Headlines

Can De Beers Convince Millennials to Buy Diamonds Instead of iPads?

Published

8 years ago

April 12, 2016

INSTORE Staff

Doing so requires a big ad push, analyst says.

Diamonds are the cheapest they’ve been in a decade, Bloomberg writes, “a sign that the industry is failing to maintain the cachet of its brand” as suppliers attempt to catalyze demand among millennials who seem “more interested in spending money on vacations, fancy handbags and high-tech gadgets.” The article explains how diamond suppliers like De Beers and Alrosa PJC attempted to raise prices in 2015, but that effort was stymied after buyers in India threatened to boycott auctions of rough gems, resulting in De Beers slashing prices by 15 percent last year and another seven percent in January.

Now, De Beers is hoping that its recently increased spending on advertising will turn things around. Indeed, Bloomberg says it’s an encouraging sign that the mining giant was able to raise rough prices by 2 percent in a sale this week, the first increase in more than a year. “It’s got to come down to ad-spend,” Ben Davis, a mining analyst at Liberum Capital Ltd., told the business news outlet. “They just need to bite the bullet.”

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”