77 Diamonds: From Digital to Craft in Place Vendôme
Tobias Kormind, co-founder and Managing Director of 77 Diamonds, shares how digital roots and bespoke excellence meet in Paris to shape the future of jewelry luxury
We decided on Place Vendôme because it is the heart of European high jewelry, with top brands such as Van Cleef & Arpels, Cartier, Chaumet and Boucheron all having their flagship stores on the square with workshops above. Originally designed to honor King Louis XIV, many consider Place Vendôme as one of the main symbols of French luxury and it now represents the height of jewelry craftsmanship and design. Locating our showroom there is a deliberate decision: we want to declare our dedication to customer service, the convenience of the omni-channel experience, fine craftsmanship and that perfect blend of traditional and modern to offer an enhanced experience which few can match. Each of our European showrooms, all located in the heart of a city’s prestige quarter, aim to build on this message, sometimes in a historic building and sometimes in a beautiful skyscraper with breathtaking views.
Cala Octagon ring
The diamond market is currently experiencing significant changes, including price fluctuations, increased competition from synthetic stones, and shifting consumer values. How is 77 Diamonds adapting its business model to these trends?
Our diamond selection evolves hand in hand with the market, in real time. Prices vary day to day, so our customers can rest assured that the prices of our stones are not overinflated and reflect the current market conditions. As a brand, we always provide guidance and advice for those looking to broaden their diamond options without necessarily increasing their budget, as our diamond choices are practically infinite. We believe that honesty and transparency are key — a quick sale and an unhappy customer doesn’t take a brand very far, so establishing trust comes first and foremost for us.
77 Diamonds is known for combining natural and lab-grown diamonds, white and fancy. How do you see consumer preferences evolving in Paris and across Europe, especially as sustainability and ethical sourcing become more important?
We are interested to see how our French customers' preferences might evolve after our showroom opening. Of course, we already have clients in France, but with our Paris address, we expect more bespoke orders and larger natural diamond sales as well as rare fancy, colored diamonds such as yellows and possibly even pinks and blues. We are already very careful about how we source our diamonds, but as the industry evolves and transparency through origin becomes more prevalent, 77 Diamonds will remain at the forefront to offer the consumer responsibly sourced diamonds and ethically crafted jewelry.
Personalization and bespoke jewelry are becoming increasingly popular, with custom-made pieces accounting for a large share of luxury purchases. How is 77 Diamonds leveraging this trend in its product offer and customer experience?
For many years we have been at the forefront of the bespoke trend. We were among the first in Europe to promote the “made-to-order” jewelry trend where the customer can invest by selecting the stone and jewelry design and then have it made to order. Realizing there was a growing demand for truly customized jewelry, we combined technology with a dedicated team of talented designers who are available both online and in-store. This segment now makes up almost 20% of our sales. We can therefore say that 77 Diamonds had the foresight to embrace this trend early on because our business structure is really based on customization: customers choose their ring design, select the color of the metal and the central stone (which can be a diamond or a colored gemstone) and can even have their design engraved and altered according to preference.
Tea bracelet collection
Lab-grown diamonds have seen dramatic price drops and growing acceptance, particularly among younger consumers. What is your outlook on the future balance between lab-grown and natural diamonds in your collections?
Lab-grown diamonds allow customers to widen their options among high quality diamonds. For example, if their budget only allows for a certain carat of natural diamond, they may be able to afford a larger lab-grown diamond. The reality is that lab-grown diamonds have been experiencing significant price drops over the last few years due to increased supply and more efficient production. Nevertheless, lab-grown diamonds do not have the same investment value or rarity as a natural diamond. I think lab-grown diamonds will democratize wearing diamonds as decorative pieces and create a look around wearing sparkling stones on a daily basis. But when it comes to highly significant pieces, such as an engagement ring, natural stones will still hold their appeal. This is why at 77, we offer both options, as we understand that a customer’s story and preferences can vary.
As the European diamond market becomes more competitive and fragmented, what strategies does 77 Diamonds employ to maintain its position as Europe’s largest online jeweler and to differentiate itself from both established brands and new entrants?
We constantly refine our offer and continue to guarantee exceptional quality of workmanship and service. I think that, as we grow, it’s important to maintain that close relationship with customers and always be there for them through life’s milestones. We are quick to adapt and embrace technological advances while still staying true to our roots and to why we started creating jewelry in the first place: to be able to tell a story.
