Impulse buying offers new opportunity for diamond business in India

The growing economic, as well as social influence of Indian women, has helped the diamond business grow in India, says a new report.
Representational Image. (File photo | Reuters)
Representational Image. (File photo | Reuters)

HYDERABAD: The growing economic, as well as social influence of Indian women, has helped the diamond business grow in India, says a new report. The Diamond Insight Report 2017 by De Beers Group highlights diamonds have been marketed almost exclusively as gifts for expressing love for decades and how this is evolving.

While this universal and powerful motivation still remains the bedrock of the industry, new opportunities are clearly emerging as the position of financially empowered women in society is evolving. Although the role of the mature single woman as a consumer of diamond jewellery is not as significant in India when compared to countries like the US and Japan, Millennials and middle-aged women are driving the trend of self-purchase.

The report states that female self-purchase is presenting a new opportunity for diamond firms. Self-purchasers are mainly driven by married women over the age of 35 with medium to high-income levels.

Interestingly, the report also says that retailers who are able to encourage ‘impulse buying’ through design, price or emotionally-driven marketing concepts will be likely to see success.

“With the number of working women increasing and their income levels rising, they are able to make their own investment decisions and, as a result, self-purchases by women have been rising. This trend is only set to further rise in the coming days and keeping this large growing segment on financially self-reliant Indian women, even diamond sellers have been reshaping their marketing strategy in India,” said Nitin Khandelwal, chairman of All India Gems and Jewellery Federation.

As working women have greater confidence to celebrate all the important occasions in their lives like success at work, memories of a happy holiday etc, these self-purchasing women present diamond retailers with more opportunities.

Women buyers

Self-purchase is mainly driven by married women over the age of 35 with medium to high-income level, says the report.

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The New Indian Express
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