Will your diamond ring be worthless soon?

Diamonds are forever. But is that really true? It’s a beautiful marketing slogan from the number one diamond brand De Beers, but this market is changing rapidly. And the rise of synthetic diamonds is causing the value of natural diamonds to decline. How much longer will we propose with a diamond ring?



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Positioning De Beers and diamonds

Diamonds are forever. Have you ever heard this phrase? Almost everyone knows these words. Marilyn Monroe sang about it and it was the title of one of the most famous James Bond films of all time. Diamonds have become an inseparable part of our lives and many people associate diamonds with the greatest luxury, ultimate perfection, and the highest attainable status. Diamonds seem to be the result of perfect marketing.

But where does it actually come from? Well, we have news for you: the entire image you have of diamonds comes from one company: De Beers. This brand has been active in the diamond industry for over 100 years and has single-handedly created the market as it exists today.

But the diamond market is under pressure. Over the past three decades, it has become clear that the diamond industry is relatively dirty, but despite this discovery, global demand for diamonds has not decreased. What does cause problems is the supply of new types of stones that closely resemble diamonds and the discovery of artificially made diamonds, also called ‘lab diamonds’. De Beers, traditionally a monopolist in this market, senses trouble and is scrambling to maintain control.

In this podcast, we look at the ironclad, chilling marketing strategy of De Beers and how they, with a small team, single-handedly ensured that diamonds became commonplace in the love lives of many Western households. We also discuss how this marketing success caused the diamond trade to flare up in numerous African countries, with horrific civil wars as a result, because the demand for diamonds in the West became so high that naturally sourced diamonds earned the name ‘blood diamonds’.

In this new episode of ‘Don’t be a penguin’ we look at an admirable and frightening marketing story of a company that can be compared to the Rockefellers. We discuss De Beers’ influence on its landscape, its impact on our society, and the way we live together.

We discuss the powerful positioning of the diamond in the rap scene, the influence of the gemstone on people getting married, and how the diamond has become such a large and important part of our culture. We also look at the influence the marketing of one of the world’s most successful luxury brands has had in giving a relatively common stone, diamond, the image of being ‘scarce’ and ‘hard to obtain’.

Listen and watch along and learn all about the special brand and product: the diamond!

Don’t be a Penguin

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