RethinkYour.com

046. Diamonds Are For... Real Millennials?

by
info@jewelerwebsites.com

released May 14, 2021
(recorded May 12, 2021) - 1 hour, 23 minutes



RDI's initial advertorial on National Jeweler:

Key Points from that advertorial:
• 95% will make an in-store purchase after researching online
Which means that they will look at your website for information and choose to buy from you based on the information they find.
So if you don't have educational information on your website, then you are missing out.
• RDI is stressing the importance of becoming a "Rare & Forever" authorized jeweler.
Rare & Forever is RDI's named brand. They have promotional materials to help you promote yourself. RDI sells natural and lab-grown diamonds. More information here

Their supporting infographic with LGBT representation

Let's dig into one of the main sources they used to make this infographic

Do Millennials Buy Diamonds? Key Findings from Bread’s Jewelry Research Report
THE MODERN MILLENNIAL JEWELRY BUYER

Bread Payments: As a company, Bread is a payment platform for ecommerce. They don't specifically care about the different points of view within the jewelry industry; they just want you to use them as their payment system. In that regard, their survey is unbiased regarding lab-grown vs. natural diamonds.

First set of points from this source:
• 86% of Millennials polled said that they care about the brand name of their jewelry
o Millennials prioritize design and quality
o styles available being their most important factor
o product guarantee ensuring they’re getting the grade of gem and setting they’re looking for
o When buying online, they choose the online brands that give them the styles and guarantee, but price is the top priority.

• Top reasons Millennials go to a jewelry retailer:
o 46% say Variety of designs
o 41% say Product guarantee
o 29% say Inventory selection

• Top reasons Millennials buy from direct-to-consumer brands (online)
o 29% say Competitive Price
o 24% say Unique designs
o 18% say Product Quality
o 18% also say Selection
Takeaway: Millennials are assuming that retail stores all the same designs, but for something really unique they must shop online.

Second set of points from this source:
• How Millennials discover jewelry brands
o 58% Influencer marketing
o 49% Facebook
o 43% Instagram
o 40% TV ads
o 31% Online ads
Takeaway: Who does TV ads? Large companies like Jared? Perhaps that's not something to worry about? Influencers? Do you have a local influencer that you can work with? Who is an influencer? How do you work with them

Third set of points from this source:
• Are Millennials Killing the Diamond Industry?
o 50 % still want diamonds as gifts
o 31% prefer sapphire over 25% ruby
o 41% want white gold over 32% silver and 20% platinum

Fourth set of points from this source:
• Do Millennials care about ethical sourcing?
o 19 % interested in whether their stones were ethically-sourced
o 40% prefer stones that are lab-grown
o 20% prefer those that are mined
o 40% undecided
Takeaway: Have sourcing info, but not necessary to make it front and center
Lab-grown and Natural wording on website, in ads, and website search features

This is an appropriate moment to talk about other sources that RDI used in their infographic. Specifically the survey from the Natural Diamond Council that was published on January 19, 2021.

The Bread Payments survey directly asked if the respondents wanted to buy lab-grown over natural diamonds. The question was non-ambiguous and the answers were clear.

Compare this non- ambiguous question a similar but very ambiguous question included in the Q4 survey conducted by the Natural Diamond Council. In that study they asked respondents if they would "agree that natural diamonds are one of a kind" to which 70% said yes. This question by the Natural Diamond Council didn't ask if they would want to buy a natural diamond, but the implication is that those 70% of Millennials would choose a natural diamond because it is one of a kind.

Then the Natural Diamond Council came out with that study in January, I recognized how they were manipulating that question in their favor, after all, they are the Natural Diamond Council and they want to protect their members and that part of the business; but they are manipulating the facts to serve themselves, and that's bad information that independent retailers are basing their future on. I view this as such badly manipulated information that, if a jewelry retailer were to stake their future on a marketing campaign targeting only natural diamonds, then they could risk losing it all.

Sources:
- Diamonds Are Highly Coveted by Millennials and Gen-Z, NDC Study Finds
- Natural Diamond Council Reports on the Desirability of Diamonds Among Millennial and Gen-Z Consumers
- Natural Diamond Council Reports on the Desirability of Diamonds Among Millennial and Gen-Z Consumers

Fifth set of points from this source:
• How Do Millennials afford jewelry?
o 65% consider jewelry above $500 to be luxury!
o 59% can't afford the jewelry they want to buy
o 69 % would prefer to shop at a retailer that offers interest-free financing
o 65% would spend more if they were offered interest free financing
o 73% would choose interest-free over a 5% discount
Takeaway: Advertise your financing option, especially if interest free for a certain period of time.

Overall takeaways from Bread:
They still prioritize quality—fineness, clarity, grade, weight, cut, and construction are as important as they always have been, but they aren’t their sole concern.
To appeal to Millennials your site, advertising, messaging, and in-store experience need to highlight the quality of your products and your unique design, but also convey a strong, trustworthy brand
To appeal to Millennials in 2020, you should strive to tell a strong story about the quality of your materials, put your designs on display, and offer the kinds of guarantees, accreditation, and testimonials that will build trust for new customers

RDI used other sources on their infographic, but after we reviewed them we found the information to be too far out of date because it comes from the pre-pandemic era…

Other sources that we didn't need to talk about:
How to Buy an Engagement Ring Like a Millennial

Old and worthless in post-pandemic:
THE DIAMOND INSIGHT REPORT 2018
AT: 05/14/2021 09:12:42 AM  
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