As part of the agreement, CBG is endorsing eDiamondselect to its 97 retail members and its 120 authorized vendors. CBG’s retail membership represents more than 300 retail jewelry outlets with an annual sales volume of more than $400 million wholesale and $1 billion retail.
In return, eDiamondselect has put together a special program and pricing for CBG retailers, and has set up a group of seven CBG authorized vendors on the system: Leo Schachter, Rosy Blue, Waldman, Weldiam, Yerushalmi, Amden, and Simply Diamonds.
In addition, the Hollywood, Fla.-based company will give a presentation at CBG’s annual Buying Show in May, which will be held at Caesar’s Palace in Las Vegas immediately preceding the JCK Las Vegas show. After the presentation, eDiamondselect will man a booth at the CBG Show for the duration of the event, to meet with and sign up CBG retailers and additional authorized vendors to the program.
“The flexibility of eDiamondselect’s pricing structure really was an enticing part of the deal for us,” said Joe Murphy, CBG chief operating officer. “They can control their diamond inventory by size, shape, color or cost, and they are not forced into a set markup.”
Murphy said another factor behind CBG’s decision to partner with eDiamondselect, was that it doesn’t take a percentage of the sales that go through its platform; instead, the company charges flat annual fees.
CBG also said it loved the fact that eDiamondselect was strictly using CBG authorized diamond suppliers in the program. “Seven suppliers have already signed up, with more coming,” Murphy said. “Retailers also can put their own diamond inventory on the site. Keeping it within the group is a way to generate more revenue for our organization, which makes us stronger.”
Striking a partnership with CBG represents a major success for eDiamondselect, as it gives the company a platform to pursue CBG’s 97 retail members—some of the most successful, well-established and highly respected jewelers in the industry—with the endorsement of CBG, said David R. Norman, eDiamondselect vice president of Sales and Marketing.
“We’ve just sent a letter out, inviting CBG retailers into our program, and we’ve already gotten some positive responses back,” Norman said.