MVEye'sLatest Lab-Grown Diamond Market Research Report is LIVE!
Global Voices THE MVEye 2022 International Lab-Grown Diamond Consumer and Trade Market Research Report
The goal for this research was to gather Global Voices from jewelry retailers and consumers to understand their opinions on the biggest change to the fine jewelry industry since the early 90s when the Argyle Diamond mine came online.... Rapid acceptance of lab-grown diamonds (LGDs).
0:00:14.0 S1: From Central London, that I'm delighted to be joined by you today for what would be... I'm sure a fascinating discussion about how to sell colored gemstones will be talking today about a new campaign to market color gem stones around the world, and delighted to be joined by Liz Catalan, who is the president of VI marketing, a market research company based in Austin, Texas. Who is also President of The fumarate Ting Council, led by the minor Futures, which is the only mining company that mines all of Emerald Sufis and rubies, so... Is delighted to have you with us today.
0:00:59.0 S2: Thank you so much, I'm thrilled here.
0:01:02.2 S1: I'm also very pleased to be joined by Erika court, Nate, who is a Los Angeles-based jewelry designer known as a Dulles, it just the state, very well established in the industry. She was voted the third best to jewelry designer by United Brands, and is sometimes called Indiana drones and fix in heels, because a few ventures all around the world instead of beautiful colored gemstones, which he incorporates into her fine jewelry designs. And she loves when Jim's tell stories. Sometimes they speak to her. Erica will be talking to us about trends in colored gemstone jewellery designs, they'll look forward very much of that to a high... Erica, glad you've joined us today.
0:01:48.2 S2: I thank you for inviting me. I'm through the Beverly.
0:01:52.3 S1: Good, so let's kick off. First off, we'd like to show you a video by Fuentes, which showcase the First auction of amali... So in this action, you're in the bike and DMC building and a master we have got for 40 companies who come all around the world, especially from Jaipur, where they're coming and seeing the product, why this is so special because this is the first time ever anyone has exhibited at RAF Columbine into a world platform. We've set up something called the Potomac in concert, which is basically going to be providing both trade and consumers help in terms of marketing the product to build brand awareness and consumer demand. Eyespot, Litecoin. Annihilation is one. Rugrats are this video lovely? There's pictures of rough walls there. So we're gonna kick off now with a discussion about the new global college gemstone marketing campaign led by the minor forges I'd like to reintroduce at least Charlene, who is President of MV marketing and Austin, Texas-based market research company, and who also is president of the fur Marketing Council, led by four gems, which will drive forward this global color gender marketing campaign, so it... Highly, great to have you with us today.
0:04:43.1 S1: Thank you. If I could ask you first, how did you identify that there was a need for a colored venture marketing campaign that would be global, what led you to reach this conclusion? It's
0:04:57.4 S2: A great question, and I brought some slides to help me explain how this whole thing got started. So if we could show the PowerPoint. So FERA is a mining company that mines will be enrolled in Safar globally. And they really came to us because they wanted to understand how frankly, how come more color Jonson aren't sold worldwide. So we... Because our core business is consumer and trade research, we did a massive research on project last year to find out what the issues were, where are the barriers? So as you see on this first slide, we surveyed over our consumers, jewelry consumers and over trade interviews, and 93% of consumers love... Or like for the Molson South fires, in fact, all color Johnston. So we know the market is there, you know the interest level is there, and that's the important thing, it's not like we're introducing something brand new that nodes ever heard of, everybody knows about Color Johnstone, but how do we bring it to a forefront of the consumers desire... Nexte. So what are those barriers? And this is directly from the research, so basically there is semitones between the entire supply chain, so manufacturers don't think This is a summer here, a lot of manufacturers don't think that retailers even know how to solve color, and a lot of retailers say, Well, manufacturers don't back a step with advertising support and visual assets, so it's almost as the both sides feel like they're not really helping each other and to sell color gemstones.
0:06:59.1 S2: So when we serve the trade itself, basically, the market for color gemstones on average, with regular jewelry stores, color gem stones represents about 9% of their sales, and yet 60% of consumers wanna see more colored gemstones in traditional jeweler stores. Next. So what does this tell us? It also told us in the research and 92% of manufacturers, 75% of retailers say that their margins are even higher with colored gemstone sales than with diamond sales. So here we have consumers out, love the product, don't wanna see more of it, retailers and manufacturers agreed that they make more margin on colored gemstones, and yet both areas don't really think the whole pipeline is focused on color gemstones or helping each other self more color gemstones. So this was really the first time that this type of research can you... To be... And we've been spreading the word that this... These are the hiccups in this abortion and how do we fix them? So when we did the research and we gave it to fira, that's when this or thinking process of how can we correct is really not going next. So the bottom line is, or people are gonna make more money if they put out more effort, and retailers say that they make 32% more margin over diamond sales based on college instance, and manufacturers say that they make 10% more, so we know if both of these entities sold more colored jump stone jewelry or loose color jump stones, they'd be making more money just because there is more margin in color.
