Project targets millennial diamond consumers

29th July 2016 By: Kimberley Smuts - Creamer Media Reporter

Project targets millennial diamond consumers

MARKETING MATTERS The diamond industry is undertaking the first catefory marketing campaign in over five years
Photo by: Bloomberg

International diamond mining organisation the Diamond Producers Association (DPA) is working on a project aimed at tackling the generic marketing of diamonds to attract standard and millennial consumers, otherwise known as the ‘Y’ generation.

Rough and polished diamonds trader Blom Diamonds owner and World Federation of Diamond Bourses (WFDB) president Ernest Blom says the project is important because selling luxury brands or products to the new generation of consumers requires a different marketing approach.

The DPA unveiled its new marketing platform for diamonds last month during a special presentation to members of the jewellery industry at the industry’s premiere trade show, Jewelers Circular Keystone, in Las Vegas, US.

The DPA team, led by DPA CEO Jean-Marc Lieberherr, outlined plans for the first category marketing campaign by the diamond industry in over five years and the very first of its kind from the DPA.

At the trade show, the association pointed out that the new marketing platform ‘Real is Rare. Real is a Diamond’ is the result of six months of development, including in-depth research into millennial consumers. Insight work into the millennial audience revealed that, while diamonds do appeal to this generation, relevance and emotional engagement can be heightened using new concepts.

DPA research reveals that millennials long for real, lasting connections with others, but
struggle to make them – or feel sure they are truly authentic – in a world of constant flux, seemingly limitless choice and superficial interactions.

“The idea that diamonds have the power to celebrate and mark an authentic connection resonates deeply with them,” says Blom.

The opportunity exists for diamonds to represent the rare, precious and real connections that millennials crave, highlights Blom, adding that “Real is Rare” redefines diamonds for the twenty-first century.

As leaders of the industry, DPA members consider this generational approach to be the beginning of a dialogue with the current and future consumers of diamonds, with investment in and development of the campaign to continue.

The DPA is working with agency partner Mother New York to develop the creative material for the campaign, which will be launched in September. “The media plan is still being finalised, but it will focus on digital and social media channels that target our audience,” says the DPA.

Meanwhile, there was a clear understanding that the global diamond sector had to further increase the transparency of its operations and the integrity of the global diamond supply chain to maintain consumer confidence in diamonds and jewellery at the thirty-seventh World Diamond Congress, held in Dubai, in May, by the WFDB.

Members stressed that the diamond trade operates in accordance with the highest levels of industry self-regulation and that it should be proud of its achievements.

“Diamonds are a great product, the market is growing and we are one of the most regulated industries in the world. We adhere to the Kimberley Process and all the different protocols
. . . consumers can confidently buy diamonds from a member of one of our organisations,” stresses Blom, who was re-elected WFDB president for the third consecutive three-year term at the congress.