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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Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
