In the more than 10 years since the diamond industry began the gargantuan task of marketing its products downstream, the question of branding has elicited possibly more debate than any other topic. Most agree that brand-intensive marketing is both necessary and desirable, but there has been much disagreement as to whether it is only jewelry that should be branded, or whether a branded diamond is a viable option.
There have been a number of notable efforts to brand diamonds – with the “Leo” and “Hearts on Fire” as worthy examples, to name but two – but there have been few if any home runs. That may have changed, though, with De Beers’ Forevermark diamond, which while several years on the world market is only being formally introduced in the United States during the final quarter of this year.
As a polished stones that is sold only through select retailers, every Forevermark diamond is inscribed on its table with the Forevermark icon and a unique identification number, using patented technology. Invisible to the naked eye, the actual inscription is only one-20th of a micron deep and can only be seen using a special viewer which can be found at authorized Forevermark jewelers.
According to De Beers, a Forevermark inscription indicates that the diamond has met the company’s standards of assurance, quality and integrity, and the individual number identifies the specific stone. Forevermark diamonds must be at least 0.14 carats in size; of clarity standard SI2 or above; of L colour or higher; and cut to a standard of Very Good or more. All Forevermark diamonds are graded at the Forever Diamond Institute in Antwerp, Belgium.
While program was many years in the making, the official birth of Forevermark can be traced to June 12, 2008, when De Beers Group Marketing officially changed its name to “Forevermark.” Explaining the move, De Beers said that the process was indicative of a transformation of the body from an organization that once focused specifically on the generic marketing of diamonds into one which plans to build one of the world’s leading diamond brands.
Six weeks later, Forevermark announced that it had opened diamond grading laboratories in Antwerp, Belgium and Maidenhead, United K ingdom. The labs, the organization said, would grade only diamonds that had been exclusively selected by Forevemark to meet its exacting standards.
To help promote the new brand, on October 15, 2008, two emerald-cut diamonds, weighing approximately 102.11 and 70.87 carats respectively and both carrying the Forevermark icon and Forevermark identification numbers, went on sale at a Christie’s auction in New York. The diamonds were supplied by the Steinmetz company and a percentage of the proceeds from the sale was donated to the Diamond Empowerment Fund.
Later that year, Steinmetz presented a ring featuring 12 round brilliant cut Forevermark diamonds to Lewis Hamilton, the Vodafone McLaren Mercedes Formula 1 racing driver, to celebrate his victory at the Monaco Grand Prix.
After topping $100 million worth of sales in its first year of launch, by October 2010 the Forevermark brand was properly established in China, Hong Kong and Japan, more than $200 million worth of retail sales reported. It was available from over 300 jewelry retailers across the three launch markets, representing a 25 percent increase since the start of the year.
Next on the agenda for Forevermark was a move into Singapore, the Caribbean and Mexico, and in December it launched India as another core market, with selected retailers established in Mumbai, Delhi, Chennai, Hyderabad and Kolkata.
The cherry on top of the cake is represented by the biggest market of them all, the United States, whose launch Forevermark held off until this fall. In July, to preview the event, New York was the site for a three-day series of events, which included a number of master classes, designed to educate exclusive audiences on the craftsmanship and art of selection that De Beers says is integral to the Forevermark diamond journey. The events also included “A Diamond Connoisseur Retreat” co-hosted by GiltCity, whose customers were invited to preview and shop a special selection of Forevermark diamond designs, including one-of-a-kind Red Carpet designer collaborations. It was attended by Jordin Sparks, a winner of the American Idol competition.
As it has in other markets, the U.S. launch of the Forevermark has included a good number of high profile events, with a fair sprinkling of celebrity. At the National Football League Super Bowl in Arlington, Texas, on February 6, Glee star Lea Michelle sang America the Beautiful wearing 10-carat Forevermark Asscher diamond studs by William Goldberg. And a bevy of stars wore Forevermark jewelry on the red carpet at the 63rd Primetime Emmy Awards in Hollywood, including Elizabeth McGovern, the lead Actress in the Emmy winning mini-series "Downton Abbey" who wore a Forevermark 75-carat rough diamond necklace by Crosswork, and Julia Stiles, the Emmy Award winner for Best Guest Actress for her role in the in drama series "Dexter," who wore a pair of Forevermark diamond teardrop-shaped earrings, a Forevermark diamond marquise-shaped ring and a Forevermark diamond cuff by Rahaminov.
De Beers reportedly expects sales of Forevermark diamonds to pass the $300 million mark by the end of this year, arguably qualifying the product line for the title of most successful diamond brand in history.
What set it apart from other branded diamonds? Almost unquestionably, it is the amount of money that has been spent in developing its identity. De Beers is not revealing exactly how much been spent, and as a private company it is not required to divulge details as to whether Forevermark has been a profitable venture or not. But as long as the Forevermark brand continues to live up to it name, one can only assume it is worth the risk.