De Beers and Asian Diamond Markets

Diane traveled to Hong Kong from London for a visit to her friend Emily.

Emily got married in February 1998.

Emily's diamond ring was worn only on special occasions due to its value.

Diane and Emily had different cultural views about affection.

A diamond necklace that Emily showed Diane.

Emily's profession: involved in developing and selling real estate properties in Hong Kong.

The social class of both Emily and her husband.

A company known for selling diamonds.

De Beers targeted East Asia to capitalize on growing economies, young populations, and wealth.

Diamond purchasing in Asia is influenced by cultural and historical factors, and not one-size-fits-all.

No single 'Asian consumer' but many different kinds of consumers with unique preferences.

Successful diamond advertising requires adapting campaigns to each country's customs and motivations.

Previous surveys often missed cultural nuances in how questions about diamond buying were presented.

De Beers established Hong Kong as a regional office to better manage Asian market dynamics.

May Wong as the Asia Pacific regional marketing director in London, representing Asian voice to De Beers

Newly rich individuals demonstrate success by buying diamonds more readily than those with established wealth.

Advertising campaigns for diamond wedding rings in Asian markets, often facing challenges in cultural acceptance.

A successful De Beers ad based on a Korean folktale, featuring a boy/girl relationship and marriage, aiming at the Asian region except China.

The Rainshower ad was deemed too romantic for the Chinese market.

No salary guideline for diamond ring spending existed due to high entrepreneurship and family-driven purchase decisions.

De Beers' marketing message emphasizing women's desire for diamonds, differentiating between modern and traditional attitudes.

A highly effective television commercial targeting young, modern women in Asia.

De Beers aimed to reduce the hesitation of first-time purchasers by using messaging and shop methods to justify the purchase.

Women's diamond jewelry purchases accounted for a majority (60%) of total sales in most of East and Southeast Asia except in Korea.

Wealth and status were the primary factors for judging success in the 18-28 age group of the West in the 1990s.

Financial stability was prioritized above other factors in choosing a marriage partner in China during the 1990s.

Men were expected to be providers and protectors, while women were expected to be virtuous homemakers in Chinese marriages in 1990s.

Love was seen as less important than financial security/prospects in choosing a partner.

De Beers needed to introduce the diamond wedding ring culture in China because it wasn't a tradition during the 1990s.

A common sentiment describing marriage perceptions as a negative association during the 1990s in China.

Even in China during the 1990s, the X-Generation had high expectations on marriage roles that were similar to the traditional roles

Diamond Rings were not part of wedding ceremonies in China during 1990s.

A woman who views herself as an extension of her husband and family, prioritizing their needs. Her self-worth is tied to their success and she is primarily economically driven.

A woman who sees her responsibilities as twofold: to her husband and family, and to herself. She values personal success and feels less restricted in spending.

Traditional women's self-worth is judged based on their husband and family's achievements.

Modern women validate themselves through their personal accomplishments, which are equally as important as family achievements.

Modern women feel less guilty spending on themselves, considering their own well-being important.

De Beers focused on China's growing Shanghai market, despite concerns about economic instability and the developing middle class.

The annual market growth rate of 20% between 1993 and 1996 slowed to 10% in 1997, likely to remain below that in 1998.

Chinese consumers began buying homes and consumer products like air conditioners, competing with luxury goods like diamonds for discretionary spending.

De Beers prioritized advertising in China over other Asian markets due to stronger growth potential.

De Beers observed that Asian women were purchasing diamonds for personal enjoyment, not just for gifts.

De Beers wondered if their approach should adapt to include similar individual motivations for diamond purchases in Western markets.

De Beers' 'gift of love' message was facing potential rejection in the Japanese market.

De Beers recognised the need to adapt their messaging to resonate across cultures and diverse motivations for diamond purchase.