Consumers care how brands make world a better place: Toranj Mehta

Are Millennials an Important Consumer Category for You?

Millennials in India, which will eventually be the largest group by 2030, are on par with global Millennials. We have seen that many of them are more inclined to buy jewelery and diamonds than to go on vacations.

In our case, everything we do – from the mine to the finger – is recorded, and we reveal the diamond’s full journey when people buy it. This kind of story and ethos behind a brand are appreciated by Millennials. We have generally seen that consumers who have a positive attitude towards a brand really care about what a brand is doing and how it is making the world a better place. Millennials today see us as a very relevant brand.

What are consumer trends? When do Indians buy diamonds? Are fewer people buying them post covid?

People are changing how they buy diamonds. We have already seen a change when people used to buy smaller diamonds. But they are now going for the big guys. They are also buying better quality diamonds that have a higher configuration of the four C’s in colour, clarity, cut and carat weight. The higher the four Cs, the higher the price point. Overall, there is an average upward trend in size and clarity.

The simple reason a more modern consumer usually goes for a branded diamond line is that there is an assurance of quality and genuineness and natural diamonds. In our case, there is a more global kind of assurance on the product, rather than just listening to the jewelers.

Do buyers insist on ethical sourcing of diamonds?

Whatever diamond we get from mine to finger, we get it ethically. In fact, we promise to our consumers that every diamond you get is beautiful, rare and responsibly sourced. The assurance you get when you buy our diamonds is very important to young consumers.

What are some of your latest campaigns?

We have recently launched our global product Avanti for the festive season. This is a very cutting edge design for the independent modern woman who really doesn’t want to put into any stereotype or suit any kind of specific role. She is a woman who makes her own journey and moves on. The designs of the pieces in the collection are full wide circles that do not close. This indicates that there is still a path that you guys have to follow and develop.

Have you continued your regular marketing channels during COVID?

When you see diamonds, you are happy, and a kind of happiness comes inside. There is a kind of emotion that you feel. So, while we weren’t communicating ‘go out and buy’ or ‘go out and shop’, we were also communicating digital as a whole. We also continued our traditional media and carried forward through newspapers to some extent. We were confident that this would be useful for us as a brand and also to create continuity.

Have lab-grown diamonds influenced traditional industry?

People are still looking for natural diamonds. It is not just about the condition of the diamond but the fact that it means something to every diamond buyer. Most people buy them to celebrate an important occasion. And at that time people want to buy something which is valuable.

Lab grown diamonds do not follow the same ethos as natural diamonds as something that is very valuable and unique. Hence, our clients are always inclined towards natural diamonds, considering that there is absolute preciousness behind natural diamonds and is a rarity. At De Beers Forevermark, only 1% of all gemstone-quality diamonds that are sourced and polished are cut to sell our brand.

So, in a way, diamonds don’t need marketing; Do they market themselves?

There is a history that goes behind every single diamond. They are 3 billion years old, which is older than Mount Everest. These are such precious precious stones that are limited, and after a point, you will no longer have them. So, in a way, they do.

How were the retailers you worked with during Covid affected?

During covid, when we did the shutdown, it was quite difficult for our partner retailers since the stores were closed. Stores will have to find new ways in which they can actually make their sales by appointment or on call or virtually. Once the lockdown was eased, we saw a complete bounceback. This year, being the experience of 2020, our jewelers came out prepared in a much better way. So, we have seen that there is a very positive energy on the floors in the shops and the demand is also quite high.

Jewelers have really been able to manage this demand as they have planned better this time. So overall, I think the market is back where it was before the pandemic and is doing better. We can also understand that the people who are coming to shop are not just casual browsers, they are actually the people who intend to buy, and the demand that was there is now being met.