many chain stores and malls are disappearing, it is an opportune time for the independent retailer to shine!
A larger part of the luxury market will belong to the independent jeweller if they have the ability to present a personal set of values and beliefs and can forget about how business was conducted yesterday and keep pace with consumers today and tomorrow.