0:09:08.5 S2: Now, granted, all this research was done in the US or North America, but we do a lot of research in Europe also, and it's really the same thing, it's really the same sort of issues going on in Europe and South America, and even in Asia, not Asia has a stronger college gemstone market, but still the margin levels were higher for everyone, almost Callen. Next, so I think that this brings us to your next question, David, now...
0:09:46.4 S1: Well, I was into to know why there had been no genetic global marketing campaign for Coleman before. I mean, they clearly used to be a huge one for diamonds, we have not seen one for color gemstone, so why do you think that was...
0:10:02.1 S2: You know, people keep asking us this, and you're absolutely right, and even before the research, we thought, Why is color jumps done so fractured, but it really is a fraction supply chain, and you know, years ago, decades ago, diamonds was a fracture supply chain also, believe it or not... So what did the peers do when the Terry sign it back in the mid-40s that they were going to have a concerted organized effort to bring dinant the forefront of the consumer's desire for several things, but including engagement ring. They knew that they had to go into the marketplace and train retailers on selling more diamonds, how to sell them, how to romance them. So all of this came together under the bears, this didn't happen under color, so next slide, here's even a quote from an article that was written in the US and national dilemma, a zine that basically this writer of Brecon just laid it out. She said, Look, for decades, the bees has been organizing diamonds, but colored gemstones on the other hand, as she said, I have no one really organizing them. So last year, at the end of last year, we went to FRA with all this research data, they went away for a month that came back, we had a big brainstorming session and they said, Well, how can you fix it? What does that mean? How can you fix it, right? What can we do to fix it? To help everybody in the entire spy chain.
0:11:46.9 S2: And that's a big question.
0:11:51.3 S1: Now, what factors are driving taste towards collagen stone jewelry.
0:11:58.9 S2: So I think lots of different things, but accessibility, I mean, the more color that that consumers see, the more they want, so that's really the biggest driving force, we know from our research and other research, that they just need more exposure to it, and they need product.
0:12:21.5 S1: Okay, well, let's turn to Eric CDLI Ted to have your weather. Riccarton-ers are very well known to the designer in Los Angeles, who is known as a jewelry designer to the stars as she has created jewellery for sale, including Julia Roberts and Jessica Alba, and Sandra Black among others, and Erika is also known as Indiana Jones in six in calls, because she tries travel or has traveled all around the world in search of fabulous color gem stones which incorporates into her fine jewelry designs. Slide to have you with us, Erica. Now you're gonna check to us now about how you see design trends, but if I could just ask you, do you believe that if you like the next important way of consumers, the Gen Z, do you think they're really interested in at Lois and fires? I
0:13:20.5 S2: Absolutely do because I see it in my own business. What they're not interested in is their grandmother's celery, but if you can make them some jewelry that they would love to wear, I mean, they don't wear the same clothes, they don't buy the same cars, they don't buy the same anything they want their own individual expressions and there are so many young hip designers out there that are designing specifically for them and they are buying it.
0:13:48.6 S1: Okay, so let's talk a little bit about the bridal of market. Traditionally, the bridal market has been dominated, if you like, by wide stones, the solitary white diamond, there is an opportunity for colored gemstones in the Vital space going forward, particularly helped by this global marketing campaign going forward. Eric, what are your thoughts on the potential for color gemstones in the Vital segment, and do you think that colored gemstone rings can gain popularity and vital... Oh.
0:14:27.7 S2: They most certainly already have... We've been making Sapir Ruby engagement rings for quite a few years now, and what's really happening is that they're even turning towards the teal colors and the greens and different... Even the party stones, because they want something that's super individual, they want something that is just theirs, they wanna be talked about, they wanna be complemented, they wanna talk about how rare and unusual their gemstone is, and why they chose a ruby Safir moor and engagement ly. It's amazing how many we've sold at first, when I sold a couple of them, I didn't pay that much attention and I thought, Well, that was quick. Let me do a couple more. And then the more that we kept doing, the more I sold them immediately, and especially as I said, not that there's a growing population, I mean more popular idea to use the keels and the party Keller satires.
