Many retailers are sitting on an incremental revenue channel that they do not know exists.
No matter how many customers they serve, this opportunity is rarely taken advantage of, allowing at least $37,000 of profit to walk out the door. What is this secret only a few people know? It’s the power of the 5th ‘C’.
Everyone — from retailers to consumers — is familiar with the 4C’s: cut, color, clarity and carat weight. But what many retailers fail to make the most of is the 5th ‘C’: the platinum crown! Also known as the ‘head’ or ‘peg’ of a ring, this small widget is mighty in the purse.
Don’t believe us? In a recent consumer research study, 9 out of 10 consumers said they would pay an average of $469 to set their diamond in platinum once they understand why it is important to do so.
So how to make this magic happen for your store? Start by taking 3 minutes to educate a consumer on the importance of setting a diamond in platinum. That’s it; THREE MINUTES.
You already know the key talking points:
- Strength, durability, and lack of metal memory all contribute to making platinum the best choice for securing a diamond
- Platinum has superior prong wear, meaning they won’t weaken or break over time
- Platinum prongs do not need to be re-tipped, saving the customer money in the future
- Platinum prongs require little to no maintenance
- Nothing holds a diamond more securely than platinum; why would a customer risk their investment to any other metal?
66% of consumers are not aware that they can have their diamonds set in a platinum crown even if the ring is not platinum. While there are many reasons why platinum is the best metal for the entire engagement ring, for those customers who have their heart set on an alternative, they can still have the benefits of a platinum crown.
Once the customer understands the value and importance of a platinum crown, add 30 minutes, the average time it will take for a bench jeweler to have a diamond set in a platinum head, into the equation.
Let’s do the math:
3 minutes explaining the power of platinum
30 minutes for your jeweler to set the diamond in a platinum crown
33 minutes spent towards increased revenue!
On average, a small independent retailer sells 107 engagement rings each year. The retail price of a platinum crown as a separate component is approximately $350.
Do not let this easy income slip away! Be sure your sales team is aware of this revenue-driving opportunity today.
For more information, visit www.platinumlearning.com to explore the power of platinum or email Kevin Reilly, PGI’s Vice President (email@example.com), to schedule a platinum training with your store in advance of the upcoming holiday engagement season.
Platinum Guild International is dedicated to promoting platinum and its pure, rare and eternal qualities to the consumer and the jewelry trade. PGI has offices in each of the world’s major jewelry markets, providing information, assistance and education on all aspects of platinum jewelry.
For more information, please visit www.platinumjewelry.com.