Jeweler Reinvents The Diamond-Buying Experience For Modern Consumers

Jeweler Reinvents The Diamond-Buying Experience For Modern Consumers
Fashion & Apparel

In an effort to make the traditionally intimidating process of buying jewelry as hassle-free as possible, Vashi allows its clientele to freely browse its products as well as includes them in the production process, providing elevated customization

Elisa Lewittes
  • 23 july 2018

Vashi, a U.K.-based fine jewelry retailer, is disrupting the way that customers shop for diamonds. The millennial-friendly brand takes the stuffiness out of the fine jewelry retail model and provides consumers with a democratically-designed experience.

At Vashi’s brick-and-mortar retail location at Piccadilly Square in London, shoppers are greeted by a friendly staff and an open space where jewelry pieces are displayed freely without cases. Since 2007, the company has been selling products direct to consumers. In 2013, Vashi.com was born, and the brand’s sales have continued to rise as millennial consumers look to reinvent the way that they shop for luxury items like engagement rings and necklaces.

The digitally-native diamond retailer understands that modern shoppers want brands to provide convenient, customized experiences, especially in the luxury sector. While the brand’s market share is relatively low within the $10.6 million-dollar global jewelry business—generating less revenue annually than Tiffany & Co. garners in a single day—the retailer caters to a young clientele, and is on track to generate $26.5 million dollars in sales this year. Today, 70% of Vashi’s business comes from bespoke or customized product purchases.

While online fine jewelry sales continue to grow, the majority of the industry sales still occur in store. Vashi’s founder, Vashi Dominguez,  understands the importance of offering consumers a frictionless omni-channel experience. In an interview, Dominguez said, “Retail is just an extension today, it’s just another channel.” He continues, “There is the internet, there are department stores, there is mobile, there is social, and customers are going to shop however [they want to], so you’ve got to make sure you create an omni-channel experience.”

Considering that the majority of the brand’s products are made-to-order, creating a physical retail channel was a challenge for Dominguez. The result: the retailer’s on-site “diamond lab,” which functions as a workshop that integrates consumers into the product-making process.

The democratization of luxury goods poses a challenge for brands in the space—how do they craft experiences that are both amicable and aspirational? Vashi, however, believes that to authentically appeal to millennial consumers, brands must focus on accessibility at all touch points along the consumer journey.

Vashi


Lead image: Vashi via Facebook

Vashi, a U.K.-based fine jewelry retailer, is disrupting the way that customers shop for diamonds. The millennial-friendly brand takes the stuffiness out of the fine jewelry retail model and provides consumers with a democratically-designed experience.

+customization
+Europe
+fashion & apparel
+fine jewelry
+Jewelry
+Luxury
+merchandising & curation
+Millennials
+personalization
+retail
+Shopper education & assistance
+shopping
+Vashi

Learn About Our Membership Services

Need Research Help?
As a member you can ask us any research questions and get complimentary research assistance with a 4-day turnaround. Reports inclde stats, quotes, and best-inclass examples on research topics.
Remain Informed & Strategic
We publish several trends reports each month. By becoming a member you will have access to over 100 existing reports, plus a growing catalog of deep topical analysis and debrief-style reports so you always remain in the know.
See Trends Come To Life
Meet your peers and immerse yourself in monthly trend and innovation webinars and discounted conferences.
No search results found.