0:15:25.2 S1: So I'd just like to say to everybody, and please do submit questions on the Q and A function, we'd like to make this interactive. We'll certainly have a Q and A section towards the end of the webinar today. But please feel free to identify yourself on the Q and A, that would be ideal, and also to ask your questions, particularly relating to questions about design trends in color, gem stone jury because we've got the experts here, and also your questions about how the global colored marketing campaign will rule out. I'd just like to ask this to comment on the bridal section as well, what do you feel the potential will be for colored JAMS, tone jewelry in the rival segment of the market going forward? This
0:16:15.0 S2: Is something we have been researching and tracking and I should say for years, and it started with zero, and it keeps growing year after year, and again, I think it goes back to Erica and people want unique... They want something different. We have also found that there's a bit of a malaise with the one-on so many people go into jewelry stores, especially to change or stores in all locations, and what they see in the dining cases as white notations, and so they're getting a bit disenchanted with that. And what has helped is even different column metals have helped, but color Johnstone, yes, the accent stone or the centrist has really brought attention to the interest, especially of younger people, which is what the bridal market, but is now in our research that we did just last year, what we found is that consumers would gravitate to more color if they saw it in the stores, so even the Wedding Report, which is a very, very good source for data also, they've been tracking it and they say that it's called from 10% interest over the last 10 years to 30%. So even in our own data, we know we did a holiday study just passed a holiday season, and we noticed that retailers are showcasing more color engagement rooms online, up to 15% of their offerings online can have color to them, not...
0:17:58.5 S2: Sometimes it's just an accent, tone of color, but it's something... But yet in-store, only 8%, if that only 8% of their engagement brings power. So again, we're looking at the desire by consumers and the slowness maybe that the trade has been demonstrating in bringing more color to most important categories that consumers are shopping for and spending the most money on, like engagement is, and the retailer makes the most Warrington and by the way it's not just typical revealed suppers and other beautiful gemstones, it's also unusual gemstones or jumpstart that they really need to have a little education about. So in this next slide, a question
0:18:47.7 S1: Actually, which is on very theme, which I'd like to raise now, and if I could actually direct this one to Erica and I use is asking what is your view on other colored gemstones that is other than the big three of Malays and rubies and their potential in the vial segment here. Okay, well.
0:19:10.7 S2: I sell those as well. In fact, probably 10 years ago, I sold him organize to my client's daughter that literally could for whatever she wanted, but that's what she wanted was a organized... And it was a non-traditional ring, it did not look like an Engage or ring, but that was her endangering and wedding ring, and Morgan is a... Now, I think is a fantastic choice because of its hardness, I think everything is a fantastic choice. I literally had a lady that had an emerald ring for 30 years, and any traditional dealer will tell you maybe not to do that for an engagement ring. Well, she had it for 30 years. She absolutely loved it. Finally lost it and I replaced it, and someone told me, why aren't you telling her to get a dime, and I was like, Why? She wants and enroll, and they feel like you shouldn't wear it every day, it was you or her every day for 30 years and lost... It did not break it.
0:20:10.4 S1: Thanks me much. So I'd just like to encourage everybody to submit your questions in the Q and A function, not on the chat function that I can see some questions... Go into the chat function. We were talking Erica, Allie, about Gen Z. Question from Jen I tan, who asked for the Gen Z consumers, I guess you can only estimate this base your experience, but for the Gen Z consumers, what is the average retail price in United States that they are willing to pay for a colored gemstone ring. Okay.
0:20:44.8 S2: I think the typical... Of course, this is not every single sale, because some of them go way higher than this, but I would say they never go lower than 10000, and I'd say the typical price they're willing to spend is 10 to 25, 20 to 25 is the average, the repeal designer raise. Yeah, if they are, I mean, well, my settings are expensive also, so it's not just... It's not just a gym that's costing... Sometimes we put little club a initials and things like that in there, so it winds up costing a lot too, but it does not have to cost that much if you're doing a satire, and you know what else I've found is they like blacks up white outfits also for their engagement ring, and they'll put blue sapphires with the white saltire, 'cause they wanna say they have all satire, so sometimes they're even picking a clear stone with satire accent just because they want all three satires, and when you're spending that much money, you can buy a diamond, because they can take it away from the setting and do something more simple to put their satires to
0:22:01.5 S1: Looking at the US market for color gems to Jules a whole... So including the high-end, but also the medium and lower ends, we have a question from engine cave in the UK, and I think I'd like to address this one to Erica, just to kick off with the rising price of gold, which has really jumped over the period of the pandemic is still likely to become a more appealing setting for colored Simone maybe in the middle end of the market, I... Korean thoughts on that?
0:22:36.9 S2: You know, I haven't had any experience with that. I feel like a setting is very important, and while this is sort of not that part of this conversation, but I found that my... Sometimes my rides will spend all the money on the setting and come back and buy the center stone later, so I'm not sure that silver is gonna take off as engagement, however, I didn't know that supporters were gonna be so popular, so I don't know, maybe around...
