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In Vegas, a Discussion on Changing the Diamond Narrative
Panelists from the GIA, De Beers and ABN Amro bank convened Tuesday morning for a panel discussion organized by diamond supplier SRK Exports.
Las Vegas--To preserve the value of diamonds in the eyes of the next generation’s consumers, there’s a job to be done by stakeholders at every point in the diamond pipeline, according to a panel of experts convened at JCK Las Vegas.
The panel, sponsored by SRK Exports (Shree Ramkrishna Exports Pvt. Ltd.), a global polished diamond supplier and De Beers sightholder, was organized to celebrate SRK’s new branding strategy and latest e-commerce platform.
It featured moderator Rob Bates, news director of JCK magazine, and panelists Tom Moses, executive vice president and chief laboratory and research officer at the Gemological Institute of America; Erik Jens, CEO, Diamond and Jewellery clients, ABN Amro bank; and Paul Rowley, executive vice president of global sightholder sales at De Beers.
“We need to understand how our customers are changing,” said Rowley. “Storytelling should be key, because that’s the way to reach today’s consumers.”
The GIA’s Moses then told a story about viewing the Hope Diamond during a behind-the-scenes visit to the Smithsonian Institution’s gem collection at the Janet Annenberg Hooker Hall of Geology, Gems and Minerals in Washington, D.C.
There, he learned a story about the last owner of the Hope Diamond, Evalyn Walsh McLean, who along with wearing the diamond regularly, also allowed the children in her household to play hide-and-seek with the famous gem--even while outdoors.
“That explains why, when GIA examined the Hope, we noted there were so many abrasions on it,” said Moses, who added that McLean’s philanthropy matched her evident zest for life and appreciation for fine gems.
Along with telling stories about diamonds’ lore and history, all three panelists talked about changing the narrative for diamonds in other ways, away from a negative message and toward a more positive and hopeful one.
Moses cited the example of Botswana, where the diamond resource has benefited that previously very poor country in so many diverse ways.
RELATED CONTENT: The Film That Should Be on the Industry’s RadarJens agreed. “We in the industry do tend to be defensive. But when you see the transformation of countries because of diamonds, it’s very moving.”
Moses suggested that diamond marketers tell the very human stories of how workers at today’s large diamond mines benefit from the resource, rather than being hurt by it.
In addition to better storytelling, De Beers executive Rowley came back again and again to the point that the diamond
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experience must change in-store, too, and at all points that face consumers.
“The fact that consumers are demanding to know the positive origin of diamonds is on its way to becoming a prerequisite for selling,” he observed. “So we have to go beyond that. Today, buyers want to feel a sense of wonder when they buy products too.”
Retailers who can produce experiences for their customers will also need to be extremely knowledgeable, because the level of education that consumers obtain online is significant.
JCK’s Bates cited a survey showing that 85 percent of buyers who go into stores today believe they know more than a sales associate about a given product.
“De Beers’ research shows that the desire for diamonds is still very strong,” said Rowley. “We just need to exploit it better and capitalize on it.”
“The fact that consumers are demanding to know the positive origin of diamonds is on its way to becoming a prerequisite for selling,” he observed. “So we have to go beyond that. Today, buyers want to feel a sense of wonder when they buy products too.”
Retailers who can produce experiences for their customers will also need to be extremely knowledgeable, because the level of education that consumers obtain online is significant.
JCK’s Bates cited a survey showing that 85 percent of buyers who go into stores today believe they know more than a sales associate about a given product.
“De Beers’ research shows that the desire for diamonds is still very strong,” said Rowley. “We just need to exploit it better and capitalize on it.”
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