De Beers Group Chief Executive, Philippe Mellier, has revealed that it was undeniable that the consumer landscape in the US is changing as he welcomed Forevermark partners during a private cocktail event in New York. The meeting was meant to address challenges and opportunities facing the diamond industry articulated in the 2014 Diamond Insight Report.
The address culminated with attention to the strategic reasons behind the emergence of diamond brands and growth of Forevermark.
“It is undeniable that the consumer landscape in the US is changing…There has been a clear increase in consumer preference for brands and people are also changing how they engage in the retail process,” he said.
“It answers the consumer’s growing desire for branded products that can be trusted and that can evidence their ethical credentials. It has embraced new ways of selling and of reaching out to engage with younger consumers. It has a high impact marketing approach that operates across a number of channels. And it provides reassurance in terms of grading and quality. And of course while Forevermark responds to the consumer’s needs for confidence, trust, quality and excitement, it also responds to the retailer’s need for a differentiated and value-adding proposition.”
Referring to the inaugural Diamond Insight Report, published by The De Beers Group of Companies in September 2014, Mellier said that in the US jewelry market diamonds continue to be by far the most coveted of gemstones. He also referenced a recent survey amongst Forevermark retailers in which 74 percent reported their overall diamond jewelry sales were equal to, or greater than, the prior year, with 45 percent reporting increases of five percent or more. In addition, Authorized Forevermark retail doors grew 18% in the last year, demand amounting to over 350,000 inscribed diamonds, a 47% growth over 2013.
“Forevermark is our way of preparing for the future of diamond jewelry retailing. It is our way of helping to meet the long-term needs of industry stakeholders. It is our way of capturing forever, today.”