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Diamonds Unleashed: One Designer’s Plan To Shift An Industry Paradigm | November 24, 2015 (0 comments)
New York, NY—Even in the face of declining demand for diamonds, the industry still has yet to fully embrace the idea that diamond jewelry can be positioned as a luxury fashion accessory that women would buy for themselves just because they like it. Kara Ross, the award-winning jewelry designer who counts President and Mrs. Obama among her clientele, wants to change that--so much so that she is closing her wholesale jewelry and accessories business to focus on Diamonds Unleashed, a new jewelry-selling concept and charitable initiative that she hopes will both change the mindset of women about buying diamonds for themselves, and at the same time give back so that diamonds also help fund the futures of young women.
Ross’s inspiration for Diamonds Unleashed began when she designed a new setting for her own engagement diamond. Why, she thought, do women feel they have to wait for a man to give them a diamond? Why don’t women feel comfortable buying diamond jewelry for themselves? And why can’t all women buy diamonds—not just rich ones?
She also realized that diamonds don’t necessarily resonate with Millennials in the same way they do for Boomer and Gen-X women. Ross believes that “Millennial” is a mindset more than an age, encompassing conscious consumers of all ages.
That’s when Ross decided to choose the road less traveled. Diamonds Unleashed is launching next month with two separate collections, one priced for entry luxury ($100 to $1500) that will debut December 13 on HSN; the other priced from $750 up to about $20,000 that will be sold through Neiman Marcus. Capsule pieces from both collections, as well as a line of engagement rings, will be available for purchase in Ross’s New York boutique, and independent jewelers also might be part of the initiative's future.
From the Diamonds Unleashed collection for HSN: earrings that feature the "diamond in a diamond" motif, and a ring with the "diamond-as-heart" design. Images for the luxury Diamonds Unleashed collection to be sold through Neiman Marcus were not available at press time.
Every piece, be it $100 or $10,000, has a traceable supply chain that guarantees ethically sourced materials and fair wages for the workers making it. Diarough in India, a member of the Responsible Jewellery Council, is making much of the merchandise, says Sharon Gaffney, director of marketing of Kara Ross New York. And both will help other women.
The Centurion asked Ross what inspired her to take the giant step of closing her wholesale business altogether rather than simply integrating Diamonds Unleashed into it.
“I do not look at this as a loss. Closing a business is definitely a risk. I have always believed that with great risk comes great reward. As a business owner and entrepreneur, I realize the importance of time management and dedicating my focus. We are creating a worldwide global movement, which is really much bigger than what we were doing before and needed to focus all our efforts, time and resources on it. I recognized a major niche in the market, a way to keep my business relevant and sustainable under the umbrella of conscious consumerism,” she said.
Decades of messaging that diamonds are a gift of love has made it hard for consumers—as well as the jewelry industry—to see them in any other light. De Beers’ efforts to market the right-hand ring, as well as Tiffany & Co.’s celebration rings, were a step in that direction, but so far diamond self-purchase hasn’t really caught on with consumers. But Ross thinks it’s finally time—and that there’s plenty of room in the market for both.
“The “gift of love” will never leave the consumers minds, and we are ok with that,” she said. “Our movement helps them reimagine the symbolism of a diamond, and shows that a gift of love can also be purchased for YOURSELF by YOURSELF because you are worth it. In purchasing a Diamonds Unleashed piece, you are also doing good and helping women around the world.” So far, says Ross, she’s gotten overwhelmingly positive response for the concept, with many asking why something similar hasn't been done before.
Ross, who recently turned 50, wants her life to be about more than just making jewelry and making money: she wants to give back. Hence, Ross is donating all her profits after expenses to two organizations: She’s The First, and Girls Who Code. She’s The First provides scholarships to girls in low-income countries to create first-generation graduates and the next generation of global leaders, while Girls Who Code is a national nonprofit organization working to close the gender gap in the technology and engineering sectors and equip [U.S.] high school girls to pursue opportunities in computing fields.
Ross hopes that as more women decide it’s ok to buy themselves diamond jewelry, the idea of those purchases helping others might not only make the idea more acceptable but, well, inspire them to just go ahead and buy. (While Ross herself isn’t taking any profits on the collections, HSN and Neiman Marcus will make their own decisions regarding charitable contributions, says Gaffney.)
It’s not easy going up against an entrenched mindset that diamonds are a gift of love, rather than a fashion accessory like bags and shoes that one buys seasonally. But as an article in Marie Claire points out, Victoria’s Secret challenged the notion that women shouldn’t buy fancy lingerie for themselves, either, because it was supposed to be a gift from a man. Perfume, too, used to be a gift but now is frequently self-purchased. And with the diamond industry in a current state of near panic over declining sales, Ross’s vision to build a second consumer base of fashion-loving women comes at a critical time.
“This is what our movement is about—extending the symbolism of diamonds to empower women and make them realize it’s okay to reward themselves not just with shoes and handbags, but also with jewelry. Our mission is to change the mindset about who can should and is buying diamonds, which will in turn change purchasing patterns. It’s really all about profits with a purpose, and extending the conversation from product to a global awareness and movement.”
And because Diamonds Unleashed ranges from $100 on HSN to luxury pieces at Neiman Marcus, every woman can buy diamonds for herself, including women who’ve been brought up on fast fashion, rather than diamonds or anything else that is “forever.”
Bangle from the Diamonds Unleashed collection for HSN.
“I don’t think diamonds have ever been considered a part of this ‘fast-fashion’ generation. The aspiration of owning a diamond is cross-generational. Diamond has always been a gemstone with a meaning and story that is passed from generation to generation. Even those who can’t afford entry yet can be part of the movement in other ways, Ross says. Supporters of the movement can share images and content about women from the website and social media channels, and the brand also is launching an Emoji keyboard that allows peer-to-peer sharing, says Ross.
Where does the independent jeweler fit into the Diamonds Unleashed future?
“We are definitely open to expansion to independent jewelry stores, but it has to be the right partnership. It needs to be an independent that believes in our message and really wants to support that. Our goal is to partner with best of class retailers on all levels of the market. For me, it is really about sustainability and longevity,” says Ross.
Gaffney says retailers who currently carry Ross’s fine jewelry or handbag lines that are being phased out can continue to restock from the remaining pieces she has until it sells out, and of course all her products will continue to be serviced at her New York facility.