The pandemic has been an issue for many organisations during 2020 and 2021; however, it appears the diamond market has managed to thrive throughout.
The move to shopping online and working predominantly over the internet was something that some innovative investors were already in the process of implementing; however, in March 2020, when the coronavirus pandemic hit and shops were forced to close, this move changed from being an option to a necessity. James Sanders from London Diamonds discusses how the luxury sector is one market that has embraced these challenges and continues to operate throughout lockdowns gleamingly well.
Communicating With Customers Digitally
Though the closing of shops came with an array of cons such as people not been able to enjoy the social element of businesses, as well as the uncertainty for staff who were no longer receiving a solid income, there were also massive advantages such as industry’s ability to communicate with customers on a digital scale.
Nadjka Swarovski highlighted this recently as she addressed the CNBC’s Evolve Global Summit. She said that the, “luxury sector, to a certain extent has been incredibly resilient and I think those companies who have been digitally savvy have absolutely embraced this opportunity to communicate with their customers on a digital scale.” Nadjka also commented on how pleased she was with the way the fashion industry had embraced the dilemma as many other non-essential retailers in other countries closed all together.
Digital Fashion Shows
Fashion shows also had to find new and innovative ways of taking place. Of course, given advancements in AI and other technological fields, putting on a fashion show digitally was not the most onerous task but what was, was getting the public to engage with it in the same way they would a regular show. Arguably, one of the most iconic pandemic shows was Moschino’s “No Strings Attached,” which saw puppets take to the runway in lieu of models.
Moschino paved the way for other designers to start embracing technology and innovative ideas. For instance, Alexander McQueen invited fans to take on various design challenges and then post them to the social media site Instagram under the hashtag #McQueenCreators. Similarly, Ganno launched another challenge that invited fans to send in images of artwork around their home called, “home is where the heart is.”
How Does This Fit with the Diamond Industry?
Transparency and accessibility. What the coronavirus pandemic has done is introduce the idea of accessibility in events that were otherwise completely unattainable for casual observers. Sought after fashion shows and exclusive stores on the highest, upon moving online, opened their doors for the entire world, which translates to more people being able to get involved in the world of luxury. The fashion and luxury world has thrived throughout the pandemic because of the fact people now feel able to actually contribute to it.
James Sanders from London Diamonds says, “We’re in the diamond business and we rejected the idea of pricing diamonds based on their brand and price them purely on the quality. When stores had to close, we had to find new ways of showcasing this to our consumers who were able to browse multiple online stores. Due to this newfound freedom our customers were more willing to engage with us.”
Swarovski continues “my great, great-grandfather certainly had the mission to make every woman know what it feels like to wear a diamond but make it affordable.” Which shows the importance of having incorporated this new way of thinking.
Throughout the pandemic, many industries have been struggling for air as they’ve tried to keep their head above water. The luxury sector however, particularly that of diamonds, has been incredibly stable. This is most likely due to the luxury industry adjusting to the move online, in turn becoming much more accessible for the public.
In the same way brands were able to communicate with consumers digitally, they were also able to host fashion shows online and offer more transparency when it comes to the reasons behind pricing. This is an approach that some organisations, such asLondon Diamonds, have taken for years, but now it is one that many stores will likely take moving forward in order to continue to thrive.
About the author
James Sanders is the Managing Director of London Diamonds, a company founded with the intention of disrupting the jewellery industry. Working with designers, buyers and diamond experts from around the world, he has always been adamant on putting the client first and continues with that approach in every decision he makes.
Innovative, he is always looking for exciting projects surrounding Gaming, AI, Bitcoin and Gold to invest in. He believes these are interesting times rich with opportunities for those who are willing to take them.
As such a prominent name in both business and investment, he is adamant on keeping on top of current affairs.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes