| In The News #5 >> | ||
>> TITLE DeBeers Cartel Believes in Two-Handed Women Lead Story-Dateline: >> SUMMARY The DeBeers Group, a diamond cartel that controls roughly 60% of the world’s output, is attempting to create a new market. The traditional diamond engagement ring market, a $4.3 billion left-hand market, favors larger stones. However, DeBeers produces a much greater number of smaller diamonds. The recently launched advertising campaign targets the woman’s right hand with rings designed to create a market for these smaller diamonds. Sixteen new designs, in varying price ranges, are geared to appeal to women aged 30 to 54 with household incomes of over $100,000. DeBeers hopes that this affluent group might want to own several of these “right-hand rings.” One of their slogans commands, “Women of the world, raise your right hand.” And if DeBeers has their way, it will be adorned with one of their new “right-hand rings” sparkling with multiple small diamonds. >> Talking it Over and Thinking it Through
>> Thinking About the Future DeBeers experienced phenomenal success with a previous advertising campaign targeting three-stone anniversary rings “for your past, present, and future.” The modestly successful product saw sales increase 74% as a result of the campaign. The new “right-hand ring” ads, designed to empower women to purchase diamonds for themselves have just been launched. It will be interesting to see if the campaign is successful, particularly with a sluggish economy, a time when luxury purchases are often postponed.
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