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Genesis Diamonds

Diamonds are Forever

Since the founding of the De Beers diamond trading empire, diamonds have become the worldwide symbol for romance, power and wealth. The company founded in 1888 has managed to control the flow and distribution of diamonds well into the twenty-first century captivating the minds of men and women alike with their beauty. However, the worldwide status of diamonds, initially - had less to do with their beauty and more to do with the exemplary marketing and brilliant business acumen of De Beers.

Faced with the potentially catastrophic fall in price of the gem due to the finding of large diamonds mines in Southern Africa in the 1870’s, the British financiers who controlled the mines banded together to form the De Beers Family of Companies. De Beers operated a thriving monopoly in the diamond distribution industry all the way up till the eve of World War II when the company saw shrinkage in available markets and turned their attention to the United States.

Until that point, the United States had been an afterthought - albeit quite a large market, accounting for the sale of 38% of the diamonds De Beers distributed - in the minds of the company as most of the diamonds sold there were of the cheaper variety. However, with Europe in the midst of another great war the company embarked on what has since become known as one the greatest marketing campaign of the twentieth century.

Rather than market De Beers as a company, the cartel hired led by N.W. Ayer, a leading American advertising agency, to be their representative and market diamonds as a whole rather than just De Beers. In 1941, the agency reported to its client that the campaign had been a stunning success. The American market for diamonds jumped to 55% of De Beer’s total output. The agency also noted that, “the conception of a new form of advertising which has been widely imitated ever since. There was no direct sale to be made. There was no brand name to be impressed on the public mind. There was simply an idea -- the eternal emotional value surrounding the diamond. It further claimed that "A new type of art was devised ... and a new color, diamond blue, was created and used in these campaigns..."

The final blow in the diamond’s war to capture American’s imaginations was struck in 1947 when Frances Gerety coined the famous advertising line "A Diamond is Forever" in 1947, allegedly while she was dreaming. The slogan noted the diamonds natural strength and durability, thus setting it as the perfect match to couples undying love. Within a year, “A diamond is forever” became the official motto of De Beers.

 

Posted by Genesis Diamonds on September 07, 2010
Categories: Diamonds

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