If you’re a human being in the world that wasn’t born in the last 10-15 years, you know the power and prestige diamond engagement rings hold in our society. We think these are the ultimate symbol of love, devotion and commitment. And though diamond jewelry is becoming less obsessed over by younger people, the power this type of fashion accessory holds is still great.
But engagement rings have even more. Although less people are getting married and more people are waiting until later in life to get married, engagement rings still symbolize the relationship and commitment people make towards each other.
The market for diamond engagement rings has fallen, but it’s nowhere near dismal. People still get married. And people still need engagement rings with bright shiny diamonds in it. The problem arises when you realize for the last 100 years, the market was artificially inflated and over-priced by the players that dominated the marketplace.
As consumers become more savvy about how things work in this world (thank the Internet for that!), they’ll have more leverage when shopping. That’s why diamonds jewelry stores need to start recognizing this now. If they don’t, they’ll likely fail in the near to mid-term future.
If you own a jewelry store that predominantly sells diamonds, then you need to understand the leverage lies with the consumer, not the retailer anymore.
And if you recognize that, you can take steps to make sure you can survive for a much longer time. The advent of the internet has really helped democratize the diamond jewelry market. Retailers like James Allen now dominate because they took advantage of these changes in the marketplace and in technology.
They’re often reviewed as the #1 diamond retailer online (see ExecutiveIce.com) and there are a plethora of positive customer testimonials about that organization. Although the power of diamond jewelry and engagement rings remains high, the power of retailers only still exists if they server customers first.
So if you’re in the diamond industry, you need to really rethink the way you’re doing business currently. Don’t think that you can rest on your laurels and keep about with business as usual. That’s not the case at all. You need to innovate and make sure you’re giving customers, not only the product they want, but the experience they want.
One last note on buying and selling diamonds online. It’s no longer enough to try and influence people to purchase diamonds using the same tactics as last time. Diamond’s aren’t forever, anymore. The industry needs a new paradigm to live under, if natural diamonds are still going to be the most sought after and prized gemstone in the world.