ajaz_eco_204_2012_2013_chapter_16_Market_Power

Today diamond engagement rings are sported by some 70

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Unformatted text preview: To reinvent the dream for those who have already bought it once, De Beers revived the languishing American custom of the "eternity ring": a band of diamonds bought to celebrate the tenth wedding anniversary. The slogan they came up with: "Show her you would marry her all over again." Since this tradition’s reinvention in 1988, the share of women wearing a diamond anniversary band has jumped more than fourfold, to more than one in ten. 81 ECO 204 Chapter 16: Analysis of Firms with Market Power (this version 2012-2013) University of Toronto, Department of Economics (STG). ECO 204, S. Ajaz Hussain. Do not distribute. Finally, De Beers aggressively sells the dream to the uninitiated. The best example is Japan. In the 1960s, before De Beers muscled in, barely one in 20 Japanese brides wore a diamond engagement ring. The company then advertised the diamond ring as combining the modern western look with an embodiment of purity that fits the Shinto aesthetic. Today, diamond engagement rings are sported by some 70% of Japanese brides, helping to make Japan the second -biggest diamond-jewellery market after America. Nevertheless,...
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This document was uploaded on 01/19/2014.

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