Diamonds are forever – but for consumers, this has come to mean that these precious gemstones are often overpriced as jewellers take advantage of the global demand for the rare stone by charging exorbitant prices. UK-based London Diamonds set out to disrupt this business model by giving consumers a better deal – a move which has given the company enviable growth.
Starting out, London Diamonds faced an uphill battle in combining affordability and quality in a dynamic industry noted for its demanding and competitive environment, and at one point were forced to rethink their entire strategy.
“It’s still painful to discuss, but we spent nearly a year – and a small fortune – building an automated system to find the best value diamond. It sounded like a great idea: clients would select their budget, and AI would source the best spec diamond,” said Victoria Elden, the company spokesperson of London Diamonds.
“However, when we tested the system, we realised that it just didn’t work. Although the tech was brilliant, we were missing the human touch. Clients wanted to speak with an experienced jeweller who would guide them through the process, rather than a chatbot or commission-based salesman.”
This breakthrough led to a new approach, which saw London Diamonds create a unique hybrid model of business based on taking the best experiences from online shopping, luxury stores, and bespoke jewellers. This breakthrough model offers the consumer choices throughout their purchase with a bespoke service while eliminating the costly overheads of glamorous, yet empty stores with an underworked sales staff.
The company’s affordable rates for diamonds are also a result of its grassroots approach to advertising, which largely depends on organic word of mouth referral for sourcing new customers.
London Diamond’s innovative approach to the diamond business and its challenge to the comfortable ways of the status quo can only be good news for diamond lovers. Now, people can purchase a high-quality diamond while enjoying premium custom service – and without breaking the bank.
