RAPAPORT... The diamond and jewelry industry is facing a new interloper for discretionary income — costume jewelry. Yes, you read that right, costume jewelry. It is being touted in the consumer and fashion business press as making a comeback. Why? It is a big, bodacious look for not too much money although a nice piece of costume jewelry can set one back a few hundred dollars — which is possibly more than some diamond jewelry costs. The difference is bang for the buck and strong design that jumps out and makes a statement for the person wearing it.
But there is good news. The diamond and jewelry industry can compete. During the sixth Dubai City of Gold Conference, Dr. Gaetano Cavalieri, president of CIBJO, World Jewelry Confederation, gave a speech urging the industry to get together under the CIBJO umbrella and promote gold jewelry through cooperative advertising. It’s an excellent idea. Why not take it a step further? The jewelry industry has the resources to develop new product that will appeal to a market that is counting its pennies. Over the past few years, more and more designers have started to work in metals not generally used in fine jewelry — titanium, palladium, silver, stainless steel. And better yet, some of these designers are even using diamond with these metals. So far, nothing has been said here that you don’t already know.
But how about promoting diamonds in some of these other metals as the new cool, the new hot, the new hip — new is the key word here. It’s all about illusion. De Beers has done it for the industry with diamonds. Platinum Guild International (PGI) has positioned platinum as the king of metals. And World Gold Council (WGC) has urged us to “Speak Gold.” Why not promote some of the wonderful, intrinsic properties of these other, less-expensive metals and diamonds? Titanium is lightweight and futuristic. Stainless steel is virtually indestructible and palladium is in the platinum family and naturally white. Silver is a metal already understood by consumers; it just needs a push. Any one of these metals is certainly more interesting and durable than the base metals used in costume jewelry. Lower-cost metals used with lower- cost diamonds — which are certainly more desired than rhinestones — to create fanciful designs that are then promoted to consumers as being the “must-have” jewelry may be just the right kind of “new” needed to keep jewelry front and center with consumers on a budget.
Amber Michelle
Editor-in-Chief
Article from the Rapaport Magazine - May 2008. To subscribe click here.