(PRESS RELEASE) STAMFORD, CT — The ninth annual Forevermark Forum, originally scheduled to be held in March in Miami, was held virtually due to COVID-19. In various interactive sessions throughout the day, the Virtual Forum addressed the current state of the diamond industry, Forevermark’s adapted plans for 2020, and offered Forevermark partners tools and insights to adapt their businesses and meet evolving consumer demands. The Forum drew approximately 650 participants consisting of Forevermark retail jeweler, manufacturer and diamantaire partners.
Nancy Liu, CEO of Forevermark, shared De Beers Group insights on the impact of the current crisis on the diamond industry and an optimistic outlook for diamond business following the reopening of retail in China.
“While much of our world and business is in flux right now, one thing we can be certain of is this pandemic will alter consumer expectations forever, but we can be confident that diamonds will continue to serve as a powerful symbol of strength, resilience, beauty, and the bonds between us. As a brand built on a foundation of beauty, rarity and responsible sourcing, Forevermark is well-positioned to connect with consumers in a post-pandemic world,” said Liu.
With stay-at-home orders and lockdowns implemented globally, there has been a rise in ecommerce amongst all sectors. However, Forevermark’s data from markets that have begun to reopen shows that consumers are eager to return to stores with pent up demand leading to signs of a strong retail recovery. In China, Forevermark’s business has come back more rapidly than anticipated, as shoppers have begun to return to luxury goods, with branded jewelry, and bridal in particular, leading the recovery. Forevermark jewelers in China have reported that the average sales price has maintained, and the conversion rates in stores have doubled.
Forevermark US President, Charles Stanley shared Forevermark’s vision for 2020 and beyond including several new product launches, and an evolved Omni channel strategy to position the diamond brand and its partners for success.
“Throughout this crisis, we are seeing the significance of brands being maintained as consumers look to purchase fewer, better things that represent timelessness and have enduring value. This changing retail climate gives Forevermark an opportunity to truly resonate with consumers. To achieve this, we have developed a cohesive product offer that addresses multiple consumer segments, price points, and styles with consistent quality and availability. The new collections we are bringing to market provide a breadth of product to connect with consumers across bridal, self-purchase and holiday occasions.” said Stanley.
Building on the launch of the Forevermark Engagement and Commitment Collection last year, Forevermark has expanded its bridal product offer to include new engagement ring styles, as well as a bridal capsule collection designed by Celebrity & Bridal Stylist Micaela Erlanger. The brand has also added new fashion styles and classic collections, which, in addition to the existing Forevermark Tribute™ Collection, will be sold and distributed by Forevermark to retailers to more seamlessly align with the brand’s marketing and Omni channel initiatives.
Stanley also shared changes to Forevermark’s Omni channel approach, which includes expanding its ecommerce product offering to include all Forevermark collections, while continuing to provide a profit share to its jewelers for sales made on Forevermark.com.
Guest speakers at informative sessions provided Forevermark jewelers with tangible strategies and tactics to as their stores begin to reopen. A data-driven session presented by Sarah Quinlan, Managing Director of The Carolantic Fund, examined the current state of the global economyfocused on an action-oriented approach to drive resurgence and resilience in the economy. Retail specialist and author Michael Dart, Partner at AT Kearney, spoke to recent consumer behavioral shifts, the new rules of retail post pandemic, and the importance of delivering a seamless Omni channel customer experience.
Other interactive sessions included marketing experts from Bottom Line Marketing and Punchmark who shared success stories and pointers to help jewelers determine the best media mix to drive customers online and in store. Social media experts, The Smithee Group, shared insights on how Forevermark jewelers can use social media to convert consumers and leverage the full value of the assets provided by Forevermark to differentiate and grow their business.