Talk of the Town

Having written about it for the last two weeks I wanted to avoid discussing the Diamond Producers Association (DPA) – and yet, fate stepped in to play my hand. It’s new slogan, “Real is Rare. Real is a Diamond,” was released to great fanfare at the recently concluded JCK Las Vegas show. It was reportedly the talk of the event, seemingly evidence that the six-month development and gestation period through which it went ahead of the announcement, would bear instant fruit.

The DPA is attempting to mirror the Millennial generation’s search for authenticity, by tapping into (after extensive market research) that age-group’s yearning for what is “real.” There is an assumption, apparently incorrect if marketers are to be believed, that Millennials are obsessed with what is new, cutting edge and hip – and are seemingly unconcerned if this represents transience, a passing fad. Not so, says DPA CEO Jean-Marc Lieberherr. “Our research reveals that Millennials long for real, lasting connections with others, but struggle to make them – or to feel sure they are truly authentic – in a world of constant flux, seemingly limitless choice, and superficial interactions.”

Economically, Millennials have witnessed times of great flux – from the periods of peace and prosperity in last decade of the 20^th century, to the much more volatile and uncertain period in which we find ourselves. Perhaps they are acutely aware of some of the precariousness of our world – and do in fact long for “eternity” as represented by diamonds.

This may seem obvious, and undoubtedly true of every successive generation, but the world in which Millennials grew up and indeed currently live, is far-removed from their parents or grandparents. Social mores have changed, and trying to define the needs and wants of this section of a much more fluid and less traditional society, has, and no-doubt will, continue to prove challenging.

To build on recent successes in attracting Millennials to purchasing diamonds and diamond jewelry and encouraging more of their peers to do so, the industry must also speak to them in a language that is relevant to them. Three ideas proposed by Juliet Hutton-Squire and Maia Adams, cofounders of Adorn Insight are quite convincing: Keeping things personalized so that marketers can target specific consumers with video messages for example, sent to them near their birthday and with reference to previous purchases and recommendations for future ones; Allowing consumers to be involved in a brand, for example by taking advantage of the development of crowdfunding and to allow consumers to rent jewelry. To some extent a Millennials existence is not about ownership per se, rather that the sharing economy is one way to broaden horizons experiences and meet people. It could be the ultimate in “try before you buy” – allowing a consumer to wear a piece to a particular event, without them needing to spend thousands of dollars in that specific piece.