It can help you close customers more quickly while also raising your margins.
T HE TERM “COMPLETE RINGS” refers to an engagement ring already set with a live center diamond. In most cases, suppliers will send a “semi-mount,” an engagement ring with a cubic zirconia center that allows the customer to handpick their own diamond for the ring. On the flip side, some suppliers will send the complete ring with the live center diamond, so the ring is ready to go out the door.
So, why do jewelry retailers sell complete rings? Simply put, it decreases the time spent with a customer and allows the retailer to hide their margins. You can’t shop for a complete ring online the same way you would be able to shop for a loose diamond.
When purchasing a loose diamond online, customers usually search for something specific, like a 1 carat G color, SI1 clarity diamond — and prices for this type of diamond can range from $4,000 to $8,000. This becomes confusing for the customer. When consumers buy a complete ring, it’s because it is simple, it is within their budget, and they can walk out of the store with it that day. It’s rare to see a customer try to price-shop a complete ring because there is more than one component, and there aren’t generic specs on the semi-mount portion of the ring like there are with a loose diamond.
Aside from having your suppliers supply you with complete rings, you can also make these up yourself. It can be a way to turn aged merchandise or even capitalize on top selling semi-mounts so you achieve an even better turn. For example, you can run a report of aged semi-mounts that you have had in stock for one year or longer. Mount a loose diamond within these aged semi-mounts and put them in the complete rings case. These may now sell based on a total price point.
You can also run a report for your top-selling semi-mounts and special orders in diamond sizes and price them attractively. If the ring already sells well as a semi-mount, why not sell the same style but complete?
You may be asking, “How should I merchandise complete rings in my showroom?” When you set up your display cases of complete rings, sort them based on price and advertise them under a specific price range — “Under $1,500” or “Under $2,500” — so that you appeal to budget-conscious shoppers. You want to simplify the process for them because shopping for a diamond ring can be intimidating, and they probably don’t want to keep asking, “What’s the price on this one?”
Not only are you allowing them to shop independently, but it will also lower the time required to close the sale. If you know they’re spending under $5,000 on a ring, send them to the complete ring cases first. If they’re spending over $5,000, you’ll probably spend more time customizing a ring where the customer can choose the cut, clarity and color of the loose diamond. From there, finding a semi-mount is the easy part.
Complete rings tend to be the best option for cutting out long consult times and making it easier for every customer to find exactly what they want within their budget.
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Megan Crabtree is the founder and CEO of Crabtree Consulting. Before founding Crabtree Consulting, Megan had a successful professional career in the jewelry industry, which culminated with high-level positions at several of the top firms in the retail and manufacturing sectors. Reach her at [email protected] or visit us at www.crabtreeadvisory where you can set up a live chat or a 30-minute free consultation.
When Brad Marks, owner of I W Marks Jewelers in Houston, Tex., decided to redesign his store, he needed to liquidate older merchandise to make way for new collections. And he chose Wilkerson to take the lead. As part of the sale, Wilkerson’s far-reaching advertising campaign worked double duty to drum up interest in both the liquidation sale and the store itself. General manager Ray Golden says he was skeptical if Wilkerson could bring in the kind of numbers they said they would but was shocked by the line at the door on day one — a line that continued throughout the sale. “There was a constant stream of both customers within our data base but also brand-new ones, and that really helped us expand our base.” In hindsight, choosing Wilkerson was the right decision, says Brad Marks. “They are the consummate professionals. I would recommend them 100 percent.”
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