Updated: 2015-03-20 08:14
By Sun Yuanqing(China Daily)
The diamond is no longer just for the rich and famous. Affordable outlets have made the glittering gemstone accessible to middle-class Chinese. [Photo provided to China Daily]
While the government's anti-graft campaign has had a major impact on the luxury jewelry sector, retailers such as Make Lumer are undeterred as they tap into the growing consumption capability of China's burgeoning middle-class.
"The government's curb on luxury gifting doesn't really affect us as we target the middle and lower ends of the market where people buy diamond for themselves," says Hao Yi, founder and president of Make Lumer.
The brand was founded in 2010 and now has nine outlets nationwide. It offers both loose diamond and finished diamond rings with prices starting from less than 1,000 yuan.
To meet the demand of young customers, it is updating its stores with customized services and an experience lounge. It is also working with third-party online retailers to promote its presence on the Internet.
The company will receive an investment of 110 million yuan from Shenzhen Haoningda Meters Company to expand its marketing network, Haoningda announced in December.
In Love, another major player on the market, offers diamonds with wide range of prices－from hundreds to millions of yuan. It has opened three outlets in Beijing. Like Make Lumer, it advertises itself on reasonable prices and attributes its low prices to direct purchase from the original source of the stones.