0:23:11.3 S1: And again, Eric, just the market perception in the United States for color gemstone jewellery, we have a question from Prakash matai asking which of the color stone is the most valuable in the perception of us consumers, do they consider one of either Ruby Aldo Safar to be the king stone as it were, or the market leader at the top, and how are the three stones seen compared against each other?
0:23:42.3 S2: Well, I don't know that they really compare them against each other, I feel like people collect gemstones, so I feel like they take the one that wants to go home with them first, honestly, that jewelry actually picks you... I don't even really believe you pick the jewelry, and I think that once you start buying color gemstones, you become a collector, whether you realize you're becoming a collector or not, you know, I find that some people that buy a blue sapphire come back and say, You know what... Now I want the pink Sapphire, Now I want... I bought this diamond ring and now I wanna reset it and put selfies on the side, something like that. So I think that it becomes a collector mentality when you start selling colored GEMS, because honestly, after you sell all these diamonds to people, they're a little diamond set up, jelly like maybe they even have 15, even 30 pieces. Now what... How do you keep romancing one kind of one section of jewelry, but with color, you can sell to your clients of purple panel as well as a lavender panel, a party color satire, as well as a yellow satire, as well as a hot pink satire.
0:24:59.8 S2: It's endless, and then once they take the ring, a lot of times they wanna come back and get the hearings, whether they're expensive or inexpensive, just to kind of match everything and start collecting set of jewelry
0:25:12.1 S1: At... Thanks very much. Well, we're gonna move on into the main trust of our discussion next about the plans for the global marketing campaign for color gemstones. I would encourage viewers to continue to submit questions in the meantime on the Q and A function, and we'll curate those and pick them up as we go along. I'm turning to list now, the fur Marketing Council was established by the mind of forges to spearhead this global marketing campaign for color gemstone, which is now kicking off. Can you just give us a little bit of history and context? And tell us how the future marketing council came into being.
0:25:57.9 S2: So this, again, I have goes back to the research we did, as I sort of left off, we went back to purge, all the data, we had a brainstorming session. They wanted to know how to fix it, how can we improve it for everyone? And so we developed, if you're a marketing council as a way to help the industry that deals with color A to expand that part of the industry, and two, to smooth out some of these either misconceptions or mis-connections that were exposed in the research. As I mentioned, you currently minds with the Noland South bars, they are a newer company, they're very into health and safety, the worker sustainability, they want... They wanna do everything right from the beginning, and because there are sort of a young company, they're able to do that now, the company itself is led by a group of executives that have decades of experience in gemstones. So it's not like out of the blue, they just love what's wrong, Johnstone, they have seen some of the problems in the marketplace, but because they're really the origin, they didn't know how and the rest of the supply chain, the improved, so that's why we can develop the Marketing Council, and we are presenting it now to the industry, just introduced it last month, and we're already just on our website where we're getting a lot of new wires because people know well, that try to sell Colin, that it could be better.
0:27:48.4 S2: So on the next slide. So what is furs brand plan here? So as we talked about with the beers, they came in, they had a marketing message, they did training, so they did a lot of great things, so we're mimicking some things that they did to bring it into collar to help the color market. But what we're gonna do is we're gonna unite the industry under many different stories and brands, it doesn't need to be just one story, a diamond is forever, it can be lots of different messages, so we can hit every level of the market, whether that's income-based or age-based or location-based, so we're excited about that also, because we're starting with fur, the origin and the responsible mining part of the story is built in, because this is so important to her. As the other thing that for a nose from their mining experience is that everybody wants consistent supply, so they are really, really working on that to make sure that they are the prime source for consistent supply, and because they're the stores, the Ho chain of custody, which everyone is getting into... Now we have two and food industry is doing it, the ready to wear industry is doing it, and now we're starting to get into it.
0:29:11.5 S2: And again, because we have the origin, the chain of custody can be... Can function very well. So that's important, but the other things we're doing is within this organization, in that we're gonna help educate, because if you saw the slide from before, a lot of people is living retailers themselves know that it's harder to educate sales people on color than his own diamonds. So we're developing education tools that are easy to absorb more entertainment.
