And for these consumers, they don’t.
North American jewelers are used to associating diamonds with love and romance, but in China, that relationship doesn’t always hold true, Bloomberg reports.
Women in the 18-34 age bracket account for 68 percent of diamond sales in China, and many of those sales have nothing to do with a romantic relationship.
To these consumers, “diamonds are more of a fashionable mark of achievement instead of a symbol of everlasting love,” Bloomberg reports, citing Joan Xu of advertising agency J. Walter Thompson.
And that means the largest diamond sellers in China have to adjust their marketing and their offerings accordingly. For example, they have to understand that their goal isn’t just to sell higher-priced diamond jewelry.
For the typical millennial woman who buys diamonds in China, “What we need to provide for her are pieces that are personalized, unique — but not too expensive, as she’ll possess many, not just one diamond piece,” said Wang Ensheng, marketing manager of Lao Feng Xiang, a jewelry company based in Shanghai.
Read more at Bloomberg.
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Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
