While online purchasing offers convenience, nearly half (44%) of shoppers surveyed prefer the physical experience of being able to inspect and try on their jewelry in-person before buying. And in turn, they’re spending more in-store. The survey found that 40% of consumers have bought a piece that cost at least $1,000 with the most expensive piece of jewelry averaging $2,269 — more than double the $1,099 average for online.
The survey also highlighted consumers’ preferences for financing options. Twenty-eight percent of those surveyed said they would be most likely to use financing options over other jewelry services. Consumer appetite for cross-brand financing solutions is also very strong, with more than two-thirds (69%) indicating they would be more likely to use a financing solution that could be utilized across multiple jewelry retailers, if they were to finance a jewelry purchase. Further, consumers indicated that they would be most likely to finance a jewelry purchase for the following milestones: anniversary (43%), wedding (34%), engagement (34%), graduation (15%) and a new baby (12%).
“As jewelry is such a personal item, buying in-store largely provides consumers with the confidence that comes after physically viewing and handling a product,” said Leslie McNamara, Chief Marketing Officer and Head of Workforce Development at Citi Retail Services. “Also, consumers indicated the value they derive from interacting with employees while shopping, which is an ideal opportunity for retailers to discuss financing options, which over a quarter of consumers are likely to use.”
While jewelry is still seen as an archetypal gift for loved ones, half (50%) of jewelry-purchasers – and 57% of millennials – have bought most or all of their jewelry for themselves, as opposed to receiving it as a gift.
However, gifting still carries a special significance – 58% of jewelry-owners obtained their favorite piece of jewelry as a gift, either from a partner, family member, or close friend.
In addition to financing options, 28% of consumers indicated a strong preference for additional jewelry services, including complimentary cleaning, such as polishing and removing signs of wear (49%), styling assistance (16%) and leasing or rental programs, such as borrowing for a short period of time (6%).
When it comes to buying jewelry online, consumers expressed that their hesitation has resulted from having experienced the following: jewelry looked different than expected (27%), not the correct size (19%), and jewelry didn’t arrive in time, such as for a birthday or holiday (14%).
“Retailers with an online presence would be wise to ensure that they have detailed descriptions and photos of their product offerings and are providing the option for expedited shipping so that consumers have higher confidence in making these purchases,” said McNamara.
Citi Retail Services is a leading payments provider to many of the most notable brands in retail. With a diverse footprint spanning across sectors, including big box, apparel, electronics, industrial, powersports and more, CRS is shaping the industry and helping to drive major transformations across the retail space. Informed by data and insights, Citi Retail Services offers partners expert tools and solutions to build customer loyalty, increase profitability and drive business growth. There are more than 9,000 dedicated CRS employees strategically located across the U.S. Citi Retail Services is backed by the global capital, strategic insights and leadership of Citi (NYSE: C).
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International conventions increasing with which members of the jewelry industry are expected to comply.
(PRESS RELEASE) MILAN, ITALY — With fewer than five weeks to go to the opening of the 2019 CIBJO Congress in Manama, Bahrain, on November 18, 2019, the sixth of the CIBJO commissions’ Special Reports has been released. Prepared by the CIBJO Ethics Commission, headed by Tiffany Stevens, it covers a variety of topics, including the increasing number of international conventions with which members of the jewelry industry are expected to comply, and recommended processes of disclosure.
“Responsible business standards being applied in the jewelry industry are meshing further and further with those used internationally, and with frameworks that govern other industries around the globe. It is important that jewelry industry companies fully understand their responsibilities under these complex sets of expectations, and they communicate them effectively and directly with their supply-chain partners and ultimately the consumer,” Ms. Steven writes.
“A few key systems to keep in mind include the OECD frameworks, with special attention to the organization’s Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict Affected and High-Risk Areas, the UN Sustainable Development Goals, the FTC Jewelry Guides in the United States, ISO standards, the World Diamond Council System of Warranties, and the perhaps-evolving definition of “conflict” under the Kimberly Process,” she continues.
Government scrutiny of the jewelry supply chain’s adherence to ethical business practices is becoming increasingly common, the CIBJO Ethics Commission President notes, citing a recent meeting of jewelry industry leaders with officials of the U.S. State Department, where the industry was counseled to abide with standards for managing risks to women in the minerals, responsible sourcing and jewelry supply chain, as well as complying with Anti-Money Laundering and other measures to prevent malign activity.
Noting that it is the consumers’ right to know how the how their jewelry and its components affected the environment and the lives of people as it journeyed along the supply chain, she states that being forthright, fully descriptive and making all disclosures clear and easy to understand is imperative.
“When seen globally, we have at our disposal an amazingly complex system of frameworks, definitions and semantics,” Ms. Stevens writes. “But as a trade we should aim for the simplest, most direct forms possible when communicating with consumers, and these should be standard in the sales representative’s in-store pitch to a potential customer, on invoices, on social media and online – wherever products are bought and sold.”
(PRESS RELEASE) MUMBAI — The Gem & Jewelry Export Promotion Council (GJEPC) organized the India Diamond Week from 15th to 17th October 2019, which is aimed at creating an annual trading platform to increase communication among diamantaires and promoting the Make in India diamond business globally. India Diamond Week further envisages to establish and strengthen the business ties of Indian gems & jewelry exporters with buyers from countries across the world.
