The Concept Of Jewelry Exchanges

The business of online jewelry stores has flourished beyond imagination in the years following the arrival of the Internet Age

. Like every other business, jewelry too could be sold online. There were numerous advantages, both for the consumer and the businessman for conducting business online. There are however significant risks as well. Jewelry exchanges are a novel concept designed to allay some of the fears of the consumer regarding online jewelry purchases.

Online Advantage

A jewel, made of any precious stone, is bound to be expensive. There are many reasons for this, but the primary reason is that jewelry is considered to be a luxury item. The jewelers spend a lot of effort into crafting the jewel. Gold is molded, diamonds are refined. The design of the jewel itself is nothing less than pure art. These costs are passed on to the consumer. However, the greatest component of the final cost comes, not from the manufacturer, but from the retailer. The retail margins in this industry are exorbitant. Buying a gold jewelry at a store would cost much more than buying the same thing online. Through a few minutes of browsing, anybody can have a fair idea of what the real prices are. The World Wide Web brings manufacturers from the entire world to the doorstep of the consumer. Hence, it is easy to find the cheapest prices.

Online Disadvantage

Despite the cost advantage, customers still hesitate before making the final act of purchase. The obvious reason is that despite being considerably cheaper on the net, jewels still cost a lot. The recent hikes in the global price of gold have ensured that. Consumers are therefore wary of exposing their money over something they can neither touch nor feel. Word of mouth of scams and bad experiences has reached the ears of the consumers, through channels like chat rooms and blogposts. Consumers simply do not feel secure enough to purchase so expensive an item without the usual assurances of touch and feel. Jewels are purchased for their quality above all, as they are intended to remain as souvenirs of a particular stage of the life of the buyer (e.g. weddings, engagements...etc.). No one will purchase online if they are not certain that the product they obtain at the end would satisfy their needs and their criteria.

The Role of the Jewelry Exchanges

Most traditional stores have recognized the need of having an online presence. The competition from the Web is simply too great to ignore. However, since consumer fears have been hindering the development of the online jewelry business, there was a pressing need to allay these fears. This is where the Jewelry exchange comes in. A jewelry exchange is an independent, neutrally-monitored, online database of all finished jewelry and diamonds in a particular area or country. They record such things as:

Photo descriptions

Date of manufacturing

Manufacturer

Retailer

Price

Ratings (by other consumers) of the service provided by the retailer

Once the buyer, after having browsed the list of items for sale, decides on a particular jewel that he wants to buy; the exchange brings him in contact with the actual retailer. The customer may then request to see the product in person by going to the shop in person. Because the exchange site is organized on a regional basis, the consumer can easily find the cheapest and best products that are available within his area. A jewelry exchange provides the ease of access, security and selection that customers look for while giving jewelry stores the online exposure and credibility that will enable them to sell their products.

by: Frank Adams

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