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OPPORTUNITIES

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But do you see them?

In the many discussion groups and interactions that I have with diamantaires, manufacturers, wholesalers and retail jewellers, there is optimism that we are coming out of COVID.

What will never change however, is that we are constantly having discussions about how to build and grow the diamond jewellery segment with respect to its portion of the luxury market.

What are we missing? I asked myself. What should we be designing with diamonds to attract the new audience?

What are the hot topics that inspire the current generation? And how do we weave these emotions and trends into jewellery, which will appeal to the current generation?

So, let us list some of the hot topics of today. These include protecting the environment, Black Lives Matter, the LGBTQ community, the Me-Too movement, a strong resurgence of yoga, acceptance of cannabis as a legitimate medical product, recycled items, keeping healthy, and a love for animals – I do not know about you, but there are more puppies in my area than babies.

Let us look at these areas and delve into the opportunities. Take into consideration that I’m brainstorming and not everything will be practical. You might think I have been drinking heavily whilst writing this article, but those who know me will blow that one away.

For the creative types out there, what about ranges of jewellery which use symbols of nature in a new creative manner, focusing on the symbolism. Let us take this idea further.

We know that people want to personalise things more and more, so why not create a website which I input the things and symbols that are important to me and use a website like Fiverr, where jewellers get to design pieces of jewellery around those symbols.

Black or brown diamonds for lapel pins/ bracelets, using roundels on leather showing a cool approach to supporting a cause important to that person. The LGBTQ community is vibrant and has finally been unshackled from living in the shadows. This market segment deserves its own story and is screaming for an individual look and feel of jewellery which reflects their struggle and success at overcoming societies’ prejudices. Remember however, it’s about doing the research and understanding what they want, not what we think they want.

Brands like Pomellato have been promoting the self-purchase for women for years. Yet this is an enormously untapped market. Think how saturated the diamond engagement ring market is and consider the enormous gaps in targeted and niche markets.

The limitation of most traditional jewellers is because they were trapped in the old and outdated perspective of multi-generational family jewellers who, and in many cases still are, dominated by men. Inevitably, they may fail to have the creative and broad-minded perspective to bring a fresh design to their customers. In many cases their client base has already moved on and they cling to the hope that the next generation will visit them, due to some irrational belief that as the family jeweller, someone owes them the respect to return. Why would they or should they? The legal profession suffers the same hubris.

Those who complain about business do so because they fail to change.

I recently wanted to give my daughter a ring. My daughter loves reptiles – yep,snakes and lizards. She appreciates fine jewellery but has no desire to wear it. I made her a wide white gold band which had a laser engraved perfect shadow image of

“Those who complain about business do so because they fail to change.”

her four pet reptiles, with the next version incorporating small brown, black and white diamonds to make the images pop. It’s what appeals to her that counts, and she wears it every day.

Rebirthing diamonds is like recycling gold, only it could be done so much more dramatically, and it does not take a lot to see the commercial opportunities. This idea plays to the love for the old and bringing it back. What about including a story on an old ring? Not every old diamond is a result of a divorce.

A hundred years ago, people carried a snuff box.Why not craft a small jewel box to carry cannabis which has been legally prescribed? It can be a fashion piece and not something that needs to be hidden.

We need to be daring – in fact we must be daring. Not everything will work, but I can say from my own experience that if you try many different things, something sticks, and you identify an untapped market, or your niche.

The world is your oyster, as they say. Full of opportunities. But do you see them?