There are a lot of games being played in the jewelry business. One of the biggest and most common is the big markup - big discount game. When you walk into a jewelry store, or visit one online, it’s very common to see sales of 50%, 70%, and even 90% off. While this marketing tactic increases sales, it’s generally not in the best interest of the customer.
Low Quality Jewelry
When you see such steep discounts it often involves low quality jewelry marked up at least 10 times.
We recently had a family friend buy a diamond engagement ring. They shopped around for months and found the best deal they could. They had the ring for less than a year and the setting had bent significantly during that time.
Being family friends they called us first to see if we could repair it, which of course we did.
Once we got the ring in the shop it was clear that the jeweler that made the ring had decided it was better to save $10-$15 worth of gold used to reinforce the setting than to create an engagement ring that would last.
In contrast, if we had made the same ring in our store we would have used 15-20% extra gold to properly reinforce the setting and extend the life of the ring. That extra attention to detail is what we mean when we say our jewelry is “heirloom quality.”
Getting a Good Deal
So this all begs the question: How do I tell if I’m getting a good deal on jewelry? One of the best ways is to look at the prices of their gold chains. Almost all gold chains on the market are made in Italy.
Jewelers can negotiate slight discounts with the Italian manufacturer, but the cost falls within about 10% across the board. So, if their gold chains are marked up 50-70%, you need a sale of 50-70% in order to get a fair price.
Use this trick to get an idea of how much of the “Big Markup - Big Discount” game is being played.
Our philosophy is simple and based upon tried and true fundamentals. Buy the best gemstones direct from the source, pay in cash, and create high quality jewelry that’s meant to last.
Buying direct from the source cuts out the middleman, or “middlemen” to be exact. Every person that touches it marks it up.
For example buying pearls. The pearl farmer has a price, then they sell it to the pearl sorting warehouse, then they sell it to wholesalers who sell it to loose gemstone dealers, who sell it to a retailer. That’s five steps that we try to avoid by buying directly from the pearl farmer.
Paying in cash allows us to negotiate a better price and to avoid paying interest.
Creating high quality jewelry is essential for maintaining our reputation and keeping customers coming back. When you fall in love with a piece and buy it from Park City Jewelers you know that you’re getting a quality piece, for a great price, that will last a lifetime.
Buy From Us
When we offer sales, you can rest assured that you’re saving money and not sacrificing quality. We are so confident in our pieces that we offer a free lifetime warranty covering craftsmanship, service, and cleaning.
Shop with us and you’ll never have to play the big-markup big-discount game again!
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