0:29:44.8 S1: Will these be videos, online or
0:29:49.0 S2: Print animated videos, which are so popular these days, so we're just in the process of building all this right now, and then we want the basis to help the whole pipeline so we wanna partner with lots of different organizations and companies, either from loose dealers all the way to retailers, we wanna partner with them to help improve their business with color, because the whole goal here is to sell through at retail. So that's the push, not everyone lining everyone up, supporting everyone, giving everyone additional help that no one else is offering them to spearhead the effort at retail, that's where it's gotta happen for all of us, and that's what this program is kind of based on. So in the next slide, you'll see that the people or the different levels or groups within the industry that this program is really built around is everyone... So it's Jen Cutter is rough and Polish dealers, it's joy manufacturers and hoses and its retailers. Now, this is a paid membership counsel, except for retailers, so it's a paid membership council because everyone can I put money into the pot to help all the co-op funding, advertising and promotional funding, but also when somebody's got some skin in the game, as they say, They really, are dedicated to making a success, and we're starting just this first year for retailers were focusing primarily on North America, India and Australia, now we're gonna expand to other markets, certainly, and if a retailer can do us now from another market, we can try to help them but our initial focus is gonna be on these three markets, and then as we develop the program, we're gonna be bringing in additional markets including Asia, Middle East, South America, etcetera, so it's really a global initiative here...
0:32:01.4 S2: Next book. That's one more, it's like... So I think that if someone said, how do we participate? Or what's next or what's going forward, first of all? We're gonna be at the ATA Show and the Jack Show in Las Vegas. It's gonna be visiting there from your audience, that would be great to combine see us under for council, but also basically our goal is to help every level, because all these different levels can be members, so how do you do that in essence, and really, you've gotta look at every level. And cater to them. So our two buzz words, or creativity and flexibility, so we don't... We don't really have hard and fast rules of what we'll do or not do, we wanna keep developing the tools that are needed because if a couple of companies need something, I bet you a lot of companies need it, so we wanna really work hard at being flexible and being really creative with our members and how to help them and how to give them things that they don't normally have access to, including this education and training, dealers could use some education and training, their sales people could retailer Siri manufacturers and host sales.
0:33:36.4 S2: Their sales people could use training on how to sell colored Jameel to their buyers, and then of course the retailers and their staff, and so that's something that we should be doing all across the board and... But making it entertaining, making it... And two parts, by the way, we're focusing not just on the demonic part, which of course we are, but also on the how to tell a story part, which is really what helped ever so much, how to romance the stone. If I could clone Erica and put her out there into a 1000 different stores, I would do it, because when you see her working with it with the buyer, which she goes to retail store sometimes, and they bring in their best customers and they're just eating out of her hand, they're just so enamored with power when she gets it done with them, so I'm gonna... Hopefully, I can clone, but that might be a while... I love
0:34:34.0 S1: That. I remember it is. Can you OT on the kind of involvement that pure marketing council will have in upcoming trade shows, you mentioned that you will be present both the GTA and the JK Lavigne August, what will be the visibility of FMC, what kind of precedent may you hold and what engagement I would like to have with members of the trade, the retailers coming to your body, just tell us a little bit more about your plans for upcoming trade events and how you will take part in the months ahead.
0:35:18.1 S2: Great question. And actually, we are gonna have a precedent, and that pregame would be at the age of those... Believe it's on the 25th, August. And we're gonna have a panel discussion because again, this is interactive, we're not dictating anything, what's the building creativity, but also we're gonna have to generating labs there about how you can work with them more, we're gonna have retailers here how we can work with them better, and then of course, participants of data... Did you go to our website, which is FMC Jens dot com? We know that consumers will stumble upon this website also, so we have a rare divide, when you click on that, you get a map of the US, we're gonna be expanding that to global operations as we pick up additional markets, but all of those are agent member retailers. And we're gonna welcome lots of other members too, so our outreach that's coming up, that's the most important right now, is gonna be at the trade shows at a G2 and then unfortunately, so many... The Stratus have been... The schedule is what I do on physicians. We haven't committed to other events and you are...
0:36:45.6 S2: 'cause we just don't know. They don't really know you do, so it's definitely a bit of the challenge to do to steeple program when a half the world is shut down. So
0:37:01.5 S1: Just to ask you, because I can see lots of very entering questions are pouring in from the audience, and I want to get to those, but just comfort me. Questions, you live firstly, what will be the direct involvement in the mining company of foams in The Furman Eton Council? Its first question for you.
0:37:18.6 S2: So the video you saw at the beginning of today's session was their action that they held their evolution first, Macon held in Columbia and by... And they'll be holding more actions again, it's all about what they can schedule because of builder, but they're really concentrating on what I mentioned before about a trust-worthy supply of the product, which we found in the research on different levels of the market, people were not confident. So they are really
0:37:59.5 S1: To mean a responsible supply chain.
