Connect with us

Headlines

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

mm

Published

on

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

Advertisement

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Downsizing? Wilkerson Is Here to Help

Orin Mazzoni, Jr., the owner of Orin Jewelers in Garden City and Northville, Michigan, decided it was time to downsize. With two locations and an eye on the future, Mazzoni asked Wilkerson to take the lead on closing the Garden City store. Mazzoni met Wilkerson’s Rick Hayes some years back, he says, and once he made up his mind to consolidate, he and Hayes “set up a timeline” for the sale. Despite the pandemic, Mazzoni says the everything went smoothly. “Many days, we had lines of people waiting to get in,” he says, adding that Wilkerson’s professionalism made it all worthwhile. “Whenever you do an event like this, you think, ‘I’ve been doing this my whole life. Do I really need to pay someone to do it for me?’ But then I realized, these guys are the pros and we need to move forward with them.”

Promoted Headlines

Most Popular