1BC

For decades, jewelers have had benefit from the status of being the “keepers” of the information about stones and gems. They stood at the back of jewelry counters and shared little tidbits of information about jewels to buyers. The jeweler looked like to be talking down to the consumer, making them think as if they must be appreciative to even be in the shop or touch the costly jewelry in the display case. This monopoly of knowledge went hand in hand with the monopoly of supply. The single way you could acquire a diamond or valued gem was to buy in a jewelry store. The prices were unnaturally high with markups of 100% to 300% of wholesale overheads. The things that differentiated shop included the ornamental decorations, the elegant display cases, and sophisticated storefronts. Life was simple and really worthwhile for the jeweler. The buyer came in, the jeweler said this is what you must purchase, and the customer paid the price since they had no other choices. Could you recall any poor jewelers before the millennium change in the year 2000? It was about this time that the most feared word in the jeweler’s dictionary began to change the industry eternally. That word was Internet. All of a sudden there were competitors springing up who could provide diamonds and jewelry delivered to your entrance, regularly at prices lesser than can support the high overhead of the jewelry shop. But, the most fear was that the hidden data of diamonds and precious gemstones was existing to any customer who wanted to spend a little time researching online. The jeweler of the past said here is what I have and which 1 do you like to buy? Then came the informed buyer prepared with printouts of online diamond recommendation. Instead of plainly asking for a 1-carat diamond, the shopper now has a comprehensive list of necessities that all but guarantees that none in the store will meet their necessities, regardless of the price. It is normal for a diamond shopper these days to say, “Here is what I want” and I wait for the lowest price in the country.” Then they show their list of necessities for their round diamond: 1) Carat weight exactly 1.27 as our first date was January 27th 2) At least G color 3) VS2 clarity but I don’t want to be able to see anything under the microscope 4) Must have a GIA grading report dated in 2006 with Excellent cut grade 5) No fluorescence 6) At least Very Good for polish and symmetry 7) Girdle has to be Medium (nothing more or less will do) and faceted Laser inscribed with the GIA number 9) Must be able to take to an independent appraiser who agrees with all grading 10) I need it in 2 days Their parting statement is that they are purchasing these similar necessities with twenty other retailers and are going to purchase from the one with the lowest price. This is the jeweler’s horrendous since this is not how their industry workings. Their jewelry shop caters to the wish buyer who will come in, see something striking and buy with only hardly any encouraging expressions from the sales clerk. Spending hours of work to find the certain diamond the customer wishes and then paying the delivery and insurance to get it shipped next day is just more work than they need to do for a sale. Instead, they grumble and ask for the return of the good old days, when Ma Bell prohibited the telephones, gas was 59 cents a gallon and the secrets of the diamond business were carefully behind the jewelry counter. Happily, for diamond and jewel purchasers there are a new type of diamond retailers available who not only encourage diamond education; they like working with buyers who know exactly what they want. These diamond brokers have access to the diamonds on the wholesale market and understand how to find diamonds that meet the shopper’s requirement. Best of all, the diamond brokers have much lesser overhead than a jewelry store so could find the excellent diamonds at really cheap prices. The economical market always looks to produce sources for services and goods that consumers ask. The online diamond broker is well matched to serve today’s well-informed and tough diamond shopper.