0:38:02.3 S2: Well, more of a consistency of supply, also not just sustainable, which responsibly, mind is very, very important, but also just consistency, if people are making big decisions or perhaps they're working with big retail chains, they haven't have a consistency of supply, and in the research we found out that a lot of large men got to join out of doctors don't have that outlet, so we wanna address that issue, and that's what Pure is also working on. So they're working on a lot of things, are bringing all of their other mining sites way above and beyond whatever work of regulations are about health and safety, they're building training, store their mining operations, they're buying new safety put all the time, always upgrading that in helping safety things and do new and concentrating on being the most advanced and responsive to remind companies out there, then they wanna leave the way. So we're ordering the messenger in the marketing and the relationships down supply chain, and for is really concentrating on how the product is out of the ground and how it benefits those communities while it's giving us the rest of the industry a very consistent supply.
0:39:33.3 S2: So are they involved? Of course are... We're gonna be at the trade shows, they'll be doing interviews and stuff, they're involved, but not every day. That's what we come... That's
0:39:43.7 S1: Why you come in... Yeah. Okay, let me ask you one big question, a big picture question before we turn to the light... You big picture question. Yeah, how do you see the market for colored gemstones evolving globally as we come out of the pandemic, do you do a sense that there's gonna be a lot of pen top demand from consumers, many of whom have been locked down for many, many months, but they've still been saving money, and they want to bring some joy into their lives and what's the market outlook?
0:40:18.1 S2: You know, isn't it amazing how well Joy is actually done during your candor, the first couple of months, people who are paying, but then jewelry sales online, new started picking up, and then pockets of the market started opening up and not for consumers. Did you pick up an order online and go by and pick it up, or going to the store by appointment on May, and I'll even velocities. But just so unheard of. So Joe is actually is coming out of this recession in a pretty good way, so keeping that in mind and this effort that we're putting together for power and the interest level that we're already experiencing from the whole industry to do more perforating Polaris gonna explode. I think that all Gemalto gemstones, and of course, it's led by the teasing Sophie because those are... They're the big three. Of course, we always say that, but frankly, when we do the research, people are really fascinating, and it's sort of like saying, I'm gonna buy a piece of my first tennis price your first time embrace that. It's usually a tennis Priceline. Well, for a lot of people that are first serious is a color tone jury is gonna be the big red...
0:41:42.7 S2: In the chart we showed earlier, you were actually mine, seven different colors of says sand bars aren't just blue in more... This is so incredibly exciting for lots of the younger like Gen Zs, because it's not the grandmother sat Butter, it's a yellow or a green top or part would just try... Hollerith, we're gonna do great. I think color is gonna explode, and I think the industry is gonna do great, Wellstone you... It has exploded because they're not spending money on travel, and the people that have a little bit of extra money or spending it on jewelery, and I'm seeing that across the... With my store is how even you could say, Oh yeah, sure, Erica, your clients have more money perhaps, but that's not true. The stores are telling me that they are exploding, and I have other designer friends that do lesser expensive jewelry than I do, and they are having a wonderful year and how to... Very decent last year, especially with us being closed for three months... Well, I was... I didn't travel for three months, and when I started traveling, it was just like a feeding frenzy is helping now to make themselves happy because they've been so unhappy and so deprived of luxuries and shopping and niceties, and some people...
0:43:10.9 S2: I was literally last year selling jewelry outside of the jewelery store and a mask, 'cause the people did not wanna come in, it's been amazing, the rush on Jerry lately, and it has literally for me, because it's never been my real focus until the last couple of years, it's been amazing to me. But Ruby, Emerald satires are doing right now. Amazing. And most of the ones that I do are very expensive, and although I do have much less expensive, but everything is selling right now from whatever price point you have to whatever price point you want, from affordable to desirable is selling right now.
0:43:51.5 S1: So maybe we could have a new logo for the campaign and color is its bloating, I don't know if I... Let's turn to your questions, we've got to... Quite a few questions that have come in. Some very interesting ones, I can see already. This one is For list a question from Demarest gamma is the president of the Colombian Emerald Exports Association, the trade association that represents export of Columbian emeralds and gems. The very question, do you think we can put together resources, I'd say together with the Columbia National Fund to increase awareness in Asia and the Chinese market of emeralds, Columbian emeralds. He says, we are looking to strengthen the marketing of emails, this is something that we needed some sort of a Global Fund or global cooperation to drive forward our industry efforts to increase the marketing of Colombian emeralds in the world. So this... What are your thoughts about this? What kind of collaborations could there be with the Colombian industry to market Columbia Emory seen as very high quality Amaro, the world. What are your thoughts is...
