There’s no denying that the COVID-19 crisis affected the diamond industry
But there’s no stopping it from shining through. According to the 2019 industry performance report, the diamond industry still fared better than the personal luxury market.
Why a Diamond Business?
With a wide range of industries and virtually unlimited business ideas, why choose to start a diamond business?
While it’s far less from being a necessity, diamonds are engraved in many cultures.
People consider diamonds as one of the most valuable gems. It still ranks as one of the best gift options for engagements, anniversaries, birthdays, and other major celebrations.
Diamonds promise lustrous opportunities for committed entrepreneurs who are willing to make their business work.
What Makes the Diamond Business Unique?
Starting a diamond business is no easy feat. But like any business, you get better at it over time.
Below are the major reasons why many entrepreneurs choose this type of business:
Diamonds Are an Inflation Hedge
Investing in diamonds could be your hedge against inflation. Like real estate, the prices of diamonds are expected to maintain or increase over time. They also typically increase during inflation.
Their Value Is Always Significant
In free markets, you would expect prices to fall when supply is up, and vice versa. But when it comes to diamonds, prices are always on an upward trend. Since there are only very few producers of diamonds, their value remains significant.
It’s Extremely Rewarding
Starting a diamond business may appear challenging at first glance.
If you’re able to create something from scratch, you can start your own fine jewelry business. Alternatively, you can become a reseller of diamond jewelry.
Tips To Promote Your Diamond Business
Perhaps the biggest challenge of running a diamond business (like any other business) is attracting customers.
You will always have a market for your precious jewelry. However, you should know where to find them and how to convince them to buy from you.
Check out these five strategies to attract more customers to your diamond business:
Build Your Online Presence
Based on industry reports, the diamond industry is slowly transitioning into the digital landscape.
Since the pandemic started, many retailers of diamonds turned to online platforms (particularly social media) to continue doing business.
Even the most established brick-and-mortar companies like the UNI Diamonds and Clara Diamond Solutions did the same.
Since most people are using the internet to purchase products, you should make sure your diamond business can be found online.
To establish your online presence, you need a website.
While working on your website design project, here are important factors to consider:
Make it user-friendly
Many people prefer to shop online because it’s way more convenient and hassle-free. Make sure your website is simple, clean, and easy to navigate. Your customers should be able to find the information or products they’re looking for right away.
Make it elegant
The design of your website should reflect your brand. Diamonds are associated with elegance, sophistication, and luxury. Keep these things in mind when designing your website.
Be clear about your policies
Since you are selling high-value gemstones, you want to be clear about your policies. Buying diamonds or jewelry online is as risky as buying them from a brick-and-mortar store.
Dedicate a page for your “terms and conditions.” It should clearly state all your store policies about returns, exchanges, billing, shipping, etc.
Organize your product lists
This includes creating detailed product descriptions that are informative, comprehensive, and enticing.
Capture high-quality shots of your gems
Your customers will be relying so much on your photos when choosing diamonds. Make sure your photos can capture the right color, size, design, and details of the jewelry or precious stone.
Provide multiple payment options
Having secure payment options will make customers trust you more.
While online sales of diamonds and jewelry are steadily increasing, do not forget that the majority of buyers still prefer to buy precious stones offline.
Consumers feel more comfortable seeing and touching jewelry before they make a purchase.
If you can’t put up a store yet, have at least a showroom where your client can personally check the diamonds you’re selling.
Customers also benefit from in-person advice or consultation.
Show Your Uniqueness
To attract more customers, you have to be unique.
Why should they buy from you and not from your competitors?
Check out these strategies to show your uniqueness:
Be an expert
Don’t be just the average diamond seller. If you want to succeed in this business, you have to be good at it.
Learn everything about diamonds, from how they’re made to the 4Cs. Your customer depends on the information you give. Help them make the right buying decision.
Serve your customers well
Treat your customers like royalty who deserves such a precious stone. Give them a better experience.
Sell only quality diamonds
Choose only top-quality diamonds. The best way to ensure you’re getting the real deal is to buy precious stones that have been certified by the GIA or AGS.
Personalize as much as you can
The fine jewelry business is all about personalization. People buying diamond jewelry have unique needs and wants.
Make sure you understand your clients, listen to their needs and be available to answer their questions.
Know Your Target Clients
When working on your brand identity, the first thing you want to do is establish your target audience. The narrower your market is, the more specific and effective your marketing campaigns will be.
It can be tempting to cater to everyone. But it often leads to poor outcomes.
To establish your audience, you will need to do segmentation. This includes identifying your customers based on demographics, age, income, interests, tastes, and other factors.
Once you’ve identified your target audience, it’s easier to create a marketing plan that works for them. And ultimately, send the right message.
Follow these steps to know your target audience:
- Start with your current customers. Who is mostly buying your diamonds? Are they older people? Young professionals? Couples? Men? Women? Be specific.
- Think of benefits, not features. If you haven’t started your business yet, the best way to work out your target audience is to think about who will benefit the most from your products.
For example, if you’re selling just diamonds, jewelry makers or designers might benefit from your business. If you’re making beautiful custom jewelry from diamonds, then your market is bigger and can include millennials, couples, etc.
Utilize Influencer Marketing
Many jewelry brands and diamond retailers benefit from influencer marketing.
This marketing strategy can be through blogs, vlogs, endorsements, reviews, video promotions, and social media campaigns.
Influencers may also help attract more customers to your diamond business through sponsored content. Working with the right social media stars can help build your brand, gain customer trust, and find leads.
However, it’s important to find the right influencer for your brand. If your business is focused on, say, diamond engagement rings, then you’re looking for influencers who are known for their wedding design or planning skills.
Going big with influencer marketing isn’t always a good idea. You can work with micro-influencers (those with less than 2,000 followers) and get amazing results. It all depends on your target audience.
Make Your Marketing Stories Meaningful
Fine jewelry is an emotional purchase.
People buy diamonds for sentimental reasons. They visit local jewelry stores to find the perfect engagement ring for their partner or a unique diamond piece for their mom’s birthday.
Your marketing campaigns should highlight those emotions.
Leverage the power of storytelling to market your brand. Connect with your customers. Utilize content marketing to convey your message. Appeal to their feelings. Make them see how special your creations are.
For example, you can create a short video showing how you managed to handpick quality diamonds. Take them to the step-by-step process. Highlight the quality of the diamonds, and whether they have the 4Cs.
If you’re into jewelry making, discuss to your client how you came up with that design, what was your inspiration, and the challenges you’ve encountered in the process.
There are many ways to attract customers to your diamond business.
Start by knowing your target customers and identifying their needs. This way, you can create an effective marketing plan that helps you convey the right message.
Establish your online presence as more and more people prefer buying online. Utilize social media and tap the help of influencers to boost your brand.
Lastly, don’t forget that jewelry is an emotional purchase. Create marketing stories that connect to your customers and appeal to their hearts.
Emily Andrews is the marketing communications specialist at RecordsFinder, an online public records search company. Communications specialist by day and community volunteer at night, she believes in compassion and defending the defenseless.