Here’s an outstanding example of how a brand can build up its perceived value in the consumer’s eyes. Sadly, it isn’t a jewellery brand, though it is associated with a luxury product. This brands’ name alone is worth €5 billion ($5.7 billion)!
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“Something is rotten in the state of Denmark!”
The line, one of the most recognisable from Shakespeare, is spoken by Marcellus, an officer of the palace guard. He is shaken by the many recent disturbing events and no doubt angered (as is Hamlet), by Claudius's mismanagement of the body politic. His famous line sums up everything he wants to say about the moral and political corruption of an entire system.
Rarity and the knowledge that it has taken nature billions of years to form diamonds and gemstones, have been cornerstone attributes in building up their perceived value. The production pipeline is now worried that undisclosed synthetic diamonds could completely destroy consumer confidence.
But how confident is the consumer about all the claims we make about products — not just gems and jewellery, but any product at all?