How will the diamond customer’s expectations rule retail? De Beers plays an integral part in strengthening the diamond industry in the UAE

Sachin Jain, managing director of De Beers, India, explores opportunities to tie up with jewellers in Dubai to inherently tap the resource core in the region. At the Retail Jeweller World Dubai Forum 2021, he invites all stakeholders to form new partnerships to secure the future of the industry

As the diamond sector creates ripples across the sector pool, the time seems to have come for a serious rethinking of marketing strategies. This is a product category that require more marketing now, innovative designs and fruitful partnerships with organisations that come with an established reputation.

This was the message from Sachin Jain, managing director of De Beers, India in his presentation at the Retail Jeweller World Dubai Forum 2021, titled, “How will Diamond Jewellery Customer expectations and convenience rule retail and How can jewellers collaborate with De Beers in Middle East.”

“It is important to remind ourselves about the business we do. We can learn at least one tangible thing that can be implemented in our business to make it better equipped to face the new reality. What does your business sell? Is it cut, clarity, colours, shapes, for most of us, the answer would be all of the above. We need to realise that we are not in the business of just selling crystallised carbon. We are in the business for diamonds, and that is precious. It is love, it is meaning and a celebration of all things memorable to the consumer’s hearts and minds. What we sell has an inherent value to the lives of people who buy from us. We, as diamond people, are lucky to present these miracles of mother nature,” he said.

Jain reiterated that the industry should be proud of what it does because right now, at diamond stores, somebody is experiencing the most memorable event of their lifetime.

“Each of us have had our lives transformed in the last year. Yet, amid all the chaos and turbulence, one thing has held us together. It is the cosmic cord that we are one industry and facing this challenge together.  As a marketeer, you also have to be part psychologist. In the pandemic time, consumers were clear about things that really matter to them. Diamonds matter to them. Futuristic things matter to them. Change is the only constant and there is no better time than this to embrace it. We have to be better retailers as our competition is not just with next-door store but with retail at large. What has worked in the past might not and will not work in the future,” he said.

Diamonds are forever is not just a tagline for De Beers. It is after all, true for diamonds which take years to form. “In the 130-year legacy of De Beers, we have never been prouder of who we are as an industry as we are today. The steps that we have taken are transformational and will change the future. We have reinvented ourselves and are trying to bring the name of De Beers on the entire value chain to make the business better and more profitable for all the people. We are going to be a company built on data, science and catering to the future consumer. We want to leverage the power of the De Beers name in the minds of the consumers to create the optimal demand and the resonance in the heart around what diamonds are,” said Jain

Jain went on to talk about Forevermark, a diamond brand from the De Beers group of companies. “Every Forevermark diamond comes with the promise that these are beautiful, rare and responsibly sourced. Every Forevermark diamond goes through a strict scrutiny of all the parameters to give your consumers nothing but the most beautiful diamonds.  You just don’t choose the diamonds for the 4Cs, but we conduct over 25 tests for each diamond to give our consumers guarantee. It assures them that they have the best bling, and also gives birth to a confidence that they are supporting a whole journey of good for the entire value chain,” he said.

Forevermark has established itself in over 38 countries and over 2,500 partner doors across the globe. The journey started in 2010 in China and Hong Kong. “Now we have expanded and want to build the brand based on brands and transparency. The future buyer is more inclined to consume brands. Forevermark is an inclusive brand, one that is built on partnership, where all your elements as a retailer, jeweller or house of jewellery comes through, but the ingredient you use is the finest and that comes from the house of De Beers,” said Jain.

He invited the Middle East to join hands with De Beers for a wholesome future for the gem and jewellery industry in the region. “This is the pulse of the diamond business. It is an important consumption market. At Forevermark and De Beers, we are building a strategy to expand to UAE and build partnerships that are futuristic,” said Jain.

He thanked Jawhara Jewellery, their partner in the Middle East, for believing them and willing to work for the betterment of the region. He also announced that the branding for Forevermark was changing to De Beers Forevermark, and Jawhara Jewellery will be the first space where the new branding will be launched.

“This will not only inspire confidence in the minds of consumers, but also add more to the diamond journey. Diamonds are powerful stones. We know that millennials today are more informed and aware than the previous generations. They are always considering what is the impact on nature from the things they adorn,” he said.

Jain explained the “Building Forever Goals” campaign of Forevermark, which can be connected with the industry and can strengthen the diamond segment. “We feel proud about all the things that we will do and enable in the coming years. The four pillars of the plan are building communities, bringing gender parity in employment at the industry, protecting natural resources and working with ethical practices.”

Courtesy: Retail Jeweller World News