“Diamonds hold the power to create magic…,”stated Bruce Cleaver, CEO, De Beers Group, in his opening remarks at the Forevermark breakfast event held during the Las Vegas JCK show at Mandalay Bay, where the firm’s upcoming Holiday 2017 marketing plans were revealed. “The most precious moments in life must last forever and diamonds hold deep meaning forever,” he added.
Cleaver went on to reiterate how previous products and marketing campaigns had capitalized on the storytelling concept of a couple’s relationship — Journey showed the growth of love over time; Center of the Universe was inspired by a woman in a man’s universe and their life together; Past, Present, Future encapsulated a relationship. “Each diamond tells a story and each person has a story,” noted Cleaver.
The diamond story will open up a new chapter for Holiday 2017 when Forevermark acknowledges the shifting role of women in society and the way that life milestones have evolved. “We’ve gone from happily ever after to happily along the way,” said Cleaver. “Diamonds are a unique vehicle for self-expression. Diamonds can tell any story. They are still about love and promise but they are also about celebration, growing up, achievement and success.”
New Directions
Charles Stanley, president, Forevermark US, took the stage next and revealed that the firm will be launching a new ad campaign in fourth quarter 2017 that taps into how women see themselves as well as their changing expectations. The designs will be kept under wraps until this fall, but the marketing concept will revolve around celebrating a woman’s inner character and qualities. “The symbolism of diamonds has evolved and it now represents a woman’s individuality and personal development,” commented Stanley.
In addition, Stanley reviewed some insights gained from consumer research. The research surveyed women 18 to 74 years old who own diamonds. The headline here is that there has been a big increase in female self-purchase, accounting for about one third of diamond jewelry sales.
Stanley went on to note that modern milestones have shifted. Diamonds are now purchased for coming of age, early commitment, engagement, maid of honor, wedding, birth of a child, job promotions and graduations.
There is a new model of femininity, Stanley explained. Strength is now associated with being feminine and Stanley reported that research shows that 82 percent of women globally would prefer to be considered strong rather than sweet. He also noted that women no longer define themselves according to their relationship status, and films with a female lead outearn those with a male lead by 15 percent. Stanley stated that women are the largest emerging market with a global income of $5 trillion. He also pointed out that relationships are now more about personal growth and united goals. Marriage is a conscious choice not a duty as it was with previous generations.
Based on these insights, Forevermark is launching a new product category for Holiday 2017. The product category will be backed by a new emotional advertising campaign that will celebrate the different facets of a woman’s personality as well as the diamond’s long connection as a symbol of love. The ads, which will run from October through Christmas, will feature women in various real-life situations showing love, strength, reflection and support. “The new Forevermark product concept celebrates a woman for her inner character and qualities, so it can motivate a gift not only between couples, but also between generations, sisters, friends and beyond. This celebration of her femininity and personal expression make it equally relevant for self-purchase,” comments Stanley.
Information on the design of Forevermark’s new diamond product, which will be copyrighted, and the name of the collection, which will be trademarked, was not released during the breakfast. However, Stanley did say that the products would tap into the multidiamond trend and will include earrings, necklaces and rings.
The 2017 ad campaign will be on television — both cable and broadcast, as well as streaming. It will also be digital on social media and mobile and will be tracked to monitor diamond-purchasing behavior.
More Insights
After the breakfast, in a private meeting with the press, Stephen Lussier, CEO, Forevermark at De Beers, discussed the consumer move away from the acquisition of things to the acquisition of experiences. “Diamonds bridge the gap between a thing and a feeling. A diamond has a meaning that makes it an experience,” Lussier said. “A diamond is more experiential than just being in fashion, or hot or a status symbol. A diamond has meaning and it creates memories. A diamond has always been valued by consumers, it marks precious occasions and it has inherent precious value.”
Lussier also pointed out that the goal of the ad campaign is not to cut men out as diamond gifters, but to focus more on what diamond jewelry can represent to women. The message is more neutral and allows for an opportunity to tap into the female self-purchase market. “It keeps diamonds relevant and adds a new growth segment. A diamond is still a gift of love, but it is now also a self-purchase and a gift for other occasions,” commented Lussier, who noted that 57 percent of the self- purchasing market is made up of married women.
The De Beers Group will spend $120 million to $130 million on advertising globally this year and much of that budget will be used to target the U.S. market. And the executives are upbeat that the new messaging in the ad campaign will be effective. “We are communicating in a way that demonstrates to consumers that we understand them and the way in which women perceive diamonds,” concluded Stanley.Article from the Rapaport Magazine - July 2017. To subscribe click here.