A DIAMOND STORY. Not your ordinary fairytale. Once Upon a time…. There was a very very powerful company called De Beers.
A DIAMOND STORY
Not your ordinary fairytale
There was a very very powerful company called De Beers.
De Beers was the largest supplier for diamonds worldwide. The company was so powerful since it controlled every aspect of the diamond industry from its mining to distribution.
However, dark dark days were coming for De Beers. Its share of the diamond market had fallen as high as 90% in 1980 to less than 60% because it could not control global supply.
De Beers was no longer a very powerful diamond monopoly.
so the destroyed De Beers decided to reinvent itself and shift gears….
The following slides show us how the company tried to regain its lost market share.
De Beers started its plan through developing and launching 3 ideas which they called
Beacon 1 : Past, Present and Future
Beacon 2 : Right Hand Ring
Beacon 3 : Journey
Beacon 1: Past Present Future
Diamonds at that time had represented “engagement love” : pure innocent and perfect.
They changed the idea to represent 3 stages of love – its past, present and future. 3 stones each told a unique story; one stone symbolising your past, one your present and the final your future.
Focused on anniversaries and gifts.
OLD : Diamonds on the left hand to signify marriage and engagement. Celebration of ‘Relationship’
NEW: Celebration of ‘her’. Captured the Sex and the City generation. Unique style/spirit relevant to married and single women.
Old: Idea of love as Perfect
New: Love is a journey, not a destination. Couple’s love deepens as they weather hardships together.
During the Beacon period (2001-2006), total US diamond jewellery category grew by $9.2 B – increase of 35% from 2001.
Source: Total Market Survey
A Diamond is forever.
By: Szamantha Lim. October 15,2013