Among the most pressing challenges to the diamond industry is the need to lift consumer demand. Historically consumer demand has been principally related to marriage. Consequently, diamonds have been marketed as symbols of eternal love and commitment. But millennials commitment to marriage is less than previous generations. They are marrying later, less often and it is seen more as a choice than a necessity.
The Diamond Producers Association led the way in altering the industry’s marketing campaign with its Real is Rare commercials (see my post on that below). Now comes Forevermark with a new campaign to support what they see as an emerging trend in the diamond market, the self purchasing female.
Forevermark’s research shows a big increase in self purchasing of diamond jewelry by women to about one-third of total sales. They think that reflects the shifting role of women in society and the changing attitudes that account for it. Their research shows a new model of femininity emerging with 82% of women globally preferring to be considered strong rather than sweet; with women no longer defining themselves as much by their relationship status; and with relationships or marriage, if it is chosen, more about personal growth and united goals. Women have become the largest emerging market with a global income of $5 trillion.
To tap into this emerging trend and the shifting diamond market that it portends, Forevermark is launching a new ad campaign to support and promote this new growth segment of the market. Diamonds can be about love but they can also be about “celebration, growing up, achievement and success.” They can represent a woman’s “inner character and qualities…her individuality and personal development.” Modern milestones have shifted, says Charles Stanley of Forevermark. Diamond jewelry is now purchased to mark coming of age, job promotions, graduations and financial success. Forevermark’s campaign is intended to encourage this trend. The ads will run from October to Christmas. Look for them.