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听 is a connoisseur of, and expert, in the luxury market. As an active investor in innovative start-ups and projects, James is also the London Diamonds founder. 听

As managing director, leads the London Diamonds team in penetrating the competitive engagement ring market by shaking up the overly traditional jewellery industry.听听

Taking On the Luxury Diamond Engagement Ring Sector听

Much of James Sanders London based experience in luxury markets and brands has gone into the creation and launch of .听听

James Sanders says: 鈥淟ondon Diamonds represents the kind of innovative business idea that is successfully taking part of the traditional jewellery industry by storm.听听

鈥淪ince we launched, we have taken 1% of the UK market for engagement rings, which is a significant achievement. We have created a company that offers something different from the usual brand selling that goes on this luxury sector.鈥�听

How the London Diamonds Team Broke Through the Luxury Market听

鈥淏y ensuring that our engagement rings are bespoke jewellery designed by the best, using naturally mined diamonds and lab grown, we can sell a diamond engagement ring at a truly fair price,鈥� explains James Sanders. 鈥淟ondon Diamonds does not pass on extra charges to customers who want real value 鈥� things like property costs and we鈥檝e found that customers respond well to our combination of expert advice and design acumen.听

鈥淎s a start up in a competitive sector, we need to be a disruptive innovator and find a different business model. And that鈥檚 exactly what we鈥檝e done. So many people have let us know that our model works for them in so many ways.听听

鈥淲hen it comes to luxury brands and the kinds of customer purchase made, success lies in finding a better way than the competition. As a seasoned entrepreneur, I like to focus on ways to replace what doesn鈥檛 work in a market and refine the art of providing the other option.听听

鈥淭his is the advice I would give to any entrepreneur who has decided to invest in or launch a company within a luxury market, whether it鈥檚 diamond rings, gold, modern jewellery or any other start up idea.鈥�听

What Defines a 鈥楲uxury鈥� Brand? 听

London Diamonds managing director James Sanders says: 鈥淚n general, a brand is considered luxury if it鈥檚 characterised by high levels of quality and, crucially, exclusivity. For example, a diamond ring may or may not be considered luxury, depending on its exclusivity and, more often than not, its price tag.听听

鈥淢oney does contribute towards the perception of a brand as luxury, but as we鈥檝e proved with London Diamonds, clients can be dazzled by the added extras and not realise they鈥檙e actually paying for them rather than the product itself.听听

鈥淎 business or name truly considered luxury, as a narrow demographic. in other words, they鈥檙e not seeing to serve everyone in the world, rather they are selling the best thing available to a small subset of customers who are prepared to invest in luxury categories.听听

鈥淚f you鈥檙e wondering whether your favourite diamond seller is luxury, consider the following. Does the name have a heritage and proven capability for creativity, superiority, sophistication or craftmanship? If not, then your purchase is unlikely to be from one of the most luxurious brands in the world.鈥�听

Luxury Brands and Economic Downturns 听

James Sanders, managing director of London Diamonds, says: 鈥淎t London Diamonds we鈥檙e preparing for tough economic times ahead by honing our offer and ensuring we work harder. We鈥檙e responsible for the kinds of purchases that people search long and hard for 鈥� after all, how many times does the average couple buy a diamond engagement ring?听听

鈥淲hen it comes to traditional retail, there are extremely difficult challenges on the horizon. In the UK, the Bank of England has been clear that the country is heading for a recession. The ongoing cost of living crisis is absolutely digging into the profit margins for the average brand. And, while I鈥檓 sure they will work harder than ever to pivot their business offerings where possible, it will be difficult and small businesses in particular may find it difficult to survive.听听

鈥淗owever, while some sectors will clearly struggle, the luxury goods market is an example of a sector that will continue to thrive.鈥�听

Demand Is Still There for Luxury Products and Services听

James Sanders points to showing that the ultra-rich continues to demand more from the top brands in the world.听听

鈥淒uring these times of economic downturn people are, of course, more likely to cut back on spending, 鈥� explains James Sanders. 鈥淗owever, this isn鈥檛 always the case. The difference with luxury names is that people are not just buying the product, they are also buying the positive impact they feel their purchase decisions bring to their lives.听听

鈥淭his is invaluable to people, particularly when the world around them appears less than positive. This is great news for the kind of brand that responds to big money spenders. They need to work on customer loyalty and continuing to build trust during a recession.听听

鈥淏y providing the all-important human touch throughout the customer service experience, luxury names can retain their customer base and even build on it. This could be anything from customising products to suit each customer, ensuring sales staff offer exemplary assistance or offering VIP services where they can.鈥�听

Businesses May Need to Pivot and Expand Their Offering 听

James Sanders adds: 鈥淲hile all of this can help retain clients and make a success of rough economic times, even the richest person around may decide to cut back on their spending.听听

鈥淭his leaves the luxury market needing to pivot and ensure that the widest range of clients can be catered to. This could mean expanding their range, changing their price points or reaching out to customers outside of their immediate vicinity.听听

鈥淚n other words, they could do well as a business to take lessons from a start-up. We are based in London, but our online social media orientated store front allows us to reach clients anywhere. We鈥檙e not restricted to footfall in the city, for example, in the way that some traditional jewellery retailers in the UK can be.鈥�听

Lessons From a Successful Startup听

鈥淲e鈥檝e created a city-based online business that helps people make all kinds of important life purchases. Engagement rings or bespoke pieces of jewellery can mark key periods in people鈥檚 life, and this is the kind of personal touch we鈥檝e created,鈥� says James Sanders.听听

鈥淎s a start-up, London Diamonds has found its niche, and there are definitely transferable business techniques that luxury brands could take from this. The use of digital marketing and PR, for example, could be utilised in a different way.听

鈥淭he success or failure of niche brands during a recession will depend on a number of factors. It鈥檚 about key strategic decisions at the right time. By taking these steps, luxury names can outlast difficult economic times and come out the other side.鈥�听

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