Asaf Herskovitz, CEO of GN Diamond.
GN Diamond continues to expand the offerings it brings to more than 3,500 independent jewelers. Along with supplying loose diamonds and finished jewelry, the wholesaler provides so much more – marketing materials, advertising strategies and other tools designed to boost its retailers’ businesses.
The company, with its roots in Israel, has been cutting and polishing diamonds for half a century, says Asaf Herskovitz, CEO of GN Diamond. Operating in the United States for 18 years, the company calls itself “The Fastest Growing Diamond Company in America.” With a goal of building and maintaining long-term relationships, the company caters only to independent jewelers, adding to Herskovitz’ pledge of “helping jewelers sell more diamonds.”
Herskovitz says GN Diamond was the first to create websites for jewelers and evolved into investing money in market research. The company creates catalogs, billboards, postcards and radio ads to help their clients claim more market share, equipping them with marketing tools to make independents more competitive with the bigger chain stores and internet vendors. Many clients take advantage of GN’s investment of hundreds of thousands of dollars in marketing tools. Following are a few of those tools.
Comprehensive Demographic Reports
GN Diamond provides their clients with demographic information for targeted marketing.
With marketing research, GN Diamond compiles comprehensive demographic data, determining how much money the average person makes in a particular area and then calculating the sweet spot for pricing. Understanding their customers is key; retailers must be in touch with their interests, life events and budgets. That’s where GN’s demographic analysis proves invaluable in determining whether a retailer needs to be offering additional or different products and services. GN Diamond’s comprehensive demographics report includes age, household makeup and income levels, all factors that enable the retailer to tailor an area-specific marketing strategy. An area with a high level of disposable income is likely to be a good market for luxury items. A neighborhood with less disposable income will have a market for diamond buyers, too, but the purchases might tend to be more sentimental, tied to special occasions, or less expensive diamond jewelry.
Light Performance Technology
Light Performance is used to measure the fire within a diamond. That technology is used to grade clarity and help the retailer prove the brilliance of a diamond. The Light Performance Technology scans and grades diamonds to enhance the retailer’s selling power at no additional cost to the retailer.
“Light Performance takes into account where the birthmarks are within each diamond and ranks the overall brilliance of the diamond,” GN Diamond notes. A full display may be viewed on a smartphone, laptop or iPad, enabling the consumer to see a 360-degree view of a diamond and its natural birthmarks. It’s a cut way above stationary top-view images, which may not show all inclusions.
“This technology facilitates the diamond presentation by reducing the need for sales people to utilize the cumbersome process of a loupe and tweezers,” Herskovitz adds. “There is no loss in transparency during the sales process with the end consumer, thus creating a more enjoyable life experience.” GN has seen a significant increase in closings from retailers that are using this technology.
Integrating the Light Performance Digital Display can be a great selling tool for the retailer’s in-store sales presentation. All GN diamonds include a QR code printed on the individual diamond paper. When the retailer scans the code with a tablet or mobile device, the link to Light Performance Digital Display uploads to the device for the retailer to share. The retailer chooses which parts to present and how to present them.
Gemprint
GN Diamond also offers Gemprint technology at no additional charge to the retailer. As internet shopping gleans more and more customers away from brick-and-mortar stores, those retailers need to offer their customers something more. Gemprint, unique to every diamond like a fingerprint is to a human being, does just that.
Many insurance companies offer discounts on premiums for diamonds registered with Gemprint – GN Diamond pays the initial registration fee.
Most insurance companies recognize the technology as a safeguard, GN says, and may offer up to 10 percent off an individual’s annual insurance premium once registered. GN Diamond pays for the diamond’s initial registration with Gemprint.
Virtual Reality
Virtual Reality allows customers to view a diamond on its journey from the mine to the store.
Virtual Reality is particularly geared toward millennials as they can actually view a diamond on its journey from the mine where it was unearthed to the store. It’s a unique and inspiring experience for clients to feel a more personal connection to the diamond they will purchase. Couples appreciate a diamond when they know its story, and they get a better understanding of what makes two diamonds different – along with their prices – even though they may seem identical.
GN says the Light Performance Technology, paired with virtual reality immersion, turns shopping into a sensational experience.
“By creating a unique shopping experience for millennials, baby boomers and customers of all ages,” Herskovitz says, “retail stores create a point of distinction for themselves especially when competing against on-line internet sites.”
Diamond Hunt
Retailers have another great in-store selling tool with GN’s Diamond Hunt, which allows stores to put GN’s loose diamond inventory of more than $70 million on their own website, customized with the store’s logo and markup. Videos of the diamonds, the Light Performance score and the certification of the diamonds are included.
“Everyone craves a pleasant, lifetime memory when making major purchases,” Herskovitz says. “Virtual Reality and Augmented Reality fulfill this goal and expectation.”
GN Diamond, headquartered in Philadelphia, has sales representatives in Colorado and Minnesota. Along with loose diamonds, the company offers a bridal line, diamond studs, three-stone rings, fancy yellows, tennis bracelets and Riviera necklaces. GN’s loose diamonds are certified by GIA, AGS, and EGL USA, all with Light Performance and Gemprint ID.
