How to Shop Fine Jewelry Confidently

Should I bargain in jewelry stores? The short answer is yes, knowing that there are limits and different settings that will provide different outcomes, including a simple “no” that is to be respected.

Clients have the right to ask just as businesses have the right to decide how to proceed. Of course, if you’d like to fine-tune this, it is refreshing when clients respect set prices. This I understand can only exist if a business operates with honesty and integrity.

I think a great purchase happens when expectations, reality, and confidence/trust exist. How do we get there?

The Disconnect Between Consumer and Seller

Even though we are living during a period where there are more options and information than ever, this, precisely, has caused a gulf to be created between seller and client. The crux of the issue is trust. Clients want to ensure they are buying an authentic piece at whatever they deem is a fair price.

How do we bridge this distance? How do you know if you are making a good jewelry purchase? Let’s establish some truths.

Understanding What Makes a Good Jewelry Purchase

Know the Price of Gold

The price of gold is the same worldwide. Each day the market closes with the worldwide price of gold per ounce, per gram, etc. It does not matter where you are, the price is the price everywhere.

A significant gold price drop is needed currently to truly see a change of price. Gold continues to sustain a $2k plus price per oz on the market. Unless there is a significant drop, prices will just not move for the time being. I would go further to say something drastic would need to occur because labor, production, and business expenses are also at an all-time high.

Factors in Pricing Variations

Labor, technology, country prices, and more, influence price variations in jewelry.

Many clients give Colombia as an example of getting fine jewelry for lower prices. This is the case because they have the naturally occurring materials, factories, a large output, and inexpensive labor. When you have a massive output of similar types of jewelry pieces, the market can become more viable for clients to get more of a “bang for their buck.”

Colombia does have an amazing output of jewelry, yet countries like China have an unmatched technological edge. While consumers do not like to hear this, China offers a massive output and a level of hyper-specialization that meets consumer demands and can realize designers’ vision. This benefits both clients and sellers that need to compete in markets where buyers come from a range of financial backgrounds.

Italy and France are countries that fit all buckets since they do not rely heavily on imports to offer innovative designs. They craft, offer in bulk, have tech capabilities, and meet cutting-edge design demands. Of course, combine all these criteria in a rich country with higher wages, and you’ll get some of the highest prices in jewelry, even when made in bulk. An example of this is Bulgari. Even a bulk-produced necklace with a small pendant in 18k gold sold and shipped worldwide can start at 18 thousand dollars. I will talk about the “brand effect” further down this blog.

Custom Jewelry Designers Versus Expensive Designer Brands

Yes, you can make jewelry designs for a better price. You can always find a place that will make an item you want at a price you truly want. There is validity in not wanting to pay as much. But there is also validity in it will not be the original, designer brand piece. You choose what is important for you.

Don’t Expect Wholesale Pricing

Do not expect wholesale prices in retail stores. Browse different stores! This seems like a given, but it is not. More than the weight and price of gold, competition levels off prices more than expecting an item to be the exact market ounce price in a retail store.

When retailers compete, they need to move inventory. Clients have the power to browse stores, compare prices, and determine what is most important given the information known. Wholesalers are great for good quality, common jewelry pieces, like chains for necklaces and bracelets,

Choose Reputable Jewelry Businesses

This task is for sellers. Businesses need to establish trust and clients have the right to ask questions.

Remember That Fine Jewelry is a Luxury

No one needs jewelry. You just want it! 😊

Understanding Discounts and Brand Names

The “Discount” Effect is Detrimental on Both Ends

Many experts discuss how discounts are, more so often than not, a ploy. Both consumers and retailers know that prices are excessively hiked to then offer the impression you’re saving money when a discount is applied.

Unless the items are regular items, meaning it is recurring and have been consistently priced the same and will go back to being the same price, or items that will be discontinued, a discount isn’t always an honest starting point of sale. I think it just creates a cycle of mistrust.

Depending on the store or brand, some allow bargaining while others do not. It truly depends on brand, reputation, and competition.

The “Brand” Effect

It is your prerogative if you think brands are worth the price or not.

It is brands’ prerogative to price as they see fit to cover costs, operation expenses, and more.

Some Elegance Has Been Lost

We live in a very fast world. To some extent, it is not people’s fault that every day we are conditioned to expect the most convenient and fast services and products.

It is, however, important to slow down in the fine jewelry and luxury businesses. We want to tell you our story, our items, and why we think we are worth your purchase.

We want to tell you why our items are high-ticket items. Give us that chance since you have the power to decide.

I hope you found this helpful!

¡Salud y Éxito!

Daniela Barquet

Daniela Barquet is the 4th generation owner of her family's jewelry store located in Old San Juan, Puerto Rico since 1965. The business tradition was started by her great-grandfather, Issac Barquet, in 1920. Daniela graduated from Boston University with a Bachelor's in the History of Art and Architecture and a Minor in Italian Studies. Daniela continues to grow under the mentorship of her father, Natalio Barquet Perez, who is a renowned, certified jeweler in Puerto Rico.