Strike up the brand: The jewellery industry plays catchup
March 4, 2021
The ability of a brand to elevate a product’s perceived value, over and above the accumulative worth of its various components, is a hallmark of business in the 21st Century, and particularly in the luxury product sector. But the power of a well-established brand is measured by more than just by its propensity to deliver a financial premium. Brands nurture fierce client loyalty, creating return business from consumers who identify with the product, the company and the exclusive community of which they have become part. Brands communicate the set of values with which the company wants itself and its products to be associated, like sustainability and responsible sourcing.
Brands dominate certain personal luxury product categories, like watches, fashion, perfume, luggage, shoes, apparel, cosmetics and beauty care, but when it comes to jewellery they are still grossly underrepresented. Here, they comprise less than 20 percent of the trade. Jewellery consumers are far less likely than their fashion counterparts to buy a particular product because they identify with what it represents, rather than purchasing it mainly because they feel are getting good value for their money.
But branding is making headway in the jewellery trade, and there are a growing number of companies who have enjoyed success with the marketing strategy. Their approach and experiences was examined in a Jewellery Industry Voices webinar. Entitled “Strike Up the Brand: The Jewellery Industry Plays Catchup,” took place on March 4, 2021.
Panellists included Tim Schlick, Chief Operating Officer at Platinum Guild International, who before joining PGI advised Fortune 500 companies on how to create growth through brands and products; Nancy Liu, Chief Executive Officer at Forevermark, the De Beers Group of Company’s iconic diamond brand; Mike Asscher, Co-President of the Royal Asscher Diamond Company, a legacy brand associated with one of the diamond industry’s most famous cuts; and Paul Tacorian, Chief Executive Officer at Tacori, a California-based company that is today one of America’s most recognised jewellery brands.
The seminar was co-moderated by Edward Johnson and Steven Benson, and CIBJO President Gaetano Cavalieri welcomed participants.
WEBINAR SPONSORED BY
Jewellery Industry Voices