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

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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.”

Read more at Bloomberg

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Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

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