The Internet’s Impact on the Jewelry Retailer

The Internet has given buyers the ability to purchase diamonds without setting foot in a jewelry store or consulting a jeweler. It has given entrepreneurs the opportunity to sell a product consumers believe is overpriced and difficult to understand. Sellers have used the Internet to market diamonds in the purest form with little overhead and sometimes no inventory costs. This allows them to sell diamonds for less than a brick-and-mortar jeweler. Most consumers shop price and convenience and believe jewelry stores work on high profit margins. Internet sellers have put pressure on jewelers to lower prices or lose an important percentage of their business. Net profits have been reduced, and gross sales lowered. Accordingly, jewelers will purchase fewer diamonds for stock and rely more on memorandum. Diamond suppliers will charge more for memo diamonds, further eroding the retail jeweler's p

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