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How to sell coloured diamonds
1st November, 2004
The fastest growing area of sales in the diamond trade over the past few years has undoubtedly been in coloured diamonds. Although still only 5% of the overall diamond sales it has been the area with the most interest. One of the reasons is the culmination of a marketing program started 20 years ago by Argyle to introduce brown and pink diamonds. After a slow start the interest has grown, and the number of coloured diamonds sent to GIA for certificates has risen 68% from 1998 to 2003. It can also be seen in the amount of coloured diamond jewellery featured in design awards and at the international shows.
These diamonds lend themselves to higher profits because no two of them are the same. I point this out because we feel it is important to know how you can have an edge over your competition. Instead of competing for a sale of a 0.50 ct G VS2 with every other jeweller in your area if you have a 0.50 ct yellow you have a unique stone no one else will have. Even if they have a yellow of the same size it will be a different colour because they are all different. Some are greenish, some are brownish, some are light and some are intense, consequently the chances of getting two the same are very remote. Now with the diamonds and photos available on this web page you can offer something unique and make a reasonable profit margin, as you will not be competing with every other jeweller in the area.
How do you make profits from coloured diamonds? The range is huge and as soon as you try to get matching stones it gets harder. The secret is to sell what you know is available, not what the customer asks for. If a customer is looking for matching 0.10 ct intense pinks the chances of getting them are remote at any given time. Before they get too far with their request you have to guide them to what is available. To do this you either have to stock the colours or keep up to date with our stocks via the Internet and our web page. Your customer has probably seen a ring with intense 0.10 pinks somewhere and wants you to beat the price. This is unlikely to result in a sale because of the rarity and difficulty of matching what someone else already has. You have to offer something different, or of better value. By having the diamonds in stock it is always easier to sell them. At that point you can tell them what else is available once you have time to look it up on lostriverdiamonds.com if you haven't already checked. We hope to have a few jewellery designs already made up with coloured diamonds as examples to show what can be done. Selling coloured diamonds requires a little more work but the rewards are there in the long run. |
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