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When one thinks of diamond, one thinks of it being expensive? a show off piece? a must have for weddings? It is all of the above. But there are more opportunities that are untapped - consumers are highly emotionally attached to diamonds. Learn from some of the great positioning and business ideas.
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Presented by Christine Cheung, November 2009, Shanghai China. A Case Study on Diamond Marketing
This is the case of marketing diamonds beyond a luxury product. Giving diamonds its unique meaning as the symbol of love touches consumers’ deep emotions; and means much more than just an expensive price tag.
The following pages is an excerpt of the original document.
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Presented by Christine Cheung. Luxury Marketing Consultant. [email protected]
4 Presented by Christine Cheung. Luxury Marketing Consultant. [email protected]
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Eternity The youngest diamond is 900 million
years old
Hardest
Rare
58 times harder than the next mineral
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What is the meaning of diamonds to you?
Diamonds is THE symbol of love
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The US & China market are at two extremes in terms of development
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China: a developing market
How do we build diamond as a symbol of love?
USA: a mature market
How do we continue to grow the category?
Presented by Christine Cheung. Luxury Marketing Consultant. [email protected]
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China is traditionally a gold and jade market for jewelry
Gold symbolizes family blessing of the marriage
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An opportunity for a new gem stone to symbolize the love & promise just between the couples
Couples resumed jewelry gifting as a token of
marriage. Expression of love among young couples
have gradually become more open & explicit.
From1980’s
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Build diamonds as THE Symbol of Love
What is the most aspired expression of love?
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Overcome all barriers!Do whatever you can for love!
A sense of sacrifice!
Reference TVCs from China
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Results to-date
• Sources indicate diamond wedding rings has become a mandatory jewelry item for 70% of weddings in major cities;
• This culture has yet to be strengthened especially in third tier cities;
• Where consumers recognize the meaning of diamonds (as a symbol of love), the intent to purchase is much higher;
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Affinity
Time
Getting to know each
other
Fall in love
Getting stable
Wedding Maintaining the marriage Conflicts and compromises
Having child Paying more attention to
the child
Consumers feel that romance and love fade as the relationship evolves
Did they live happily ever after?
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Is there an opportunity from the fading of love?
New product concepts to reinforce love after the diamond engagement ring
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China: a developing market
How do we build diamond as a symbol of love?
USA: a mature market
How do we continue to grow the category?
Presented by Christine Cheung. Luxury Marketing Consultant. [email protected]
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Who should we target?
Target at the HEAVY OWNERS - key contributors to the market value & growth,
diamond advocates. 20/80 rule applies.
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Identify & build new occasions beyond the
engagement rings
Encourag higher priced sales with larger carats or multiple stones designs
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New Product Concept I
Our love & relationship go through changes during the years. But the love between us is the same as it was (the past), as it is now (the present) and in many
years to come (the future).
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New Product Concept II
As couples know, love is a continuous
experience, with its highs and lows, growing stronger & deeper as a
result. Love is a journey, not a destination.
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• Sources indicate that in the five years from 2001, the total diamond jewelry category in the US grew by over 1/3 with most of the growth coming from new products;
• Number of heavy owners increased & average price per piece increased by more than 1/3;
• New gifting occasions are established;
Overall Results
