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A Case Study on Diamond Marketing - what is the meaning of diamond to Chinese consumers? what is the opportunity beyond the diamond wedding ring?

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When one thinks of diamond, one thinks of it being expensive? a show off piece? a must have for weddings? It is all of the above. But there are more opportunities that are untapped - consumers are …

When one thinks of diamond, one thinks of it being expensive? a show off piece? a must have for weddings? It is all of the above. But there are more opportunities that are untapped - consumers are highly emotionally attached to diamonds. Learn from some of the great positioning and business ideas.

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  • 1. A Case Study on Diamond Marketing Presented by Christine Cheung, November 2009, Shanghai China. 1
  • 2. This is the case of marketing diamonds beyond a luxury product. Giving diamonds its unique meaning as the symbol of love touches consumers’ deep emotions; and means much more than just an expensive price tag. The following pages is an excerpt of the original document. Presented by Christine Cheung. Luxury Marketing Consultant. christine.luxepower@gmail.com 2
  • 3. VS. 3 Presented by Christine Cheung. Luxury Marketing Consultant. christine.luxepower@gmail.com
  • 4. Presented by Christine Cheung. Luxury Marketing Consultant. christine.luxepower@gmail.com 4
  • 5. Rare Hardest Eternity 58 times harder than the next mineral The youngest diamond is 900 million years old 5
  • 6. What is the meaning of diamonds to you? Diamonds is THE symbol of love 6
  • 7. The US & China market are at two extremes in terms of development 7
  • 8. China: a developing market How do we build diamond as a symbol of love? USA: a mature market How do we continue to grow the category? Presented by Christine Cheung. Luxury Marketing Consultant. christine.luxepower@gmail.com 8
  • 9. China is traditionally a gold and jade market for jewelry Gold symbolizes family blessing of the marriage 9
  • 10. From1980’s Couples resumed jewelry gifting as a token of marriage. Expression of love among young couples have gradually become more open & explicit. An opportunity for a new gem stone to symbolize the love & promise just between the couples 10
  • 11. Build diamonds as THE Symbol of Love What is the most aspired expression of love? 11
  • 12. Overcome all barriers! Do whatever you can for love! A sense of sacrifice! 12
  • 13. Reference TVCs from China 13
  • 14. Results to-date •  Sources indicate diamond wedding rings has become a mandatory jewelry item for 70% of weddings in major cities; •  This culture has yet to be strengthened especially in third tier cities; •  Where consumers recognize the meaning of diamonds (as a symbol of love), the intent to purchase is much higher; 14
  • 15. Affinity Did they live happily ever after? Getting to Fall in Getting Wedding Maintaining the marriage Having child know each love stable Conflicts and compromises Paying more attention to other the child Consumers feel that romance and love fade as the relationship evolves Time 15
  • 16. Is there an opportunity from the fading of love? New product concepts to reinforce love after the diamond engagement ring 16
  • 17. China: a developing market How do we build diamond as a symbol of love? USA: a mature market How do we continue to grow the category? Presented by Christine Cheung. Luxury Marketing Consultant. christine.luxepower@gmail.com 17
  • 18. Who should we target? Target at the HEAVY OWNERS - key contributors to the market value & growth, diamond advocates. 20/80 rule applies. 18
  • 19. Identify & build new occasions beyond the engagement rings Encourag higher priced sales with larger carats or multiple stones designs 19
  • 20. New Product Concept I Our love & relationship go through changes during the years. But the love between us is the same as it was (the past), as it is now (the present) and in many years to come (the future). 20
  • 21. New Product Concept II As couples know, love is a continuous experience, with its highs and lows, growing stronger & deeper as a result. Love is a journey, not a destination. 21
  • 22. Overall Results • Sources indicate that in the five years from 2001, the total diamond jewelry category in the US grew by over 1/3 with most of the growth coming from new products; • Number of heavy owners increased & average price per piece increased by more than 1/3; • New gifting occasions are established; 22
  • 23. Presented by Christine Cheung. Luxury Marketing Consultant. christine.luxepower@gmail.com 23