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Retail Rap
By Phyllis Schiller
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The 4Cs are not the only things that make a piece of diamond jewelry a sales winner. In an ongoing series, Rapaport Magazine explores the “3Ws” — what’s selling, what’s not and why — by going straight to the people who really know — jewelry retailers. Each month, we ask a sampling of retailers to comment on the important issues that are facing the industry today. Here is what they had to say when asked: “Does buying a diamond still represent a romantic purchase?”
“There have always been different reasons why people have bought diamonds. We do a lot of engagement rings and, this time of year, a lot of anniversary rings. Diamonds are considered something of lasting value to mark an occasion. It’s still the gemstone of choice. The only thing that has changed recently about buying diamonds as far as I can see is with the Millennials. They will come in and they’ve already done their ‘footwork’ on their phones. They pretty much know what they want and they know what they want to pay. I don’t have to show them 300 rings to find the style she will like. She already knows what style it is; it’s only a matter of finding the exact ring.”
“I don’t think the reasons for diamond sales have changed. It’s still the engagement ring, mostly. And in my store in particular, we sell a lot of diamond wedding bands. But the way customers approach buying an engagement ring has changed entirely.
“Our average engagement gentlemen are 26 and up. I think they believe the diamond is still the thing to have, but they treat it almost like a commodity, as opposed to buying something that’s fun and exciting. They’re concerned with the prices, comparing them to what’s on the internet. That’s a big change from what it used to be.”
“Most of what we sell in diamonds are engagement rings and the romance is there. I wouldn’t say it’s a commodity: It’s for the love of a diamond and their relationship. We still have to educate the buyers. They think they know about the diamonds, but they really don’t. I don’t see any drastic change in that.”
“I think it has become more of a commodity now, but it is still a matter of status, too. Women like to show off their rings and make sure theirs is bigger and brighter than what their friends have and the men look at it as representing themselves. The older customers are more concerned with quality and the younger people are going for a price point.”
“Being in a smaller town, we don’t get as many of the young urban professionals who come in with a stack of sheets off the internet. For us, it really is more about what the diamond is representing. So for the engineer, we still talk very much about the angles and light performance and that sort of thing. But for the average guy, we turn it back to the girlfriend. We look at her picture — he always has one on his phone. And once we put that on top of the counter beside the diamond, then it becomes much more about what the diamond means. In a lot of cases now, the girl is in here with him. She’s designing her setting. But I do think that in some respects, we still see some fairy tales. And the diamond is still the representation of the love.
“We were recently at an Independent Jewelers Organization (IJO) seminar that talked about how Millennials coming into the store have done their research but they expect someone in a brick-and-mortar store to be able to tell them something more then what they can learn on the internet. Aside from the experience and everything else, they want us to be an information source. So we’re continuing to educate ourselves and learn new and different ways to express this million-year-old beauty.”
“I would say it is a romantic purchase. It’s mostly engagement rings still and then for anniversaries. Millennials definitely do their homework ahead of time. Sometimes they already know what setting their fiancée wants. There is a lot of internet shopping and the customer is much more knowledgeable than years ago. I think a lot of it is about pricing now.”
“I’d say the engagement ring business has certainly changed. Ten or 15 years ago, young couples would come in and buy $15,000 or $20,000 rings using credit or whatever means necessary to get a big ring. Today, younger couples seem acutely aware of the dollar expenditure and are more apt to purchase something in the $3,000 to $6,000 price range. They are very intent on the message being the same but less concerned about having a large diamond. So diamonds, yes, absolutely, and the whole concept is still there, but it has definitely scaled itself back with the times. We have noticed a strong trend for unique pieces, be they antique or handmade or vintage, and we’ve carved out a little niche in that market. Halos are also still super popular, so we have to take care of both ends of the spectrum.”Article from the Rapaport Magazine - September 2015. To subscribe click here.
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