There’s a predicament that’s been plaguing family-owned jewelers for years: how to appeal to a new demographic and compete with online retailers for their business.
The challenge is real. Millennials and their younger counterparts dubbed Generation Z now account for nearly half of diamond purchases around the world. Having vastly different perspectives than older generations, and heavily informed and influenced by content they find (and often buy) on the internet, this new demographic is forcing retailers like you to rethink the way you operate.
“No doubt, you need to make some changes to stay in the game,” said Andrew Rickard, vice president of operations at RDI Diamonds. “But change doesn’t have to be hard, and it’s well worth the effort: There is tremendous opportunity at your doorstep, and it’s ripe for the taking.”
Younger generations are ready diamond buyers. According to fresh data from the Natural Diamond Council, almost 80% of millennial and Generation Z purchasers bought diamond jewelry as a gift in the last 24 months. Winning their business depends on appealing to their values, understanding their perspectives, and providing products that they can feel good about buying.
Start by differentiating from what is likely your fiercest competition: the internet. Online jewelers have changed the game by selling diamonds below market price. Or so consumers think. The internet isn’t always transparent, and buying diamonds sight unseen, based on photos and grading reports alone, makes for risky business. Grading reports shown online are often dated or inaccurate, advertising poor-quality diamonds as great buys. Today’s buyers aren’t looking for deals. They are looking for authenticity and value.
To win their trust and protect your margins, get out of the race to the bottom. There’s a growing rate of variants within grading, leading to frustration from family-owned jewelers who are trying to compete against products they can’t see or verify. Oftentimes, diamonds sold online are discounted because they are substandard, despite their grading.
As a family-owned jeweler, you offer a formative alternative. You provide a valuable product buyers can see and touch, and you offer expertise and guidance in a purchasing decision that is likely one of the largest young buyers have made. As part of the fabric of your buyers’ community, you can offer tremendous value by serving as a trustworthy expert that can guide them through this purchase and other jewelry purchases throughout their lifetimes.
And, you can give customers what they want and ensure they are getting what they paid for. Rare & Forever, a brand of natural diamonds that are hand-selected for their highest quality and consistency, was created for this reason.
The diamonds are ethically sourced, screened for brilliance, and exclusively graded with cutting-edge technology. They come with security features that provide peace of mind and confidence, and Rare & Forever is the only national brand that offers an Upgrade for Life guarantee. The brand’s diamonds, including finished bridal and fashion jewelry lines, are available only through authorized jewelers, guaranteeing superior quality, integrity, and service.
As a Rare & Forever authorized jeweler, you can supercharge your sales associates to sell more diamonds with ease by taking advantage of exclusive benefits, including discounted insurance from Zillion, and a specialized Rare & Forever portal that facilitates inventory tracking and provides sales tools and marketing assets that are inclusive and representative of today’s diverse buyers. What’s more, you gain access to training videos and a rewards program to incentivize and inspire staff to sell.
Becoming a Rare & Forever authorized jeweler will enable you to appeal to younger buyers who want to make authentic, meaningful purchases from a knowledgeable, trustworthy seller. For more information visit, rdidiamonds.com/retailer-resources/client-promo-tools/rare-and-forever.