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Forevermark Targets Prestige Jewelers for U.S. Launch | March 23, 2011 (2 comments)
Stamford, CT—Forevermark, the diamond brand from the De Beers Group of Companies last week announced its American launch plans are underway. It confirmed its suppliers and appointed its core management team in the United States, and The Centurion now has learned additional details of its plans.
The brand already has had success in Asia, which De Beers hopes to replicate here. While the Forevermark brand will not have a proprietary cut, stones must meet minimum criteria (L or better color, or fancy-color, SI2 or better clarity, and of very good make) in order to be branded. All shapes of stones are covered providing they meet the other quality criteria. The brand will carry a price premium over non-branded stones, said Charles Stanley, president of Forevermark U.S. Inc.
“Forevermark offers the promise that each and every diamond is beautiful, rare, and founded in trust, so it offers consumers a simple choice of buying an exceptional diamond with complete confidence,” he told The Centurion. He said research has shown consumers are seeking "a simple, better choice and a source of quality they can trust--which our research makes apparent that they don't perceive the market to currently provide."
The pipeline promise coupled with the integrity promise ensures that Forevermark represents the highest quality standards, from the stone itself to the confidence a consumer can have in an authorized Forevermark jeweler, he said, adding that in their research, 78% of respondents indicated the brand assurance would make it worth an extra price premium of 10% or more, while 60% of respondents said they'd pay a premium of 25% or more.
In terms of the pipeline, Stanley told The Centurion the stones go far beyond being merely Kimberley Process compliant; they also are compliant with De Beers Best Practice Principles and the Forevermark pipeline integrity standards, ensuring that at every step of the pipeline, Forevermark diamonds return to the communities from which they come and are handled with care and respect.
Stanley will lead the team as president of Forevermark, U.S. Inc. The management team includes Sally Morrison, chief marketing officer; Colby Shergalis, vice president of marketing; Emmy Kondo, director of strategic planning; Lisa Cochin, director of partner relations; and Jamie Cadwell, director of public relations. Kevin Lane, vice president of sales, and responsible for Forevermark’s partner relations brings industry wide retail and premium brand experience to the team.
Meetings with potential U.S. Forevermark retailers have begun, with the aim of establishing a nationwide distribution network through selected prestige-level retail partners. Those retailers will benefit from a robust advertising and pr campaign to support the Forevermark launch in the United States and drive consumers into partner retailer stores, said Stanley. “It will include a world class print campaign as well as innovative digital marketing, in addition to the celebrity dressing, events and editorial placements to drive P.R.”
Gwyneth Paltrow wears Forevermark diamonds to the Vanity Fair Oscars party, left, while Melissa Leo, right, wore them to the Academy Awards.
Partner retailers also will benefit from what Stanley calls an unparalleled sales training program, including training materials and sessions for sales associates.
For decades, De Beers' advertising historically focused on driving desire for the diamond category overall, coining the phrase "A Diamond is Forever." That tag line has been credited as one of the most enduring ever in advertising history. Various "beacon" products, such as the three-stone ring and "Journey" jewelry were promoted to help drive diamond demand for milestone occasions. But De Beers/Diamond Trading Company advertising already had pulled back from generic promotion recently, shifting instead toward promoting its own Everlon collection.
De Beers for years also supported a robust national retail sales training program through its Diamond Promotion Service, which was disbanded in December 2010, though most of the current management team of both it and the p.r. and marketing-focused Diamond Information Center are part of the Forevermark team.
The new stones will be supplied by a select group of U.S. Forevermark Diamantaires who were chosen to provide a combination of global strength, knowledge, and experience in the U.S. diamond market, as well as breadth of supply. They currently include Crossworks, Dali-Alink, Diarough, Eurostar, Julius Klein, Leo Schachter, Pluczenik, Premier Gem, Rosy Blue, Trau, and Venus Jewel.
These suppliers also may continue to sell non-Forevermark stones as well, said Stanley. Retailers may sell the stones online, but only if they are also selling them in all their storefront locations and the price is consistent. Retailers may determine their selling price, but it must be consistent across all channels, he said.
Will Forevermark stones ever be sold on Blue Nile or similar sites?
"Our goal is to decommoditize diamonds and return the diamond dream," said Stanley.
In terms of working with suppliers who already sell a premium branded stone, there may be future opportunities for co-branding. “Forevermark is a flexible proposition allowing partners to harness its power to their own merchandise strategies,” he told The Centurion, adding that where it would mutually benefit both parties, co-branding with an existing brand name would be considered.
For more coverage, see this report in National Jeweler.