When selling diamonds on the road, I see only about 1 jeweler in 100 display prices. In my opinion, you should at least display some prices. Many people are intimidated when they walk into a jewelry store. Most people have NO CLUE what rubies cost and many are to shy to ask. Young people today like transparency.
Displaying a price makes people feel comfortable and empowered. The more empowered a customer feels, the more likely they are to buy.
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HOW PRICING YOUR JEWELRY CAN MAKE YOU MORE MONEY!
by Tony and Leanne Argyle
1. $99 is better than $100, or even $95!
Research from Quantitative Marketing and Economics found that putting a "9" at the end of a price really does work. A $39 item outsold the same product priced at $34 by almost 24% Crazy!!
2. Price comparison. Research shows that when a customer has two options they often decided to splurge and buy the nicer one, but when there are three options, the customers often choose the middle option, dragging the price of the sale down. This is true unless the third option is much higher priced, then the customer's tend to focus on the original first two.
3. Do not ask people to shop around. New research from Stanford shows that actually DECREASES your customer's trust in you.
2. Another Stanford study said a better way to make a sale is by asking the customer to remember happy experiences when wearing jewelry, rather than emphasizing how much money they will save.
#1 INDIA. According to Martin Rapaport, In India, it's very easy to get a loan to buy diamonds. Did you know there are 500,000 cutters in India? Banks lend and lend leading to higher prices. More people after the same rough drives the prices up.
#2 CHINA. America has 310 million people. China and India have 2.5 BILLION people. Even if China and India's economy only grows 3%, that still means there are MILLIONS more people with more money. More money to buy diamonds with. China will soon have more millionaires than America and they want nice things. More people competing for the same supply of diamonds drives the price up.
The price you sell a 1ct diamond for in your store, is not determined by the US economy, but by the world economy. If a jeweler in China can sell a 1ct round G Si1 for a higher price than in America, than the diamond goes there. Many diamonds are not coming to the US, they are going to China. In 2007 the USA imported $7 billion dollars worth of diamonds in 2012 the number was only 3.2 billion. At the same time, Chine imported 4 billion in 2007, but in 2012 imports were 7.13 billion.
