Jewelry Designer Stephen Webster, guest of honor at the International Diamond Week in Israel, took time out to share some of his insights and experience in the diamond jewelry design sector during an exclusive interview with the Israel Diamond Institute.
How do you distinguish your jewelry from other fine jewelry brands?
My belief is that by creating a strong identity, you give people another reason to come to you. If you do not offer such an identity then you can only distinguish yourself by price points. I’ve been in the jewelry business for four decades, but it is only in the past twenty years that my business has reached new heights. The jewelry I made was considered to be somewhat risky – it was being judged by an industry that was dictated to by men. And they weren’t prepared to take the risks that I was offering. The industry was changing and I was in the right place at the right time. This period coincided with the new style luxury consumers.
Please tell us a little about your clientele?
Most of my core clients are women. They come to me because of the creativity I can provide to a product. I’ve always felt quite connected to my clients and that suits me. Not all designers are comfortable with that. Lots of people want to know the personality behind the brand. They want to know that they are buying something that is more than the sum of the parts. If you have a luxurious item with a story to tell, you need to tell that story!
How much do diamonds feature in your jewelry?
We work with diamonds all the time. My sector is driven by fine jewelry. I hardly do any jewelry pieces that do not feature diamonds since diamonds are the defining point of fine jewelry. I am meeting with Israeli diamond companies during International Diamond Week to explore diamond sourcing options.
Where are your key consumer markets?
America has always been my number one market, and despite recent economic challenges it remains my key market. I am very grateful that we have a strong brand identity in a market as saturated as America.
We first opened a designer jewelry store in Moscow fourteen years ago. Dramatic jewelry featuring color combinations are popular in the Russian consumer market. The Russian speaking world, including Azerbaijan, was our best growth market until about two years ago. We’ve seen the effects and challenges influence our success.
We have temporarily closed our store in London, where we once had nine stores. We just launched a collection together with artist Tracey Emin – who is an inspiration to women. Emin created a centerpiece for our store and entitled it ‘I promise to love you’. I feel that this a very fitting marketing campaign for fine jewelry.
In Asia we didn’t really feel the impact from the economic challenges.
What about selling online?
If you’d asked me five years ago whether online would take over in the fine jewelry sector, I would have said ‘no chance’. Now I am not so sure about that. One thing is for sure though. Online is not going away.
Our number one online retailer is Net a Porter, where we recently launched a new jewelry line. While we’re good at being a jeweler, some people are betting at being a retailer – Net a Porter have done an outstanding job of marketing our products.
What are your thoughts on the challenges the fine jewelry market is facing?
Luxury in general is facing challenges. Jewelry still has its place in the luxury market and we are sitting at a crossroads right now. Despite the fact that most indicators are not great, in some places we are having a bumper time.
When things get tighter it is better for us to be in an environment where there is luxury or jewelry besides us – such as a department store. For example, our collection in prestigious London store Selfridge’s features our diamonds and gold collection. This caters to a younger female audience, though not too young.
What about your fine jewelry designs for celebrities?
The perfect woman not waiting for a man to buy her a ring is Madonna, who is a huge style influencer. She is about as big as you can get when it comes to celebrities having influence of the way people want to look. When she bought one of my classic rings and wore it on her index finger, everyone else started to do it too! Other celebrities sporting my jewelry include Jennifer Lopez, Pink and Christina Aguilera.
What about red carpet jewelry?
If you are lucky the celebrity will remember your name! When actor Micky Rourke made his comeback a few years ago, he was suddenly back in the spotlight. He remembered my name on the red carpet!
During International Diamond Week in Israel, Stephen Webster was honored with a certificate of recognition for his contribution to the promotion of the global jewelry sector.