India Diamond Week in Mumbai witnessed participation from 87 prominent buyers including those from the Australia, China, Egypt, France, Greece, Hong Kong, Israel, Italy, Lebanon, Russia, Netherland, New Zealand, Russia, Saudi Arabia, Sweden, Taiwan, Thailand, UK, Ukraine, USA and Uzbekistan amongst others. The first two days had pre-fixed one-to-one meetings of 30 minutes between the buyer and seller, and the third day is an open exhibition.
19 Leading diamantaires of India showcased their capabilities through various offerings in terms of polished diamond shape, size and cuts. The invited global buyers could deal directly with Indian suppliers to reduce cost of transactions and boost bilateral trade between global importers and Indian exporters.
Mr. Pramod Kumar Agrawal, chairman, GJEPC, said, “I take this opportunity to thank international buyers and indigenous manufacturers whose participation have made this show a successful one. Focused Buyer Seller Meets during the India Diamond Week will further promote business ties especially at this time when global trade dynamics are changing and evolving due to multiple factors. Every buyer is taking advantage of this unique platform offered by GJEPC so that they can concentrate on existing & new customers across the spectrum. India’s expertise and experience can ensure that its exporters can deliver any size, any shape, any quality, anytime, anywhere in the world. All this is made possible by our enterprise, business acumen and massive scale of operations.”
The Indian diamond industry has been developed in India over the last 5 decades. Today, India is a leader in cutting and polishing diamonds with exports of USD 24 billion annually. 14 out of 15 diamonds set in Jewelry worldwide are processed in India. Around 1.3 million people are employed in the sector alone. India has capabilities in cutting and polishing diamonds from the smallest to the largest. India can craft a plethora of exquisitely designed diamonds – brilliant, baquette, briolette, taper, marquise, pair, princess, oval, radiant, rose cut, heart shaped.
Indian Diamond trade is committed to four pillar principles of fair trade. One, it leads in self-regulation encouraged through My KYC amongst GJEPC members. Two, sustainable development, created through model programs for the health and welfare of its workers such as Swasthya Ratna. Three, GJEPC has joined hands with Diamond Producers Association – DPA to fund the promotion of Diamond Jewelry with the sole objective to instill demand for diamond Jewelry at the consumers’ end. Four, it is building state-of-the-art gemological laboratories that ensure diamonds are natural, well-crafted and ethically sourced.
Indian jewelers and craftsmen cater to the most demanding customers across the globe. Indian Gem & Jewelry Industry and GJEPC have invested heavily in its 5 million plus workforce by adopting high standards of modernization, safety, cleanliness and other socio-economic benefits such as, medical facilities, employment generation and second-to-none training programs for workers amongst others. Their ability to satiate any kind of jewelry requirements has amazed the world. This has been possible due to Industry’s willingness to embrace and adopt the latest technology.
India has already developed direct relations with many of the large jewelry chains from across the world. BSMs have helped Indian companies reach out to new segments. They are an ideal way to connect with the independents – single store or those with a small number of outlets. Moreover, for a country which has such a diverse range of offerings across so many different product categories and manufacturing centers, the BSM format provides many benefits. It facilitates product centric events and facilitates ensuring that the right profile of buyers and sellers come face-to-face with each other.
(PRESS RELEASE) BOCA RATON, FL — A woman’s majority owned Boca Raton-based jewelry company is seeking to change the way that people shop for jewelry online. The Jewel In Giving is a new eCommerce jewelry site that allows all jewelry shoppers to become philanthropists, while shopping thousands of competitively priced jewelry. With each purchase made at thejewelingiving.com, 12.5% of the total purchase price is donated to a charitable organization of the customer’s choice that is participating with the brand. For example, a $200 jewelry purchase allows for the customer to designate $25 to a participating charity of their choice.
At The Jewel In Giving, shoppers can choose from thousands of pieces of jewelry at all different price points, at the most competitive prices that includes the 12.5% that the customer designates to the charity of their choice. There are no extra steps or costs, just a deeper meaning associated to their jewelry purchase. In addition, every component of the company has been built within a socially conscious framework. The jewelry customer will be able to purchase products made from recycled gold, ethically sourced diamonds and gemstones and eco-friendly lab grown diamonds. All jewelry boxes and marketing materials come from recycled papers allowing for the customer to feel good about their entire shopping experience.
“Philanthropy and eCommerce jewelry shopping are no longer mutually exclusive. We like to ask – why buy jewelry anywhere else?” said Matteo Valcavi, Director of Marketing for The Jewel In Giving. “Customers are drawn to our site for the best prices and highest quality pieces, while at the same time, they leave with a purchase that actually makes a difference in the world. This is a win-win for everyone.”
For IRS 501(c)(3) approved organizations looking to participate with The Jewel In Giving, the benefits are substantial. With the popularity of eCommerce, charities participating with The Jewel In Giving stand to create a robust new revenue stream with little work on their end.
The Jewel In Giving was the organic blending of a 30-year-old family owned wholesale diamond and jewelry business fused with an over 20-year deeply entrenched philanthropic involvement. The company’s motto, Buy Something Beautiful, Do Something Beautiful, sums up their mission perfectly.
Those searching for trending or timeless rings, earrings, necklaces and bracelets to add to their collection or a gift for a loved one can visit www.thejewelingiving.com. For non-profits looking to learn more about the benefits of participating visit nonprofits.thejewelingiving.com.
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