A New Alternative in Diamond Sales

Everyone talks about the weather, goes the joke, but no one does anything about it.

In the jewelry industry we’ve been talking about the commoditization of diamonds, yet doing little about it.   These days a customer walking in the store already knows the price available from online e-tailers.  Often their only question is: Will you meet or beat that price?  Saying “yes” means losing your margin.  Saying “no” risks losing your customer.  So maybe it’s time to have a different conversation.

Set the issue of price aside for a moment (we’ll get back to it), and talk to your customer about what the diamond really means.  In the case of a bridal sale, it’s a symbol of love and commitment, to a special person.  Let’s talk about that special person.  You can bet that’s your customer’s favorite topic!  And now there’s a reason to do so.

Thanks to a non-profit organization just launched, the Museum of Named Diamonds (of which I serve as Chairman), it’s now possible for a bridal diamond to be named.  And the name of the diamond can reflect something unique and special about the relationship.  The Museum records these names, along with the emotions and special memories that each diamond represents.

Your customer is now able to give not just a diamond, but a named diamond.  It’s no longer a commodity, but a gift that is uniquely connected to the relationship.   Of course price will always be important.  But now it doesn’t have to be the main focus of the conversation.  And while it’s true we can’t change the weather, jewelers can now make the experience of buying a diamond more interesting, personal, and even fun.

You can visit the Museum here .   Learn how retailers can provide this new service to their customers, here .
Here are a few Business & Life Tips to think about…..

Business Tips:

• The real question is not what the price is, but what something is actually worth. It’s value, not price, that really matters.
• Brands with high ideals and true consistency of product or service create a strong emotional bond with their clientele.
• Hire sales staff who are pleasant, good listeners, and like people. Technical knowledge is good, but you can’t teach personality.

Life Tips:

• Most people don’t like what they do for a living. Find out what you love doing and get the training to excel in it. Stay focused.
• The greatest sign of love is giving your time and attention to others. Nothing compares to the time you give because our time is limited.
• Change actually moves rather slowly, until, that is, we actually recognize the change. Then we think it moves at light speed.

Here are a couple past articles written by Bill:

Keys to a Successful Company

Millenials: Misunderstood or Just Different?

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