Diamonds!
No.. I am not talking of the DJIA based Exchange Traded Fund. I am talking of the crystalline form of carbon.
Last couple of days, we did a case on De Beers in the strategy class. As always, a large part of the learning happens outside the class, in study groups. Like last term, my study group this term is made up of a set of people who are good fun to be around. The De Beers case provided lots of fodder for conversation about everything surrounding diamonds. Since I have never purchased a diamond or even thought about buying one, most of the conversation was knowledge for me.
The simple but super effective marketing strategy of 'A person should spend two month's salary on an engagement ring' was something I had no clue about. Then the married men in the group spoke about how they broke their bank to buy their women a rock! Mid way through the serious discussion on the strategy behind De Beers, the group started constructing rings on ADiamondIsForever.com. 0.25 carat, 0.5 carat, 2 carat ;-). The site recommends rings based on the combined salary of the couple.
The story of DeBeers and diamonds seems to defy a popular adage, "You can't fool all the people all the time"
Since the engagement ring market is showing signs of saturation, De Beers is launching a new campaign "I Forever Do". The objective is to get people to buy diamonds for every anniversary as a sign of everlasting love!
I thought that the cosmetics industry, selling hope in a jar to people who couldn't afford to meet their daily needs, was the worst face of business. Apparently not :). That said, I wouldn't be surprised if you find me complaining in a few years time "My wife is wearing a car on her hand!". The statement is copyright a friend who shared his anguish with the class earlier today. Priceless!
Recruiting is in progress. Made it to the second round of one of my top choices. Have some more interviews lined up for the next few days. One internship is all I want :).
posted by Tagad_Tale @ 1:38 AM
<< Home