Selling Fancy Color Diamonds
In the competitive world of colored diamonds and high-end diamond jewelry, helping your clients overcome objections can be challenging; even more so in a slow economy.
The understanding that when clients object, what they are really telling you is, that they lack confidence in the value of the investment or even the market itself.
A possible solution to this is to:
Know your product; while it may be true that the supply of colored diamonds is increasing at an annual rate of about five percent, demand is increasing at the rate of seven percent annually. Additionally, the reality that only one carat of fancy colored diamonds is produced for every 10,000 carats mined should arm potential investors with confidence.
Know your buyer; the novice investor should keep an eye to the new markets opening globally. Markets with ready cash buyers such as China, India, Malaysia and Dubai are looking for “Safe Haven” hard asset, “portable” investments…like colored diamonds.
Know the market; studies show that consumer confidence improves during an election year. Currently market confidence is highest in the US. However, while US diamond markets are consumer-driven, China and India are traditionally investment purchasers. Although it should be recognized, that China is steadily moving toward a more consumerist market.
Add a creative approach to your sales, marketing and merchandising by attending diamond industry shows. For example, the JCK Las Vegas Show is attended by industry leaders, celebrity trendsetters and top designers. Industry events of this type often highlight original up and coming jewelry designers whose eye for color, artistry and innovation can help keep investors, retailers and collectors on top of the latest trends. Going to creative industry events is an excellent path to inspired sales.
Fearlessness is the ability to move from objection to buying decision with confidence. Confidence that even in a slow economy, an investment in colored diamonds and colored diamond jewelry can and will yield profitable results.