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    De Beers, Marketing Diamonds To Millennials

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    Nitish
    Millennials have different consumption patterns than previous generations, with relatively lower incomes, later marriages, and preference for experiences over material goods. While diamond rings remain a popular proposal option, millennials are more interested in alternative gemstones and second-hand diamonds. De Beers' "Real is Rare" campaign promotes the emotional value of diamonds, but their marketing campaigns see limited viewership among millennials. To appeal to this demographic, the document recommends focusing on the cultural history and tradition of diamonds. It also proposes partnership programs and customizable products set with diamonds to encourage millennials to gift and wear diamonds.

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    De Beers, Marketing Diamonds To Millennials

    Uploaded by

    Nitish
    286 views13 pages
    Millennials have different consumption patterns than previous generations, with relatively lower incomes, later marriages, and preference for experiences over material goods. While diamond rings remain a popular proposal option, millennials are more interested in alternative gemstones and second-hand diamonds. De Beers' "Real is Rare" campaign promotes the emotional value of diamonds, but their marketing campaigns see limited viewership among millennials. To appeal to this demographic, the document recommends focusing on the cultural history and tradition of diamonds. It also proposes partnership programs and customizable products set with diamonds to encourage millennials to gift and wear diamonds.

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    De Beers, Marketing diamonds to Millennials

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    Millennials have different consumption patterns than previous generations, with relatively lower incomes, later marriages, and preference for experiences over material goods. While diamond rings remain a popular proposal option, millennials are more interested in alternative gemstones and second-hand diamonds. De Beers' "Real is Rare" campaign promotes the emotional value of diamonds, but their marketing campaigns see limited viewership among millennials. To appeal to this demographic, the document recommends focusing on the cultural history and tradition of diamonds. It also proposes partnership programs and customizable products set with diamonds to encourage millennials to gift and wear diamonds.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    286 views13 pages

    De Beers, Marketing Diamonds To Millennials

    Uploaded by

    Nitish
    Millennials have different consumption patterns than previous generations, with relatively lower incomes, later marriages, and preference for experiences over material goods. While diamond rings remain a popular proposal option, millennials are more interested in alternative gemstones and second-hand diamonds. De Beers' "Real is Rare" campaign promotes the emotional value of diamonds, but their marketing campaigns see limited viewership among millennials. To appeal to this demographic, the document recommends focusing on the cultural history and tradition of diamonds. It also proposes partnership programs and customizable products set with diamonds to encourage millennials to gift and wear diamonds.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 13
    At a glance
    Powered by AI
    Key takeaways include that diamonds are the hardest natural substance and are composed solely of carbon. They were first mined in India in 800 BCE and De Beers had a monopoly on the diamond trade until the 21st century.

    Diamonds were first mined in India in 800 BCE. De Beers formed in 1888 and had a monopoly on the diamond trade until the 21st century. Conflict arose in the 1980s from conflict or blood diamonds mined illegally which led to the Kimberley Process.

    Millennials have relatively lower purchasing power and higher debt. They also tend to marry later in life and value experiences over material goods. This has posed challenges to the traditional diamond engagement ring market.

    Marketing Diamonds to Millennials

    De Beers Group
    What are Diamonds?
     Diamonds are composed of a single element, hence they are the purest of all gemstones
     The first river-bed diamonds were discovered in India, in around 800 B.C.E.
     It is the hardest substance known to man and its crystallized carbon form has unique
    powers of light reflection
     It is distinguished by its cut, as shown in the picture below
     Founded in 1888 by Cecil Rhodes

     Until the beginning of the 21st century, it had a monopoly


    on the diamond market

     The diamond business was seen as a luxury and elevated


    status

     Spearheaded the trend of gifting a diamond ring on


    engagements

     The diamond business was successful due to the mines of


    Africa and the finishing processes of India

     A conflict in the 1980s between the African nations led to


    war and birth of conflict diamonds or blood diamonds,
    which led to illegal mining

     The fight against illegal diamond mining ushered in the


    Kimberly Process
    Pattern of Diamond Consumption
     U.S., China, Japan and India constitute 73% of Global demand for diamonds
     220 million individuals were millennials who are expected to reach their most
    affluent age by 2026.
    Marketing Diamonds to Millennials
    Shift in Millennial consumption patterns
     Relatively lower purchasing power and higher debt levels
     Late marriages
     Sceptical view of premium jewellery
     Millennials value experiences over physical goods such as diamonds
    Millennial Survey
    The Proposal What they Believe

    1
    1

    0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

    0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00%

    Give them a diamond ring


    Give them a gold ring Expensive gifts will ensure that you think twice before divorce
    Gift them a car It is a fad that started in 80s and is still going on for no reason
    Take them for a vacation and propose without a ring Gifting a diamond has an emotional value which can't be quantified
    Propose to them with nothing but your words A diamond ring on ring finger everyday, keep weird creeps away

    Millennials still prefer proposing with a Millennials believe diamond has an emotional value,
    Diamond ring over any other option although a second majority also thinks it is a fad
    Challenges
    Diamond alternatives
    Precious stone
     The biggest competition comes from
    precious stones at 52.3% Yes
    Second hand diamond
     Second hand diamonds come at a close
    Moissanite second with 38.50% Yes
     Both Synthetic and Moissanite diamonds
    Synthetic diamond
    are at a meagre 20% Yes
    0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

    Yes No
    Diamond campaign viewership in a week
    60  Diamond marketing campaigns are
    50
    40 viewed only 3-4 times a week or
    30
    20
    completely ignored by Millennials
    10  A minority has seen them regularly
    0
    Almost everyday 3-4 times a week Almost never, I ignore
    them
    Real is Rare
     In 2015 De beers along with other major players in the
    market formed Diamond Producers Association (DPA)
     DPA launched an advertising campaign in 2016 with the
    slogan Real is Rare, Real is diamond, in India, U S and China
     We would like to recommend
    that the DPA focus on the history
    of diamond usage, what it means
    for different cultures and showcase
    why diamonds are forever and why
    Millennials are no different than the
    generations that came before them
    and the generations after
    Own your Story, Love yourself
    o If you’re feeling jaded from the wfh
    schedule, take a break, treat yourself
    o Gift yourself a diamond ring, pendant,
    a necklace or any kind of jewellery
    o Flaunt it on Instagram with a selfie

    o Tag the official Forevermark handle with


    #lovediamonds
    o Top 10 posts with the most likes will be
    chosen as citizen brand ambassadors for
    Forevermark
    Presents Personified
     ‘Adornment’, a service where our De Bearer (expert embedder)
    would visit a place of your convenience and instantly make your
    watch, purse, wallet, musical instrument, and so on, personify you
     Visit our website, choose a product that you need embedded
     Our AI based technology will take care of the rest
     Schedule a visit from our De Bearer today!

    Customizable products
    90
    80
    70
    60
    50
    40
    30
    20
    10
    0
    %

    Phone cases Watches Musical instruments Face masks


    Pens Purse &Wallets Soft toys Nothing
    Questions from the Case
     Would concerns and negative press around
    conflict diamonds hinder the market?

     How would diamond alternatives affect sales?

     Would the second hand market continue to


    flourish? Could De Beers capitalise on this?

     Would the future of Diamond industry fall flat?


    THANK YOU

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