ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Brought to you by
Always Wear Your Platinum Crown
After dreaming of the perfect engagement ring for years, most people approaching marriage likely have an idea of what they want their ring to look like.
Stuller
Brought To You By Platinum Guild International
A Platinum Proposal
After dreaming of the perfect engagement ring for years, most people approaching marriage likely have an idea of what they want their ring to look like. However, when they walk into a store, roughly half of them are still undecided. They’re expecting to be guided through the process of buying this very important piece of jewelry.
We know from consumer research that consumer desire for platinum engagement rings and wedding bands is very high (77 percent), but they may not be aware of the benefits of choosing platinum.
We know from consumer research that consumer desire for platinum engagement rings and wedding bands is very high (77 percent), but they may not be aware of the benefits of choosing platinum.
Some Important Facts about the World’s Most Precious Metal:
- Platinum is 30 times more rare than gold and platinum jewelry is typically 90–95 percent pure (vs. 14kt. gold which is only 58.5 percent gold)
- It’s naturally white, unlike white gold (which is yellow gold that is mixed with white metals and then coated with rhodium to make it appear white). Platinum will never fade or change color over time
- It’s hypoallergenic, so it’s kind to sensitive skin
- Platinum is enduring—very little metal is lost as a result of daily wear, unlike gold
- Platinum requires very little maintenance and, over time, is actually 2.5 times less expensive than white gold (after factoring in the approximate cost of re-plating, replacing and/or re-tipping white gold prongs over 10 years)
Stuller
The 5th C
We all know that the diamond is the most expensive component as well as the focal point of an engagement ring. You’ll help your customers select their diamond using the “4 C’s:” Cut, Color, Clarity and Carat.
While the 4C’s are very important in selecting the perfect diamond, it’s the “5th C” that ensures that diamond will be held securely in place. What is the 5th C? It’s the platinum crown. While the industry commonly refers to the prong setting that sits atop an engagement ring as a “head,” when that setting is platinum we call it a crown—a name befitting the world’s most precious metal.
Platinum is the most secure setting because of its density and durability, so it will protect your customer’s diamond and stand the test of time.
While the 4C’s are very important in selecting the perfect diamond, it’s the “5th C” that ensures that diamond will be held securely in place. What is the 5th C? It’s the platinum crown. While the industry commonly refers to the prong setting that sits atop an engagement ring as a “head,” when that setting is platinum we call it a crown—a name befitting the world’s most precious metal.
Platinum is the most secure setting because of its density and durability, so it will protect your customer’s diamond and stand the test of time.
What if a Customer Wants a Different Color Metal?
Many people do not know that their diamond can be set in a platinum crown even if the rest of their ring is a different metal (like white, yellow or rose gold). Approximately
50 percent of engagement rings displayed at jewelry stores have “peg heads” (removable/interchangeable settings that are soldered onto the top of the ring) making it very easy to affix a platinum crown.
If your customer would rather have a different color metal for their ring design, they can still protect the security of their diamond when you set it in a platinum crown.
If your customer would rather have a different color metal for their ring design, they can still protect the security of their diamond when you set it in a platinum crown.
The Business Case for Platinum Crowns
Not only will you be giving your customer a better quality product, you’ll also be increasing your profitability. The average platinum crown costs about $350 retail (a small price to pay to ensure the security of a diamond for a lifetime). The average independent jewelry store can increase their revenue by $37,000, or 4-6 percent of their bridal jewelry category when they offer all of their engagement ring customers a platinum crown. It’s a win-win!
London Jewelers
Platinum Education
Knowledge is power and you can ensure that you and your team are knowledgeable about platinum and the benefits of a platinum crown. Visit Platinum Guild International’s online education center at www.platinumlearning.com. Click on “Sales Training” and select any one of the (8) videos, all less than 4 minutes long, and learn everything you need to know to speak to your customers about platinum with confidence.
Your Platinum Checklist:
- Take the platinum sales training course at www.platinumlearning.com
- Always present The 5th C (a platinum crown) to every one of your engagement ring customers because it’s the most secure setting for their diamond
- Offer your customers platinum first
- If they choose a different metal for their ring, let them know that they can still have their diamond set in a platinum crown. It’s the most secure setting.
It’s arguably one of the most important pieces of jewelry they will ever buy. Give your customers peace of mind by securing their engagement ring diamond in a platinum crown. It’s a better value for your customer’s money and more profitable for you!
More on Collections
The Latest
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
