Key parts of De Beers Diamonds Marketing Strategy are broken down in four sections. Financial Value, Ethical Integrity, Product Integrity and Emotional Value. With regards to the diamonds financial value. Demand proves that people are willing to pay for diamonds, whether small or large, clean or commercial.
It is important to note that the U.S. has been, and is still the leader in diamond consumption even during this global recession. Furthermore, thanks to the emergence of developing eastern economies in China and India and even Vietnam diamentaires are looking forward to new consumers as their middle and higher economic classes grow. \
De Beers Diamonds Marketing Strategy Vice President
Varda Shine, De Beers Global Sightholder Vice President states "we are really seeing an emergence of those two developing economies." Increasing demand will be met with a steady supply, making diamonds and even more sought after, and lucrative item on the global market. She maintains that, "when you look ahead, the demand is going to be growing at a pace that is accelerated. Supply, on the other hand will be steady. It is going to be around the same level-stagnating or slight decreasing as we go forward."
While the industry is seeing steady demand, that could easily dry up if the industry does not protect against the ethical integrity of diamonds. Shine goes on to explain De Beers "Best Practice Principles" and states that "everything we do, we do in conjunction with the countries we are in, so that they are benefiting. Every company we work with adheres to these 'Best Practices Principles,' and we keep on checking that with third party verification."
Similarly, De Beers is also making sure to protect the authenticity and integrity of their products; the company makes concerted efforts to maintain a clean pipeline of diamond material with no contamination. Shine added that, "3-D strategy, disclosures, detection, differentiation. (They) Screen sized 1 point and up for synthetics.
De Beers Diamonds Marketing Strategy and Emotions
Perhaps the most important of all De Beers new initiatives is the emotional aspect of diamonds and what they signify. "No other luxury product that says love and emotion like a diamond does. De Beers executive Vice President of Marketing. Targeting emotions is nothing new for the De Beers strategy; it is this strategic element that has brought so much attention to the diamond and jewelry industries respectively.
Lussier goes on to explain that without the De Beers widespread generic marketing advertising companies would not have been able to convey the message that led to the dominance of diamond engagement rings.
De Beers is a pioneer and powerhouse in the industry. And have provided the avenue for dealers and jewelers alike to reach new consumers.
De Beers Diamondshttp://science.howstuffworks.com/environmental/earth/geology/diamond5.htm
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