Upcoming B2B Gems & Jewellery Exhibition- 19th - 20th - 21st January 2019. Bangalore.

Diamond Commoditization Beyond 4 Cs

2016-04-16


Fischler Diamonds announced a new program under which every diamond sold of 0.70 carat and above, will include a pre-paid registration gift card in the online Museum of Named Diamonds. The cards, valued at $100 each, provide a tool to help retail jewelers move the point-of-sale conversation beyond the 4 c's and price comparisons, when talking to consumers.

The Museum of Named Diamonds, an industry non-profit launched in 2015, collects and preserves the stories of diamonds, both famous and personal. Consumers are invited to register their own diamonds with the Museum, name them, and include the special memories of the love which the diamond represents.

Personalized diamonds in the Museum are easily shareable on social media, and provide a young couple with a new and fun experience: seeing their own diamond and its story up there with famous diamonds such as the Hope, the Kohinoor, and the Cullinan.

"We can't put the genie back in the bottle when it comes to competitive pricing and the growing trend towards diamond commoditization," said Serge Fischler, President, Fischler Diamonds USA.  

What we can do is remind the consumer-and ourselves for that matter-what makes a diamond special. It's not the difference between a VS1 and a VS2. It's about the emotions that the diamond represents. It's about the story of that love, and the story of that diamond. Isn't that important for us to be talking about with the consumer? Isn't that far more interesting to the consumer than crown angles?"

"Grading reports will always be part of the market," said Bill Boyajian, Chairman of the Board of Governors of the Museum, and former president of the GIA. "But we, as an industry, need to focus as much on the meaning behind the diamond, as the numbers behind the diamond. This is what Fischler is doing."

By adding Bill said, “The Fischler program, provides retailers with a tool they can use to expand the conversation beyond the 4 c's and price. While it won't be appropriate for every sale," explained Fischler, "jewelers can use these Museum registration gift cards to really connect with millennials in particular that demographic loves personalization, experiences, and telling stories.”

When an engagement ring diamond is registered with the Museum, it delivers on precisely what that age-group is looking for.   A young woman may not remember whether her diamond's cut grade is Very Good or Excellent. But when she sees her diamond, and its story, take its place among the named diamonds of the world, that's something she can really enjoy and share with her friends.

“We introduced the program at the recent IJO Show in Orlando," said Fischler. "And the response exceeded our expectations. Retailers were excited about this new value-added. Of course everyone knows a diamond is forever. Now, with pre-paid Museum registration cards, the story of that diamond, and the love it symbolizes, can be forever as well. That's a powerful concept that can resonate with the consumer."