© 2008 World Gemological Institute JCK Las Vegas May 30, 2008.
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Transcript of © 2008 World Gemological Institute JCK Las Vegas May 30, 2008.
© 2008 World Gemological Institute
JCK Las VegasMay 30, 2008
© 2008 World Gemological Institute
Who is the World Gemological Institute (WGI)?• Over 30 years of diamond grading
experience
• Assured accuracy and reliability in diamond grading
– A minimum of 2-3 experienced diamond graders examine every diamond
– Six month training program for all new diamond graders
• State of the art measurement, grading and identification equipment
• Non-Profit Organization
• Highest level of ethics and transparency
© 2008 World Gemological Institute
Institute for Gemological Research
• The World Gemological Institute is conducting several diamond-related research projects around the globe
• Diamond research is meant to benefit the diamond jewelry industry as well as the industrial sector’s use of diamond
• Results of research projects will be presented in peer-reviewed trade journals
© 2008 World Gemological Institute
Continued Importance of Diamond Grading Reports
• Retail diamond business has changed much in the last 30 years
• Most consumers require independent verification of a diamond’s attributes and nature
• Customers come to sale self-educated by internet, friends and magazines
• More than anything else, customers are looking for assurance
• A diamond grading report from an independent laboratory should be an essential selling tool
© 2008 World Gemological Institute
Goals of WGI’s Diamond Grading Report Program
• The World Gemological Institute engaged the research division of MVI Marketing Ltd., Jewelry Consumer Opinion Council (JCOC), to discover ways in which diamond grading reports could be used as a sales tool to increase the value and volume of diamonds and diamond jewelry sales
• The World Gemological Institute plans to apply findings from consumer-targeted research and extensive industry dialogue to all aspects of diamond grading report use, including:
– Gemological and grading services
– Sales staff training
– Consumer education and marketing
© 2008 World Gemological Institute
Who is the Jewelry Consumer Opinion Council (JCOC)?
• The Jewelry Consumer Opinion Council (JCOC) is an Internet-based, niche market research service exclusive to the gem and jewelry industries.
• The JCOC is made up of a sampling panel of consumers throughout North America representing all ages, genders, income levels, buying categories and geographic regions.
© 2008 World Gemological Institute
Consumer Research Summary
Methodology:
• The Jewelry Consumer Opinion Council (JCOC) conducted this study for WGI between the dates of March 31 and May 21, 2008. The survey was completed by 2,879 JCOC Panel Members.
• Respondents in this study were from the United States.• The results of this study were weighted to match U.S. Census
figures.
• In exchange for completing this survey, panel members received one entry into the current JCOC sweepstakes.
© 2008 World Gemological Institute
50%
17%33%
Yes No I do not shop for fine jewelry
Conducting Online Research
When shopping for fine diamond jewelry, do you first conduct research online?
Base: All respondents (n = 2,879)
© 2008 World Gemological Institute
Knowledge of 4Cs
Base: All respondents (n = 2,879)
53%
47%
Yes No
Are you familiar with the 4Cs of diamonds?
© 2008 World Gemological Institute
Topics of Online Research
Which of the following do you research online before you make a fine diamond jewelry purchase? Select all that apply.
Base: Respondents who conduct online research when purchasing fine jewelry (n = 945)
56.1%51.0%
32.4%26.0%
29.9%
37.5%
72.4%
84.2%
0.9%0%
10%
20%
30%
40%
50%
60%
70%
80%
90% The diamond quality characteristics (4Cs)
Information about the retailers where I plan toshop
Previous shoppers' experience w ith the storewhere I plan to shop
Previous shoppers' experience w ith theproduct I plan to purchase
Comparisons about different diamond gradinglaboratories (gemological laboratories)
Information about diamond brands
Different styles or products that may beavailable
Pricing comparisons
Other
© 2008 World Gemological Institute
Online Research - Reassurance
When purchasing diamond jewelry set with a significant diamond (1/3 carat or larger), which of the following gives you the greatest reassurance that the diamond you are purchasing is exactly as
described?
33.6%
4.9%
29.2% 30.0%
2.3%
0%
10%
20%
30%
40%The reputation of the retailers I shopat
The brand of the diamond (Leo,Keepsake, Hearts on Fire, etc.)
The report or certificate that comeswith the diamond
I do not purchase diamond jewelrywith significant diamonds (1/3 carat orlarger)
Other
Base: All respondents (n = 2,879)
© 2008 World Gemological Institute
Grading Report Timing
When would you most prefer to see diamond grading reports when shopping for diamond jewelry set with a significant
diamond (1/3 carat or larger)?
14.4%
18.7%
46.5%
12.9%
1.20%
5.00%
1.30%
0%
10%
20%
30%
40%
50% As soon as the salesperson brings thediamond out
Once we start talking about thedifferences between diamonds
Once we have narrowed it down tomy top 2-3 choices
Only after I have selected thediamonds, but before the sales iscompleteOnly after I have made the purchase
Grading reports are not important atany point during the purchase
Other
Base: All respondents (n = 2,879)
© 2008 World Gemological Institute
Support for Branding Initiatives
• Companies are employing new and exciting branding opportunities to maintain and increase sales
• Co-branded diamond grading reports strengthen brand equity while also assuring independent certification
• The World Gemological Institute’s distinctive and luxurious report design sets your product apart
• The World Gemological Institute provides many customized options to support existing and new branding initiatives
– Co-Branded Reports
– Custom Inscription Service
– Categories for “Ideal” and “Hearts & Arrows” cut classifications
© 2008 World Gemological Institute
Diamond Grading Report
• Full size diamond grading report
• Distinctive and luxurious design
• 4 Cs clearly displayed
• “Ideal” and “Hearts & Arrows” cut classifications
• Diamond profile
• Plotting diagrams
• Branded, personal, and/or numeric inscriptions available
• Store specific or diamond brand available on report
© 2008 World Gemological Institute
Diamond Precis
• “Passport” size diamond grading report
• Distinctive and luxurious design
• 4 Cs clearly displayed
• “Ideal” and “Hearts & Arrows” cut classifications
• Diamond profile
• Inscription included
• Branded, personal, and/or numeric inscriptions available
• Store specific or diamond brand available on report
• Available for all size diamonds
© 2008 World Gemological Institute
Speed & Convenience for Israeli Sourced Diamonds
• $3.73 billion in net polished exports to United States from Israel in 2007
• The best and most efficient choice for your diamonds supplied through Israel
• The World Gemological Institute provides grading results in 3-4 days, guaranteed
• Quickest supply of needed out-of-stock diamonds with grading reports
• Faster inscription service for newly ordered diamonds
© 2008 World Gemological Institute