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The Retailer’s Guide to Marketing Diamond Jewellery

www.cibjo.org

www.cibjo.org

© CIBJO (2007) all rights reserved

The Retailer’s Guide to
Marketing Diamond Jewellery

With information sourced from
The Diamond Trading Company

PREFACE
Welcome to “The Retailer’s Guide to Marketing
Diamond Jewellery”
The jewellery world has changed significantly over the past 10 years in line with so many other industries around the world. Today there is very little that is ‘constant’ and keeping up with continuous change is a ‘must’ to succeed. Our customers are more discerning, knowledgeable and demanding than ever before. They are busy and bore easily, so it is not enough, however successful your business is to continue to do the same things in the same way that we have in the past.

Jewellery has long enjoyed a unique status among luxury goods and as an industry it is easy to take this appeal for granted, as if jewellery would sell itself. But in today’s competitive environment, we have to pro-actively drive jewellery sales in the same way all other luxury businesses do. We have to compete with all the other luxuries on offer to today’s consumer. We all have to bring innovative ideas to our consumers on a regular basis – through this we will inspire a passionate desire to buy.

This Guide
This guide is intended to help jewellery retailers by:
• Challenging the unexamined assumptions of jewellery retailing; • Providing detailed case studies; and
• Demonstrating the use of effective tools to drive sales. To effectively sell diamond jewellery one must uphold certain standards of excellence. We have taken diamond jewellery as the basis for best practice, however the principles are unconditionally relevant to the jewellery industry as a whole, notably the following: •





The range of products offered must be relevant and meet consumer desires; Maintaining consumer confidence in the jewellery industry is paramount; Creativity is essential if one is to capture and hold consumer interest; and Ultimately, consumers should be proud of what they are wearing, so that they will return to their favourite jewellery store time and again to look for their next piece of beautiful jewellery.

We have split the guide into four themed modules to take you through a range of retailing skills: •




Your business
Your customer
Your team
Your marketing

- Planning for the future success of your business
- Exciting and delighting your customers
- Driving excellence through your team
- Effectively increasing awareness, sales and profits

This guide offers practical advice, case studies for each module and practical tools that can make a real difference to achieving greater success.
This is the first step in our vision of providing the jewellery industry with marketing and educational support to allow us to compete in an ever changing world. In the years ahead our aim is to provide highly relevant tools to allow our industry to perform at the highest levels, competing effectively with all the other luxuries, old and new. We also hope that other CIBJO members, from all parts of the jewellery industry will contribute their expertise to provide further educational tools for the benefit of all CIBJO members.

Best wishes for the future

Jonathan Kendall
Vice-Chairman, Marketing and Education Commission (2007), CIBJO

© CIBJO (2007) all rights reserved

Retailer’s Guide • 2

Contents

CONTENTS
1. YOUR BUSINESS

5

2. YOUR CUSTOMER

31

1.1 Marketing Planning

6

2.1 Knowing your customer

32

• The current diamond market

7

• What inspires your customers?

33

• The challenge: to anticipate change

7

• Look at recent research

33

• Marketing

7

• Women’s roles and influence

33

• Marketing planning

8

• Getting women to buy diamonds for themselves

35

• Business tool 1: SWOT analysis

12

• Understanding why men buy diamonds for women

36...
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