Diamonds Are Forever?
Has the tune started playing in your head? You know, the popular song is sung by Shirley Bassey. Perhaps you were thinking of the 007 movies. Either way, you have been enticed!
Ever heard of an enormous international corporation called De Beers? Sure you have.
Founded in 1888, this illustrious corporation had triggered the eruption of an industry that generates $13 billion worth of diamonds annually as of today. One which they had previously controlled, garnering up to 90% of the market share in the late ’80s. A monopoly that lasted up to 25 years.
Granted that De Beers did not discover diamonds, still, they are the pioneers of this immense market. And their marketing campaigns are assuredly ingenious.
You’d be enthralled to know that the 2-3 months’ salary a man should spend on an engagement ring is a belief brought to fruition by a marketing campaign from none other than De Beers. Often conducting campaigns that said, “Isn’t two months’ salary a small price to pay for something that lasts forever?”
They skillfully managed to associate diamonds with romance, making it a psychological necessity. Manipulating one’s fundamental purpose of existence; happiness.
They did so by inculcating the perception we hold today via various marketing channels. Using movie idols, linking the purchase of diamond rings to success, comparing its value to paintings of Picasso and other artists alike.
And just like that, the concept of diamonds’ value and rarity arose from sheer brilliance. The outcome of which became the number one slogan of the 20th century, ‘A Diamond is forever’.
Did you know that upon your departure from a jewelry store your diamond’s worth instantly depreciates by at least 50%?