Once the diamond jewelry is completely manufactured, it will be sold to jewelry retailers. The jewelry retail industry is a $60 Billion a year business and it growing; there are about 250,000 diamond jewelry retailers worldwide. (CNBC). The jewelry retailers must determine how much they are going to sell their diamond jewelry for. Diamonds are sold by the carat so thus priced by the carat. A 1 carat diamond is sold anywhere from $3,080 to $26,950; the range of prices depends on the color and clarity of the diamond (Diamond Registry). Each diamond that the retailer receives comes with a certificate verifying the diamonds authenticity. Once the retailers receive the diamond jewelry, they inspect it, do a quick polishing, and put it on display for the customers (see example #1 below). The sales force in the retail stores are trained on every piece of jewelry in the store to ensure they are competent when customers act questions. When the new jewelry is received, it is important that every employee knows the 4c’s (cut, color, clarity, and carat) of the diamond in the jewel. They must also be able to describe the other components of the jewelry, not just the diamond.
Diamonds used to be sold mainly through specialized stores like Zales and Tiffany & Co, but now department stores and the internet are also becoming major players because they see profit in this industry (CNBC). The competition is thus going up and stores need to find ways to individualize themselves among their competitors. There is also a trend arising where consumers want to know where there diamonds and and all parts of the jewelry is coming from. This is largely due to the publicized conflict of diamond extraction and working conditions throughout the production process. Consumers are now more aware of some of the worst aspects of the diamond industry and do not want to be associated with those negative consequences. Companies are recognizing this new trend and becoming more transparent about where there diamonds are coming from so they do not lose and customers. For example, the company Brilliant Earth is transparent about their diamonds origins and they even strive to promote an ethical jewelry industry (Brilliant Earth). This increased awareness will hopefully continue to spread and not only educate more consumers, but also make companies ensure that every aspect of the diamond production process follows ethical standards.
Example #1: Modern jewelry retail display
Photo Source: The Post
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