RAPAPORT...As we head into a new year, we do so cautiously. We all know that the U.S. economy is faltering — the stock market is hiccupping, fuel and heating costs are rising, and, as anyone who has gone to the grocery store lately has noticed, prices on many food items have almost doubled. Now add to the mix that U.S. consumers are historically hesitant shoppers in an election year and the prognosis is somewhat gloomy.
During the past year, we have seen diamonds reaching unprecedented prices at the higher end of the market while the lower end has seemingly come to a screeching halt. Yet, we must keep in mind that women the world over desire diamonds. Whether the rock comes from Wal-Mart or Winston, diamonds bring women pleasure. It is not just for the beauty and glamour, but also for the message of love, which has become so ingrained that it is the cultural imperative of women in the U.S. to associate diamonds with love, marriage, commitment and other romantic sentiments. Therein lies the power of diamonds at retail.
Men take great pleasure in fulfilling the desires of women and will always strive to do so. Retailers can continue to tap into that synergy by making their stores “romance central.” For women, the pleasure is not just in receiving the diamond. It is also in the story and process of getting the diamond, the story of how the gift was given, where it was purchased. Women enjoy bragging about the romance in their relationships and it is much better to brag about a diamond gift than a gift of flannel pajamas. A retailer who helps a man create that story for a woman, or a couple, will build a relationship — which may result in repeat customers and referrals — based not just on price, but on the added value of a love story told with passion and desires fulfilled.
Amber Michelle
Editor-in-Chief
Article from the Rapaport Magazine - January 2008. To subscribe click here.