Storytelling: A Key Differentiator in Luxury
In the diamond industry, storytelling is not just a marketing tool but a necessity. Manav Shah, from the marketing team at Kaamya Jewels, explains, “Storytelling and emotional appeal are as crucial as the physical elements of a luxury product. Without both, you only have half a product." By narrating the origin, craftsmanship, and exclusivity of a piece, retailers can create an emotional connection with buyers. Authentic stories about a diamond’s journey or its symbolism enhance its perceived value, differentiating the product from mass-market offerings.
In a rapidly evolving diamond market, India's retailers are navigating new consumer demands for exclusivity, customisation, and memorable experiences. The industry, which contributes nearly 75% of the world’s polished diamonds, is witnessing shifts driven by a younger, more discerning customer base. According to the India Brand Equity Foundation (IBEF), India's gem and jewellery exports hit $22.27 billion in FY24, underscoring the sector's global significance. However, in such a competitive environment, retailers must adapt strategies that not only highlight their products but create emotional connections with their customers.
Storytelling and emotional appeal are as crucial as the physical elements of a luxury product. Without both, you only have half a product
Emphasising What Makes Diamonds Special
For Darshit Hirani, Founder of Hirani, the focus on price alone undermines luxury. Instead, retailers should highlight the unique qualities that make diamonds stand out—whether it's colour, rarity, or design. "In today's market, one of the most effective marketing strategies is to highlight the differentiation that is being offered. Whether it’s the rarity of colour, design, or size, the focus should be on what sets the diamond apart," says Hirani. This strategy shifts the conversation from price to exclusivity, helping customers see beyond the commodity aspect of diamonds.
Customisation and Personalisation: Meeting Unique Customer Demands
Another critical trend is customisation. Priya Maheshwari, entrepreneur at Empriyal, emphasizes that diamonds are personal purchases, and the buying experience should reflect that. "Retailers can improve the shopping experience by making it more personal and tailored to each customer," says Maheshwari. Customisation allows customers to feel part of the design process, making the purchase more meaningful and personal.
Hirani echoes this sentiment, especially for coloured diamonds, which make up less than 2% of all diamonds and require careful attention in matching cut and colour. The challenge here is not only technical but also one of communication—retailers must educate customers on the complexity and rarity of these diamonds to build trust and make the product more desirable.
Building Customer Loyalty: Beyond the Initial Sale
In the luxury space, customer relationships don't end with a single purchase. Maheshwari stresses the importance of follow-ups and personalized offers, which help foster loyalty. “The journey doesn’t end when they leave the store—it’s only the beginning. Stay connected through thoughtful follow-ups,” she adds. Retailers that invest in post-purchase relationships are more likely to see repeat business, a strategy reinforced by Deloitte’s research, which shows that personalized loyalty strategies can increase spending by up to 70% among loyal customers.
The journey doesn’t end when they leave the store—it’s only the beginning. Stay connected through thoughtful follow-ups
Crafting a Luxurious Experience
Selling diamonds is not just about the product—it’s about the experience. "Luxury must be presented as such; otherwise, it can hurt sales and the brand's image," says Hirani. From eye-catching displays to personalized service, every touchpoint matters in shaping a luxurious buying journey. Brands like Rolls Royce and Hermes have long mastered the art of creating exclusivity, and Indian diamond retailers can learn from these strategies. Just as Rolls Royce involves customers in personalizing their car and Hermes requires purchase histories for top-tier items, exclusivity in diamonds can elevate customer perception and loyalty.
As India’s diamond market continues to evolve, retailers must prioritize novelty, customisation, and storytelling to stay competitive. By delivering not just a product but an experience, retailers can foster long-term relationships with their customers, ensuring repeat business and enhancing brand loyalty. The future of the Indian diamond industry lies in balancing innovation with timeless luxury—a strategy that will resonate with consumers seeking both uniqueness and emotional connection.