0:45:16.8 S2: I think that's a great idea. We would love to do that. We would love to help elevate product, color products, especially routemaster, anywhere to avoid. So yes, we would love department with them and see what we can work out. Remember being flexible and creative and... Yeah, we would love to do that. I'm gonna reach out to him and
0:45:41.5 S1: I can get you to it. I can connect you to get a... That's great. Could you have any thoughts on this or joint marketing efforts, if you like, with local production Al trade associations for color gemstones that could equally apply, for example, to Sufis from... Sure, Lance, what are your thoughts? Well.
0:46:03.8 S2: I completely agree with it because just to go back to the beer as well, I'm not really known for diamonds, but when the beers was doing their campaign, people would come in, they busted in my stores and I want my anniversary band, I've been married 10 years and I was like, I feel like I... Like, what are you doing here? But of course, I told them, but I made so much money from the beers campaigns that I can't imagine it not being a match made in heaven. Honestly, and I think it would help everyone so much because the lack of knowledge for our clients, like sometimes when I have something expensive, my clients will say, I wanna research that and they'll go back and look it up and see what they can find out. And although I can tell them they still wanna do it themselves, but if it's out there and it's more normalized, no one ever told me they wanted to research with diamond, but they wanna research collectible gems, and I think that's because it's not as normalized as the devers campaign was, if that makes sense. But it gave a trust to buy a diamond, I feel, and I feel like you can do that with the campaigns.
0:47:19.4 S1: Yet a question from Judy, who is a broad, very well-guarded dealer in color gemstones. He is talking about the rise during the period of the pandemic and immediately before of some of the digital trading platforms in color gemstones such as Cambridge, and also Julie and Jim Cloud question files. Would you consider collaborating with the new digital platforms that are looking to encourage virtual trading of color gemstones? Weller.
0:48:02.1 S2: Would be selling to dealers who are cutters or not, but they basically sell routes, what they do with it and how they sell it to customers, new and old is sort of up to that, so we don't wanna get involved with telling people or inspiring people, I had to sell her product, we just wanna help elevate the product, so I'm not sure we would be directly involved in that, but our clients might be... Fewer customers might be...
0:48:31.9 S1: Yeah, but a question from Arial groom, who's a very distinguished, a UK-based journalist, who has written for a number of major consumer publications about luxury, I've really asked, how do you get... This is verbatim, how do you get past the perceived lack of traceability and CSR in the colored gem industry compared with diamonds and persuaded the final consumer that color games have an equally clear and documented supply line from mind to store list.
0:49:08.3 S2: Great question. And it's literally being formulated right now, as I said before, fur is the origin, and so chain of custody is available, the organizations needed to follow that chain of custody from fur to their customers, to cutting, to setting and jewelry or soldiers lose to the retailer and all of that is being formulated right now as it is the dominant... So it's sort of the same process. Now, there's also brand new technology, healthcare is so fascinating, where they can look at a stone and they know the origin already, so not only can it be tracked and trace and monitor through the pipeline, but even when it gets set in jewelry in the retail store, they can double-check it by doing spot-checks on what the claims are, it's all about what that claim is that shows up in the retail store, the origin or how it was brought to market. Sustain in sustainable ways, consumers are very, very interested in all of that, and fewer wants to totally participate and what it's gonna take to make sure that their customers and the entire supply chain can participate in that. I have something to say about that also, we traveling to minds like I do in different countries, if you could see what genes do for the people that are working in the minds, and it is not only the people that are working in the minds...
0:50:49.4 S2: From my experience, going to minds, they make it a point to hire the ladies to do some of the cooking, the local lanes, it could easily hire in Americans that had experience and whatever, but they hire the local people... I've seen hospital buses going around to the villages that were supported by different mining companies, I've seen complete villages built up with hospitals and schools and everything else, and food for the children, I've seen even very desolate places that at least offer food and they can't offer very much because they're maybe not making as much money mining, but they set up the schools where they're feeding... In one case, it was 350 kids because they have food, and so they go to school every day to get their lunch in their breakfast and they get that food. For sure. And if you just knew what buying a single Jonson means to certain people, you would buy them every day, honestly, cleanest
0:51:55.3 S1: One. We've got a question from an anonymous attendee, this one for Liz, can you give a indication of the cost of membership for the FMC?
0:52:09.2 S2: So the FMS is 25000 a year. Now, that may not be the exact price, because if you're a smaller dealer that also wants to participate, it might be a slightly different price for you, it wouldn't be just for you to be your category of dealer, and as I said before, retailers don't pay... And Why don't retailers pay... Well, in essence, this program is gonna end up giving down a whole lot of funds in advertising and other support, so really the rest of the pipeline is helping to fund the goal, which is for those retailers to be able to sell the product out the door, so that's what we're all pushing for, so in essence, it's us 25000, that's our sort of blanket prison again, we might have
0:52:57.9 S1: On that membership is open to people around the world, it's not just in the United... See.
