When you step inside a jewellery store, you will be sold the dream, an experience with all the trimmings. It will feel a little special and fancy and most likely expensive. Your senses may be picking up feelings of grandeur and opulence, or in contrast you may feel slightly intimated by the formality and rigidness.  

While we don’t want to kill the illusion, this is all very intentional, it’s very good marketing we’re afraid. Marketers in this space do a fantastic job at selling romance and love to make you, the client, feel expensive and important, plus they invest millions of dollars in doing so.

But if it’s all about taking home that little coloured box, go for it.

Today’s shopper, however, is a lot savvier. With the growth of the digital landscape, most people generally understanding the benefits of e-tail.

Today’s shopper, however, is a lot savvier. With the growth of the digital landscape, most people generally understanding the benefits of e-tail.

Before highlighting the comparisons for jewellery, it’s important to understand diamonds, as with metals hold an intrinsic value, which is determined by the size and quality of the stone or the weight of the metal. This is a globally recognised value, which can be officially verified by an independent grading company or valuer. Meaning, each diamond and piece of metal has an inherent value, which is then marked up when it is sold at a retail level. 

It’s this mark-up, which can vary exponentially, particularly comparing a bricks and mortar store to an online store. The difference can be up to ten times or more for the same or similar piece in a retail store compared to an e-tailer.

The difference can be up to ten times or more for the same or similar piece in a retail store compared to an e-tailer.

To give you further understanding, just to open the doors of a jewellery store requires a large amount of money, particularly in today’s commercial real estate climate, and the more prominent the location the higher the rent.

This is further multiplied by the fact, the store is required to look a certain way, with merchandising and marketing collateral and salespeople who are required to be on the ground during operational hours. 

A jewellery store also needs to hold stock, or inventory and a lot of it. This is hugely expensive for the business, as diamonds, metals and other precious stones are expensive, meaning the outlay can be huge to stock an entire store.

All these costs are unfortunately passed onto the client in the margin they are paying for their piece of jewellery. While it may be beautiful, they could potentially be getting much better value for money by purchasing the same piece from an e-tailer.

The number one benefit of purchasing a diamond online is that you are simply getting better value for money.

The number one benefit of purchasing a diamond online is you are simply getting better value for money by not having to contribute to the exorbitant costs to operate a jewellery store. With an e-tailer, those savings are typically passed onto the client. Running an e-tail business requires a lot less resources and costs a lot less, therefore the margins are significantly lower.

Essentially it means you; the client can walk away with a much larger and higher quality diamond or piece of jewellery because you don’t have to pay the high margins to cover all the expenses.

If you engage an e-tailer such as Bensimon to help with the purchase of a diamond or an engagement ring, you can also trust you will speak with a trained diamond expert and not just a salesperson on the sales floor.

Speaking with someone who is educated in the diamond space means you will be carefully guided through the often-cloudy and confusing process of purchasing a stone. 

Speaking with someone who is educated in the diamond space means you will be carefully guided through the often-cloudy and confusing process of purchasing a stone. 

The expert’s interests lie with you, and not just selling you pre-existing inventory or stock a particular store might be trying to move at that particular time, because they don’t hold any stock. 

In place of holding stock, they make a diamond recommendation based on what they can source via an online global diamond database they have exclusive access to.

Utilising this method, means you can get the best possible stone for your budget, which is available in the world at that particular time. All your personal preferences will be considered, such as size and cut etc., and then a stone that best matches your criteria will be located from any corner of the world (from New York, to Belgian to Israel etc.). The diamond is then imported, and the design process begins.

As the digital space evolves and grows, more and more people are turning to e-tailers to buy online, simply because they are seeing and experiencing all the benefits such as value for money and convenience. 

As of February 2019, In Australia 80.8 per cent (eight out of ten) people shop online and by 2020, every one out of ten products will be purchased online (source: Statista Digital Market Outlook).

As of February 2019, In Australia 80.8 per cent (eight out of ten) people shop online and by 2020, every one out of ten products will be purchased online (source: Statista Digital Market Outlook).

As with other fashion and luxury e-tailers, there is the challenge of not trying the piece on before purchasing, but that is why you need to ensure there is a returns policy or utilise e-tailers that use technology to help with this, such as the Bensimon Ring Finder Application to virtually try it on.

The world is changing, and so are consumer purchasing habits. Soon, it will become the norm to buy diamonds and jewellery online and you will question all that wasted money over the years spending it in a bricks and mortar store.

Bensimon.com.au