What is there about the combination of the two words ‘diamonds’ and ‘brands’ that brings out such negativity in certain segments of the diamond industry?

 

At a recent diamond conference in Antwerp, the positive vibes were distinctly faint. One speaker's talk revolved around the fact that he couldn't find a diamond brand. Another speaker, talking about inconsequential consequences, did not even mention his company's successfully branded ideal cut that until recently had little or no competition on the retail scene.

 

Another described his ideal cut, the hearts and arrows geometric design, as the only possible winner so why should anyone else even bother. And what was the speaker from JWT trying to convey to her audience by implying that very few brands were sustainable?

 

Give me a break! I found quite a number of diamond brands in the pages of Vogue, InStyle, Harper's, and Town & Country featuring the new PrincessPlus, Elara, the Leo Diamond, the Cento, and the LoveFire.

 

I also found, of course, Kwiat advertising diamond jewelry and right hand rings, the new Rosy Blue jewelry ads in several fashion magazines and Daniel K's “Red” collection of right hand rings.

 

Searching online I found the Cushette, the Solei (at Fred Meyer Jewelers), the Degalia, the Linz, the Luminada, the Royal Asscher, the Prince Cut, Hearts on Fire, and many more.

 

The Multiple Brand Environment

And what's all this nonsense about too many brands confusing the consumer? Forget it - the multiple brand environment is all about choice at varying price points as can be seen with the branded diamonds offered at places like the jewelry department in Wal-Mart’s, or the signature brand at jewelry stores like Helzberg's with its Radiant Star. And then there is Sterling Jewelers with the Leo Diamond, the Zales Diamond at its retail stores, and independents like Burnell's offering the new Star129.

 

It does not end there. If you happen to be on Fifth Avenue in Manhattan, stop in at Tiffany & Co and take a look at their Lucida branded diamond, a square mixed cut with 50 facets. Or go to Saks Fifth Avenue to see the Rand Diamond, or stroll onto Madison Avenue and catch the Graff Diamonds at their exclusive jewelry boutique. And this is just a partial list of many branding initiatives.

 

In many other U.S. cities, Stuller Diamonds International is supporting independent jewelers with the Red Box Diamond. And let's not forget the fashion designer brand Escada, or the brand soon to be launched by bridal fashion designer Vera Wang that is sure to be a hit.

 

A Branding Strategy

Branded diamonds and diamond-set jewelry lines, belonging to sightholders and non-sightholders alike, in various stages of development with innovative marketing plans are quietly (and not so quietly) finding their way into the expanding market.

 

And it's for this reason that, in today's marketplace, a diamond business must keep a sharp eye on both its own operations and those of its competitors while having to quickly develop a viable branding strategy if it wants to stay in business.

 

At the major cutting centers, both generic and branded diamonds are compatible. Indeed, both should be seen to be in the interests of the industry - parallel interests, if you will, and not be an either/or scenario.

 

One way of looking at the issue is to realize that they both get you to the same place but by different routes. Where the classic generic route could be considered to be the super-highway, branding is probably the longer more scenic route and possibly the more interesting way of going about business.

 

Either way, it might be smart to bear in mind the words of a branding consultant who told me: “It's easy to be cynical and critical, but it is far more difficult to be innovative and successful. But if you don't try, you'll really be lost and never have a chance of getting there at all”.

 

Fran Goldstein is the publisher of the Keyguide diamond trade directories and the recently published reference book “Sightholder Showcase - The Branding of the Diamond Industry”.