Jewelry retailers bring string of initiatives to fight slowdown

Jewelry retailers worldwide are undertaking several initiatives including tie-ups, new point of sales, green initiatives, digital and ecommerce push, new marketing tactics etc. to fight slowdown.

[Image Courtesy: YouTube, Tiempo de Relojes, Swarovski]

Economic slowdown particularly in the diamond and jewelry industry has prompted jewelry retailers worldwide to bring string of initiatives to engage consumers and revive demand. These efforts include partner tie-ups, introducing new points of sale, green initiatives, using latest technologies to craft jewelry, new marketing tactics, digital and ecommerce push etc.

Partner tie-ups

Italian jewelry brand Bulgari tied-up with retailer Barneys to feature the former’s Serenpeti collection at Barneys New York’s Madison Avenue flagship store in a collaborative pop-up. This was the first time that Bulgari brand and designs were made available at a Barneys department store, thus adding a new point of sales for Bulgari.

Green initiatives

Swiss jeweler Chopard, official partner of Cannes Film Festival since last 2 decades, used this year’s event to not just highlight its high-end jewelry collections but also its sustainability efforts. Chopard entered into eco-conscious partnership with Gemfields, a colored gemstone miner, and its gems going forward will be validated by Eco-Age’s Green Carpet Challenge (GCC) Principles of Sustainable Excellence.

Tailor-cut diamonds

Swiss jeweler De Grisogono whose latest acquisition include a 404 carat rough diamond will decide on the process of cutting of the precious gem while retaining it as a single piece diamond only, unlike the traditional process where jewelry is crafted based on already cut and polished stones.

Whereas Graff Diamonds, a British jeweler, revealed a 105.07 carat D Flawless Pear-shaped diamond, titled ‘Graff Vendome’. The stone is a result of careful analysis and mapping of internal flaws and proportions in the diamond using computer program, to evaluate the most suitable cut and laser cutting the diamond for right shape and polish. The process took several months to complete.

Digital push

Crystal maker Swarovski gave a fillip to its digital and SEO efforts and drew insights from Google search for its brand. Keeping its digital efforts in mind, it also signed up digital savvy model Karlie Kloss as its latest brand ambassador replacing Victoria’s Secret Angel Miranda Kerr.

Ecommerce push

Tiffany, which used to sell its jewelry online only on its website, for the first time selected Net-A-Porter as its exclusive ecommerce partner to sell select jewelry designs, though for a limited time. Tiffany’s ecommerce presence that was limited to only 13 countries enhanced to 170 countries after its 3rd party ecommerce push and generated a new point of sales.

New marketing tactics

Instead of highlighting the physical appeal of rubies, colored gemstone miner Gemfields decided to portray the mystical properties and emotional appeal of rubies by releasing short female-centric video clips on YouTube.

While French jeweler Van Cleef & Arpels is engaging with consumers by launching an online campaign to find its 1966 missing puppy brooch (#MissingPreciousPuppy). Apart from potentially finding the lost piece, the brand is engaging consumers digitally and exposing it to a wider audience in a novel way.

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