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Survey Highlighlights Importance of Diamond and Jewelry Branding
Diamond and diamond jewelry brands continue to see increased awareness among consumers, according to a survey of 2,571 members of the Jewelry Consumer Opinion Council (JCOC) conducted from May 31 to June 12.
A media release from JCOC stated the leader of the branding pack is the Zale Diamond. It remains the strongest diamond brand since the survey was last conducted in October 2004. It is followed closely by Hearts On Fire, Radiant and the Leo Diamond. While consumers say a brand name is still the least important factor in driving the diamond purchase, they acknowledge that brands are gaining importance.
Among the changes since the 2004 survey: Hearts On Fire has gained recognition in the past two years; consumers are naming more diamond brands, such as Lucida and the Princess Plus; more respondents are saying they own a branded diamond, while a smaller percentage are citing a lack of awareness for not owning one; a larger percentage of respondents say they own branded diamond jewelry such as Vera Wang, Scott Kay and Escada; and consumers say they are slightly more willing to pay higher prices for branded diamond jewelry versus two years ago.
"It's extremely difficult to establish specific brand awareness with consumers," said Elizabeth Chatelain, president of MVI Marketing Ltd., founder of JCOC, in the release. "Although consumers are more willing to pay premium prices for branded products, making a jewelry line 'stand out' is not getting any easier. With the saturation of brands in the market, a name and logo is not enough to catch consumer attention. Each brand must develop a niche, a unique selling proposition, or a product attribute demanded by consumers."
While consumers were willing to pay more for a brand, they were also deterred from purchasing branded designer jewelry because of high prices, Chatelain said.
"The key to successful product branding is to design and deliver a unique product the consumer needs and prefers to other products available," she said. "Manufacturers and retailers can help consumers come to understand what exactly branded diamonds and diamond jewelry are, and that the consumer has increased flexibility in choosing."
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