0:53:02.4 S2: Absolutely. All over the world, and its annual... And right now we're signing up people in the first 10 companies we sign up, other than retailers will be called Legacy companies, and they'll be sort of like our... Because they're early adapters, join a program like this, you must really be confident that you wanna put in the effort and moving more colored, jump stones, more Ruby on Milton South fires for hopefully the ALS and sours, the first 10 companies are sort gonna be... Our advisor reward and their legacy membership, and that travels with them for as long as their members where they will be given special attention, if we need other people to participate in a panel discussion, we may invite them, so they're gonna be given ways that they can participate even more.
0:54:07.7 S1: Fine, we've got one last question from another anonymous questionnaire who is asking us a designer or Tully in the United States, would my membership of fur boost sales of my product is.
0:54:25.6 S2: Yes, because we're gonna help you market your fear inordinate jewelry, so yes, you would definitely reap the benefit of the tool, the whole program. So not only would we help you sell product, but because retailers will be... Members will help refer retailers to you and vice versa, so it's a network, you know, it's a whole supply chain involvement here will help you get more direct suppliers on the other and... So yes, I would definitely benefit. The whole idea is for everyone to benefit, so everyone can move more color, Johnstone, especially Morty and Satanist
0:55:12.2 S1: To ask for some final thoughts, firstly from Eric general thoughts to some up... 'cause some people have come in late into the webinar, what is your view on the prospects and an outlook for color gemstone going forward as we come out of the pandemic and into the coming years? Well.
0:55:33.3 S2: I'm super excited and I am literally ramping up my production because it is selling like crazy right now, and I'm really not kidding, I've had this discussion with many of my designer friends and they are making morale than they ever did, and honestly, we're selling Margery that we're making... It's been that good. And for me, it is all about color, I don't really... I mean, of course, I sell diamonds, but they're all Milly and they're all in the piece of jewelry, but it's what I'm talking about in my sales are all colored jewelry and even so they're even getting more and more expensive, honestly, the people... I'm not getting more more expensive, my clients are trying to buy more and more collectible pieces as well as just... Even the younger ones saying, I want something, I didn't get to go to Iceland like I planned. So I won a little something for myself to commemorate or anniversaries that they weren't able to travel somewhere. It's been amazing. The business has been amazing. You just have to get out there, you have to put it on Instagram. I sold 115000 rang on Instagram the other day. I mean, literally, it was my client, but you know what, if I didn't put it up there.
0:56:52.9 S2: Should we about it?
0:56:55.8 S1: Not a fantastic last word to you is, if you could sort of step back and give you your vision as to why a global color jumper marketing campaign is now needed, and on how you see the landscape evolving in the years ahead as a result of this campaign.
0:57:19.3 S2: I will say that when your said to us, what's the solution, you know, mind it... 'cause I've been in this business for so long, my initial reaction was, Well, what kind of increase do you really think is awesome, but then when I really delve into the research again and all the data and all these interviews we had... The consumer wants it, so we just need to inspire the train to have more of it, we need to inspire retailers to have more product in new store, we know that if they have more colored Dunston, especially even a multi-spires, 'cause that's always usually the first serious piece call, they had more than in your stores, they would be selling more than... Of course. And getting higher margins. So this is kind of an old cliche nowadays, but it's a win, win, win, you know, the retailer makes more margin, the retailer has more excited penance in, and something I learned last year by doing all these trade-ins with designers like Erica, is that consumers become collectible they fall in love with color, and now it becomes, I'm gonna look for my favorite stones, whatever I... Got it.
0:58:41.8 S2: People have a tennis pro, have a Preparing, they have one... Maybe the upgrade it to a larger size, but they don't consider themselves collectors, right. So now, doorbell ctos, because of the designer or a color or a group of color or uncut, there were consumers... In our research, we found that there are consumers were searching out exotic cuts that they don't care what the stuff is, they want things not a cut, so the whole message to our... The whole summation of our message here is that more project not to show up at red tomato, I'll tell you something to... Your clients are buying it from somebody, it just might not be you, my darling, I'm telling you that is a fact. A stone called back.
0:59:35.3 S1: Fantastic, well, thank so much to both of you is an Erica for joining us today. It's been a wonderful, wide ranging of vision for the future of the global color gem stone market, encompassing also jewellery trends, design trends, I really enjoyed the discussion and the question is also so very good questions from our audience today. Thank you so much. How a hour is now. Stay safe. Everybody speak soothe.