From its beginnings in 1985 as a small wholesale company, Caratco has grown through innovation and business expertise to become one of the largest diamond, gem and jewellery groups in South Africa. It is the sole distributor in the country of the Forevermark brand of diamonds, and we look at the success it has enjoyed so far as well as Caratco’s plans to grow its popularity.
Caratco has many specialities throughout the industry, including its wholesale and retail operations, while three generations of resident gemologists ensure its continued unmatched expertise in the gem industry. Anna Russo, Forevermark Brand Manager at Caratco, takes us through the history of Caratco’s relationship with The De Beers Group of Companies and its involvement with selling its diamond brand Forevermark throughout the country and beyond.
“Caratco is a well-established diamond business in South Africa,” she explains, “and since the end of 2011 we have been partners with The De Beers Group of Companies to distribute Forevermark, their diamond brand.” Forevermark benefits from more than 125 years of diamond expertise accrued by the De Beers Group. Its branding is the guarantee that each of these diamonds shares three vital characteristics – that it is beautiful, rare and responsibly sourced – and with less than 1% of the world’s diamonds eligible to become a Forevermark diamond they grow increasingly sought after.
Each one is inscribed with the Forevermark icon as proof of its calibre, while its uniqueness is heightened further by the individual identification number sported by them all. Invisible to the naked eye, the inscription is made using bespoke technology from The De Beers Group of Companies. The actual size of the iscription found on Forevermark diamonds is only 1/20thof a micron deep and can only be seen using a special Forevermark viewer which can be found in Authorised Forevermark Jewellers.
“At Caratco we have the exclusive license to distribute the brand in South Africa,”Russo continues, “and we have already expanded our operations into Namibia and Botswana. Until now, we have had great success in the tourist market, but increasingly we are partnering with independent Jewellers who are selling Forevermark in the country. The brand is one of the fastest growing brands in the world, and the fastest in terms of diamonds. It is De Beers’only diamond brand, and the focus here is particularly on the diamond, rather than on jewellery, which is what sets it apart from the jewellery brands offered by competitors.”
Diamonds have long stood as a symbol of lifelong commitment, as perfectly embodied by its planned relaunch of a previously successful campaign, A Diamond Is Forever. “It was such a successful slogan,”Russo explains, “that is is vital that we re-appropriate it and build on that heritage. Forevermark will commence a new marketing campaign based on this slogan in the US, initially, later this year, and it will reach us at the beginning of next year. The idea of a promise will remain very central to the brand, and the slogan is being recognised as the best of the 20th century as is very much associated with engagement and timeless love. It therefore makes perfect sense to use the slogan again and build on this very powerful association.”
The De Beers advertising will be familiar to many from years ago, with the ‘Diamond Is Forever’concept having been translated and transmitted throughout the world, garnering a widespread popularity for the De Beers name. “Forevermark is growing significantly in the bridal market, which makes it even more logical for this language to be re-used now.”The global launch will come in the final quarter of this year, timed to coincide with the festive season, in Forevermark’s biggest markets, the US and Asia, before reaching South Africa at the beginning of 2016. “We are a little on the periphery compared to those two, but it will certainly be a huge campaign when we switch to this new slogan.”
This worldwide method of marketing does not hamper the South African aspect of operations, rather the brand’s ubiquity furthers its success in the country. “We feel we benefit from the global campaigns in these huge markets. It is a privilege, and an advantage, to work with a brand so powerful and recognisable, and we see the benefit when we have visitors from the United States and China. These people recognise the brand having seen it in their own country. It goes hand in hand with more than 75 years of successful marketing by De Beers all over the world, and this global picture really helps us to grow the brand in our country.”
“As the land of diamonds, Forevermark works particularly well given South Africa’s popularity with tourists from across there globe,”she continues, “with a diamond being an excellent memory of a vacation, especially a visit to Southern Africa where many of the diamonds are actually mined. People want to leave the country with something which resonates with the area, and this makes the diamond even more special if it is bought from here. We know that Forevermark diamonds come from De Beers mines, and are carefully selected from few locations, while there is a real emphasis on where they originate. De Beers is now looking at investing in expanding the operations at the Venetia site until the 2040s, going from open pit to underground and providing many Forevermark diamonds in the coming years. ”
Anna Russo is clear in the priorities for the Forevermark brand moving forward. “I would say that we have secured the tourist market, and the challenge now is to grow the local and the bridal market. The focus on bridal holds much promise, as this diamond just matches it perfectly.”This goal will be achieved through a combination of successfully relaunching the historic slogan, as well as expanding its current South African footprint. “We plan to increase the number of Jewellers selling Forevermark in South Africa,”she states, “especially those who perform well in bridal sales. This is in line with Forevermark’s global plan to grow the brand in the bridal market, and we are now looking to do the same in South Africa.”