DPS: Continue to stress enduring value of diamonds

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DPS: Continue to stress enduring value of diamonds

By Michelle Graff

January 19, 2009

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New York--Emotion and enduring value are two messages retail jewelers need to stress to sell diamonds amid a difficult economy.

That's one of the points Diamond Promotion Service (DPS) Senior Strategist Emmy Kondo delivered to audience members during "Survive 2009/Thrive 2010," a session held on Monday morning at the JA New York Winter Show.

In her presentation, Kondo shared a wide range of DPS data outlining the who, what, when, where and why of diamond jewelry purchasing.

According to DPS data, 83 percent of diamond jewelry is purchased as a gift from a man to a woman.

"People are giving diamond jewelry out of love, and that's how we need to sell it," Kondo said.

Research from the DPS--which is a division of diamond giant De Beers--also shows that diamond jewelry is the type of gift that women want in these tough times, with today's consumer desiring "fewer, better things."

Kondo said 80 percent of women said they would prefer receiving one special gift versus several smaller ones, a point retail jewelers can play up to their male customers looking to buy for holidays, birthdays and anniversaries.

The concept of "fewer, better things" and the idea of diamonds as a store of value were at the centerpiece of De Beers' large-scale marketing campaign launched just before the 2008 holiday selling season.

How retailers received the campaign and any impact it might have had on diamond jewelry sales has yet to be determined. Kondo said on Monday that the DPS is still in the process of analyzing data on diamond jewelry sales over the holidays.

Prior to Kondo's presentation, audience members also heard from James Russo, vice president of marketing for The Nielsen Co.

While Russo said the retail outlook for the coming year is "not overly rosy," he said that when the recession lifts, the retailers who will fare well are those who maintain their sales and marketing efforts and differentiate themselves to an ever increasingly discerning consumer.

According to data presented on revenue growth, for the five years after the recession of the early 1980s, revenue increased 275 percent for those companies that maintained their sales and marketing campaigns through the recession, while revenue growth was only about 19 percent for those companies that pulled back.

"Now is not the time to take your foot off the gas," Russo said.

The JA New York Winter Show continues at the Jacob K. Javits Convention Center until Tuesday, Jan. 20. For more information, visit the show's Web site, JA-NewYork.com.

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