(NEW YORK) – Today’s consumer is definitely much more acutely aware of the various choices that the jewelry industry has to offer when they are making a diamond purchase. Research reveals that awareness of lab grown is rising. Additionally, the desire for sustainability is a growing consideration when buying diamonds.
The March podcasts posted by The Plumb Club provide retailers with a huge amount of research information and insights into both of these key drivers in the consumer purchasing decision. Both podcasts provide tips on messaging and training at retail that can help a sales associate close a sale.
Here are this month’s podcasts:
The State of The Lab-Grown Diamond Market: The growth of awareness of lab-grown diamonds among consumers has been remarkable, with 80% of consumers saying they have heard and know about lab-grown diamonds. On behalf of Evolution Diamond, Marty Hurwitz CEO of The MVEye outlines, from a demographic and psychographic perspective, who the consumer is that is buying this product. Further, for retailers, he highlights the key drivers in the purchase decision and shares educational sources to help inform and train staff on the category. Evolution Diamond is a vertically integrated lab-grown diamond company established to make progressive change in the diamond jewelry industry. They procure rough directly from growers and cut and polish diamonds in their own factories. They also have full jewelry manufacturing, design and marketing capability to develop private label and branded collection.
Sustainability and The Consumer: Among younger consumers, sustainability is a huge consideration when buying diamonds, ranking on par with both price and design. On behalf of KP Sanghvi, Charles Stanley, of DeBeers North America illustrates why it is important for businesses to have a sustainability strategy. He discusses today’s consumer and how they are placing “positive impact” as a key purchase consideration when buying diamonds and how the industry is working hard to build this value proposition. Additionally, he showcases how a retailer can effectively communicate this to their customers at retail. For over five decades KP Sanghvi has dedicated itself to the art of perfection in craftsmanship, a dedication that shows in its products, ethics and its people. The company has built strong relationships with clients all over the world, and their manufacturing and sourcing capabilities are second to none.
The Plumb Club podcasts, which are added monthly, provide strategies, knowledge and immediately actionable steps from industry leaders, that help retailers across a variety of business areas. The newest podcasts, as well as the previous ones, are available on The Plumb Club website under the Resources tab.
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