Caratti

Jewellery industry turns to innovation to kill the recession blues

Isaac Mostovicz writes that a creative approach is needed to attract customers in an economic downturn...

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In an economic downturn it is more important than ever for companies to be creative and active in the way they approach their customers. It is not enough to just sit back and wait for customers to make the first move. They need to be enticed, surprised and even amazed, and companies need to make the extra effort, whether this is in their product design, marketing approach or service.

In the jewellery industry, which has been particularly hit by the global recession (De Beers reported a 99 per cent drop in net profits for the first half of 2009) you now see innovative attempts by some companies to attract new customers.

One example is luxury jewellery brand Caratti. It aims to revolutionize the process of buying diamonds and luxury jewellery by educating customers on diamonds and jewellery care, and by offering “value add” services such as marriage proposal ideas and marketing concepts such as “Describe your partner; Find a ring!”. Vinit Mehta, founder of Caratti said of the venture “We will not just sell jewellery but will help customers make an educated buying decision based on their personality, budget, lifestyle”.

Another example is American firm LifeGem, which specialises in creating diamonds, has tactically decided to tap in on the greatest media buzz of today- the death of Michael Jackson. LifeGem has obtained strands of hair from the deceased star, with the intention of turning this into diamonds created from the carbon in the hair. As bizarre as this venture might seem, tapping in on the current media fuss and creating something that is relevant to customers today may offer that extra competitive advantage much needed in a tough climate.

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