Wednesday, June 5, 2024

Signet Jewelers and De Beers Partner to Enhance Natural Diamond Appeal

New York— Signet Jewelers and De Beers are joining forces to bolster the demand for natural diamonds, providing De Beers with valuable consumer insights on preferences between natural stones and lab-grown diamond alternatives. Signet will focus on highlighting the perceived value of natural diamond jewelry while continuing to offer lab-grown diamonds.


Engagement Trends

Signet anticipates a significant rise in engagements over the next three years, projecting a 25% increase through 2027 based on proprietary data.


Promoting Natural Diamonds

All of Signet’s fine jewelry brands will emphasize the uniqueness, rarity, timelessness, emotional resonance, and enduring value of natural diamonds. Both companies believe these attributes will resonate with next-generation consumers who prioritize meaningful purchases.

“Natural diamonds are the perfect symbols to celebrate life’s most meaningful moments,” said De Beers Group CEO Al Cook. He emphasized the positive impact of diamond mining on communities in Botswana, Namibia, South Africa, and Canada, where De Beers operates.

Signet CEO Gina Drosos sees this partnership not only boosting Signet’s diamond sales but also benefiting the entire jewelry industry. “When we launch a great trend, it raises all boats across the industry,” Drosos said.

Marketing Campaign

A new marketing campaign, launching in the third quarter, will feature online content, in-store messaging, innovative merchandising, and targeted marketing. Training for Signet’s 20,000 sales associates on the unique attributes and value of natural diamonds has already begun.

Targeting “Zillennials”

The collaboration aims to engage “Zillennials,” a combined market of Gen Z (aged 12-27) and Millennials (aged 28-43), who are entering or approaching the age of first marriage and potential engagement ring purchases. Despite lower U.S. marriage rates, the potential bridal jewelry market is expected to grow, driven by diverse ethnic, multicultural, and LGBTQIA+ couples.

Signet’s data reveals a preference for natural diamonds among multicultural couples, reinforcing the positive messages of the new campaign.

Economic and Environmental Impact

Cook highlighted De Beers’ significant role in Botswana’s development, transforming it into one of Africa’s wealthiest nations. De Beers is also committed to environmental sustainability, protecting more land than they disturb through their mining operations.

Drosos addressed misconceptions about the environmental impact of lab-grown diamonds. “There is misinformation that makes consumers think lab-created diamonds are a better environmental choice,” she said, noting that lab-grown diamonds require significant fossil fuel energy.

Rarity Equals Value

De Beers and Signet will leverage their marketing expertise to emphasize the rarity and lasting value of natural diamonds. “Natural diamonds are unique and rare. They have specialness, legacy value, and hold their financial value,” Drosos said. Cook added, “Unlike lab-growns, natural diamonds are limited in supply, making them more precious.”

Signet’s internal data shows that nearly 90% of their employees prefer natural diamonds over lab-grown ones, indicating a strong preference among jewelry insiders.

A Unique Partnership

Cook described the partnership with Signet as groundbreaking, offering valuable insights across the entire diamond supply chain. For Signet, it represents a new chapter in engaging customers at the start of their lifelong jewelry journey.

“This collaboration goes deeper than what we’ve done before,” Drosos concluded. “It’s a new layer of marketing collaboration to help us understand consumer trends and influence the future of natural diamonds in the jewelry industry.”

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