Emotion is a marketer's best friend.
As a child I used to believe diamonds were these rare gems that were so difficult to find. Little did I know, they aren't rare, just costly. And that's all down to De Beers marketing strategy.
Who is De Beers?
De Beers Group specialises in everything diamond, including; diamond mining, diamond exploitation & diamond retail.
What did De Beers do to make diamonds expensive?
Diamonds were first discovered in southern Africa around the mid-1860s on the farm of Nicolaas and Diederick de Beer. Around this time many other diamond mines were discovered, therefore to avoid diamonds becoming a semi-precious stone, De Beers became a cartel in order to control production and distribution. This allowed them to provide the illusion of diamonds being scarce to control its pricing. Now that they controlled the commodity and perception, all that was left was for De Beers to create demand.
'A Diamond is forever Campaign'
Initially diamonds were considered luxury item, for the rich and wealthy. But the Great Depression showed De Beers that they needed to create a demand not run by the economy. Just like we at Fazal Kaur say, De Beers had to associate emotions to diamonds. They chose to use love and marriage. Diamonds have a low resell value, therefore they needed to ensure reselling wouldn't occur. From this 'A diamond is forever' was born. Consumers were given a purpose to buy diamonds, a reason to never resell and buy the biggest diamond.
There you have it. Diamond engagement rings all stem from clever marketing. As much as this may make you feel some type of way, there are some amazing lessons to be learnt here for your business and products. Ask yourself is there demand for your product? What emotions are associated with your product? You can always reach out to us for some extra help on this too!
P.S Happy Valentines Day from FK 🖤