Diamonds are a Luxury Retailer’s Best Friend
Image Source: Financial Times
Move over, Monogram handbags — Louis Vuitton is making waves in the world of fine jewelry. It was recently announced that the infamous luxury brand purchased the second largest diamond in the world, what is being called the Sewelô diamond. At an impressive 1,758-carats, the rough diamond was recovered by Lucara Diamond Corp last year in Botswana. The name Sewelô means “rare find” in the South African Tswana language.
Industry chatter says that the diamond could help Vuitton become one of the top five fine jewelry retailers in the world. Given that Louis Vuitton only started selling fine jewelry in 2001, it makes sense that it would be an area of growth for the brand. A price for the diamond hasn’t been set nor have any plans for breaking it down into wearable jewelry.
The timing of the announcement seems serendipitous given the recent release of Uncut Gems, an anxiety-inducing crime thriller starring Adam Sandler. In his uncharacteristically dramatic role, Sandler received Oscar buzz (though sadly, was not nominated) for his performance as Howard Ratner, a New York City jeweler who owns a store in the Diamond District.
The film has been making waves at the box office, raking in over $47 million since its release at the time this was published. It’s safe to say that due to the film, there’s been an increased public interest in rare diamonds. We could chalk it up a ‘rare’ coincidence, sure. However, the fact that the diamond was obtained by Lucara Diamond Corp last April and Louis Vuitton claims to have “recently” purchased it, one could deduce that either Vuitton purchased it shortly after it was recovered and has been waiting to announce it OR given the success of Uncut Gems, decided to make the move AFTER, knowing that such a purchase would give the brand decades of credibility.
We may never know for sure but as marketers we do know that timeliness is everything!
Posted by Abby