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Centurion Day 2: Self-Purchasing and Diamond Promotion | January 31, 2023 (0 comments)
Phoenix, AZ--Manufacturing booths were busy with retailers in what was easily the busiest day of the three-day Centurion Jewelry Show, which ends Tuesday. The main theme for Monday was self-purchasing, a term in the jewelry industry since the beginning of the 21st century but continues to grow in importance.
Diamond high jewelry brand, Kwiat, was among the busy booths as the company was showcasing several priority diamond cuts, including Ashoka by William Goldberg and an emerald and radiant cut that are truly exclusive to the company. In addition, the company is attempting to take part in the continuing growth of self-purchasing by creating a fashionable collection of diamond jewels that can be layered and matched in several ways.
[A diamond bracelet by Kwiat]
Garziela, the fine jewelry brand founded by Brazilian jewelry designer, Graziela Kaufman, boasts “Italian craftsmanship” with “Brazilian flair.” Their colorful jewels using a multitude of gemstones hit all the right buttons for their versatility, and daily wear for self-purchasing women.
Beverly K, which specializes in Art Deco inspired jewels, brought its collection of fashionable, colorful pieces to the show. They also boast the ability to customize with engraving and recycled gems.
In a conversation with David Kellie, CEO of the Natural Diamond Council (NDC), self-purchase was among the most important trends in the jewelry industry, which he says is backed by a recent De Beers report. Younger women in particular have no qualms about purchasing their own jewels, particularly if they are affordable.
Another topic of importance for Kellie is funding the NDC’s mission of spreading the word of natural diamonds to consumers all over the world through marketing and advertising. The NDC lost half of its funding when Russian diamond mining giant, Alrosa, was sanctioned by western governments as a result of the Russian invasion of Ukraine. He is looking to manufacturers and retailers not only to make up the difference in funding but to provide funding that is equal to what luxury brands fund to promote their brands and products.
“Eight to 10 percent of their annual budget goes toward marketing,” he says, adding that for the diamond industry it’s about two to three percent.
“We have to spend more money to build value in our industry.”
He says that if all the players who benefit from the sale of diamonds just spent a fraction of a percent to diamond promotion, the NDC would be fully funded.