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De Beers Group and Signet Jewelers are putting a modern twist on tradition with their new campaign, “Worth the Wait”, aimed at reigniting demand for mined diamonds amid increasing competition from man-made ones.
Targeting ‘Zillennials’, the microgeneration born between 1993 and 1998, this mined diamond push leans into the themes of modern love and the evolving dynamics of relationships.
These young adults are believed to be behind the rise of affordable lab-grown diamonds (LGDs), particularly in the North American market.
While companies dealing in man-made stones, like Pandora, are thriving — Pandora even boosted its annual forecast after first-quarter sales of LGDs soared 87% — the world of mined diamonds has seen a sharp decline. Prices have dropped nearly 20% in the past year after a 2022 spike.
Anglo American’s De Beers, the largest diamond producer by value, has consistently cut output over the past two years due to sluggish demand.
Sanctions-ridden Russian miner Alrosa, the world’s largest producer of rough diamonds by volume, stopped publishing sales data in early 2022 and cut its output by 2.8% to 34.6 million carats last year.
The campaign comes as De beers seeks to reposition itself in the market as a top jewellery group. It is also the first major play from the recently announced partnership between Signet and De Beers.
It comes after months of intensive training for Signet’s 20,000 sales associates to equip them with the knowledge to talk about what makes mined diamonds special.
The different elements of the strategy are set to air across all the usual suspects: social media, online platforms, and at Signet’s Jared, KAY, and Zales stores. It’s centred on real-life couples, shining a light on the personal growth and relationship-building that often take precedence before tying the knot. The story of diamonds, journeying from deep within the earth to that final polish, parallels the twists and turns of a modern love story.
Signet’s data-driven insights predict a wave of engagements on the horizon, making this campaign perfectly timed. It taps into the milestones that today’s couples experience — moving in together, merging finances, breaking up, getting back together — and reflects those in their new collections, like KAY’s “Milestones Natural Diamond Collection”, which highlights love’s strengthening moments through rings, pendants, and earrings.
Jared is also getting in on the action with their signature bridal brand, Chosen, offering a curated selection of diamonds, custom centre stones, and personalized settings. Later this month, Jared will unveil “UNSPOKEN”, a collection of diamond jewellery set in high-polish yellow and white gold.
“Like the journey of a diamond formed deep in the earth, true love is forged by fire. A natural diamond, like true love, is always worth the wait,” De Beers Brands’ chief executive officer, Sandrine Conseiller, said.
De Beers is targeting annual core profits of $1.5 billion by 2028. Last year, the business made just $72 million, though traditionally its profits have ranged between $500 million and $1.5 billion as the diamond industry swings from boom to bust.
The diamond miner seems ready to fly alone as it did for 124 of its 136 years of existence. Anglo American is in the process of selling its 85% stake in the diamond miner.
