reduced purchasing power. It's about values.
the values of an older generation that has been shocked by
the rapid destruction of their wealth. The evaporation of
their life savings is having a definite emotional impact on
78 million baby boomers.
Their
personal
Conspicuous consumption
is unacceptable in a world
where your best friend
has lost his job. Society
is reevaluating the value
and role of money. Once
money was for spending,
now it's for saving. The new ultimate luxury is financial
security i.e. having enough money to maintain your
lifestyle even if you lose your job. People derive real
emotional satisfaction from having cash in the bank or
under the mattress.
only increasing demand for financial security, but it is
also escalating a fundamental human need for emotional
security. In the current uncertain environment, people want
to intensify their relationships. They want to hold onto
someone, not just something.
Diamonds transcend luxury.
luxury product? What happens when a man gives a woman a
diamond? What's happening at the emotional level? What's
happening at the financial level? Is it an exceptionally
getting something durable
and expensive that is an
excellent store of value?
What exactly are we
selling? Is it the diamond,
or the idea behind the
diamond? What should
we be selling?
that diamonds marry the
ideas of emotional gifting
and "store of value." If
the new luxury, then diamonds have the potential to be the
ultimate new product for these changed times. Diamonds
offer emotional and financial security in one product. And
that is exactly what people want today.
diamonds are an honest "store of value." Are they? Can
consumers get a fair price when reselling diamonds? Is it
ethical to sell diamonds as a "store of value" and then fail
to provide a fair resale market for them?
diamonds are only as good as we are.
will have long-term impact on