Differentiating between various diamond brands is difficult as almost all brands have similar looking ad campaigns.
“It would be wrong to say that branding has been ineffective although there is room for improvement in certain areas,” says Cherie Saldanah, Managing Director, Diamond Trading Corporation (DTC).
DTC markets brands like Nakshatra, D'damas, including several others and has been active in brand building exercises with signing of brand ambassadors, enhancing retail presence, changing formats and thereby spending about Rs30 crore for 2006, in the process.
To make diamond brands successful it is important to gain trust of consumers for which most brands are in nascent stages. Orra, Sangini, and Tanishq have been putting in their efforts in brand building.
India is one of the fastest growing diamond markets in the world yet branded diamonds segment accounts for a meagre 12 percent. The size of the overall diamond market in India is supposed to be over $1 billion.
Diamonds gradually becoming a fashion purchase with branded segment having an edge over unbranded jewellery.
“The market for branded diamond jewellery is slowly growing. While some brands are still trying to figure out how to differentiate their products, there are others who have managed to do so,” says Biren Vaidya, Managing Director, Rose Group.
Though some brands have taken initiatives to create brand image through quality and design to make their product stand out, not much could be done. Lending a signature to the brand would help in effective branding, according to Vaidya.
“The customers are now becoming more aspirational and this will definitely help the brands to carve a niche for themselves,” agrees Vaidya.
marketing@alchempro.com
