In the De Beers Diamond Insight report in 2018, Bruce Cleaver reflects on what has changed since the annual report that was launched five years ago and what is needed to keep the diamond industry sparkling …
Diamonds are the ultimate representation of the most meaningful demonstrations of love and dedication of life for generations.
However, with younger consumer groups – Millennials and Gen Z – that play a bigger role in the global economy, a number of questions arise: do love and relationships mean the same as for older generations? Is the role of diamonds in modern relationships changing, and if so, how? And how should the diamond industry evolve to ensure that it reflects the values of younger consumers?
These are some of the questions that we want to address in this year's Diamond Insight report, because it is clear that we see subtle shifts in the consumer landscape.
It always on / always connected & # 39; The character of today's consumer – buying what they want when they want it – results in changes in the typical decision-making and purchasing approach. Retailers in different industries find that they have to rewrite the rulebook when it comes to forging and maintaining connections with
It is no longer a realistic option to place a product in the store or on the home page of a website, to run a few
traditional advertising and then just sit back and wait. In a world in which the habits of media use are gaining momentum, it is not possible to rely on the marketing trends of the past as they once were.
With their focus on networking and immediately sharing information in an increasingly connected world, today's consumers want companies to show that they understand what really matters to them.
In order to meet this expectation, we must listen carefully to the consumer and make ourselves innovative and thought-provoking
propositions that distinguish us from the rest.
Trust is a fundamental part of this. For younger consumers, what you do and how you do it is just as important as what you sell and sell, and pay lip service to & # 39; do well & # 39; just is not good enough.
It is a growing necessity that corporate social responsibility and a positive social impact must be central to business strategies and the driving force behind every decision we take. And for consumers to trust the intentions of an organization, the expectation has changed from & # 39; tell me & # 39; to show & # 39; let me see & # 39; what you do to make the world a better place. The expectation is clear, and it is now up to us to prove to the consumer that we are worthy of their trust.
But it seems one thing that the industry does not have to prove to young consumers that diamonds are the perfect symbol of love. Those in the diamond sector must recognize that love can now be expressed in many ways, and diamonds can also be used in a different way to symbolize it, but the connection remains as strong as ever.
This is our fifth annual Diamond Insight report and a lot has changed in those five years. However, with the younger one
the consumer's desire for qualities that can perfectly embody diamonds – including love, relationships, authenticity and positive social impact – the most exciting changes will await us if we seize the opportunity to shape the future of the diamond industry .