In light of the recent engagement ring thread:
One of the biggest assets in a married couple's relationship, the diamond engagement ring, might be an emotional asset and a symbol of love and commitment -- but in the financial sense of the word, it isn't actually an asset at all.
In fact, it's worth at least 50% less than you paid for it the moment you left the jewelry store. Makes you wince a little, doesn't it?
And yet, we feel compelled to buy them for our loved ones anyway. Heck, I still want one even after writing this article. How did that become the norm? It's hard to imagine that it's only been three-quarters of a century since diamonds became the symbol of wealth, power, and romance they are in America today -- and it was all because of a brilliant, multifaceted marketing strategy designed and executed by ad agency N.W. Ayer in the early 1900s for their client, De Beers.
.....
How It All Started
Diamonds haven't been rare stones since 1870, when huge diamond mines were discovered in South Africa. Soon after the discovery, the British financiers behind the South African mining efforts realized the diamond market would be saturated if they didn't do something about it. So in 1888, they set two audacious goals:
.....
So, how do they get more people to buy big diamonds in a bad economy? They needed to figure out a way to link diamonds with something emotional. And because diamonds weren't worth much inherently, they also had to keep people from ever reselling them. What was emotional, socially valuable, and eternal? Love and marriage. Bingo.
http://blog.hubspot.com/marketing/diamond-de-beers-marketing-campaign
One of the biggest assets in a married couple's relationship, the diamond engagement ring, might be an emotional asset and a symbol of love and commitment -- but in the financial sense of the word, it isn't actually an asset at all.
In fact, it's worth at least 50% less than you paid for it the moment you left the jewelry store. Makes you wince a little, doesn't it?
And yet, we feel compelled to buy them for our loved ones anyway. Heck, I still want one even after writing this article. How did that become the norm? It's hard to imagine that it's only been three-quarters of a century since diamonds became the symbol of wealth, power, and romance they are in America today -- and it was all because of a brilliant, multifaceted marketing strategy designed and executed by ad agency N.W. Ayer in the early 1900s for their client, De Beers.
.....
How It All Started
Diamonds haven't been rare stones since 1870, when huge diamond mines were discovered in South Africa. Soon after the discovery, the British financiers behind the South African mining efforts realized the diamond market would be saturated if they didn't do something about it. So in 1888, they set two audacious goals:
.....
So, how do they get more people to buy big diamonds in a bad economy? They needed to figure out a way to link diamonds with something emotional. And because diamonds weren't worth much inherently, they also had to keep people from ever reselling them. What was emotional, socially valuable, and eternal? Love and marriage. Bingo.
http://blog.hubspot.com/marketing/diamond-de-beers-marketing-campaign
