August of 2020 marked a paradigm shift in how the industry will conduct business in the future. That’s when the Zing by Jewelers Mutual Group® platform—a digital destination to find products from the company and other industry leaders—was launched. Since then it has grown to help over 5,000 jewelers maximize their business potential.
As the number of features and industry professionals taking advantage of them— continues to grow, Dean Fredrick of Dean Fredrick Custom Jewelry has found success using two services in particular: the Diamond Marketplace powered by IDEX and the JM™ Shipping Solution.
Experienced and Open-Minded
As a graduate gemologist with a degree in gemology from the Gemological Institute of America (GIA), Dean has personally graded thousands of diamonds from labs from New York to Los Angeles, including the world-famous Taylor-Burton diamond. He launched his namesake line in 1999 after spending many years in Los Angeles honing his style and craftsmanship from premier designers. His creations immediately took off at trendy jewelry stores in Southern California, catching the eyes of celebrities such as Celine Dion, Halle Berry, Marisa Tomei, Paula Abdul, Courtney Thorne-Smith, and many more.
In 2004, Dean moved back to his home state of Texas, where his creativity has shined ever since.
As his trendsetting and cutting-edge designs have transformed since he began designing as a teenager, so has his approach in making them. Dean realized early on that creating high-quality pieces and a successful business requires an open mind.
To be the best, he has needed to change the process he used for buying diamonds throughout the years, and his biggest leap forward happened recently when he joined the Zing by Jewelers Mutual Group platform.
The Diamond Marketplace is powered by IDEX, whose Guaranteed Diamond Transactions™ service allows suppliers to share their inventory so that all jewelers have transparent access to inventory and pricing information around the globe.
“When it comes to the Diamond Marketplace, the selection is large, and I’ve purchased quite a few diamonds on it,” said Dean. “I’ve found that it offers better prices for the diamonds, allowing my return on investment to be higher. It also allows me to compare diamonds from different wholesalers using the marketplace to make sure I’m always choosing the best selections for my clients. The quantity and prices are phenomenal, and they have allowed my business to see tremendous growth in profit margins since starting—I haven’t seen that in the past with other marketplaces. The shipping is also convenient. I’m sending out a design today and I have comfort knowing that it’s insured, and that I’m not spending an arm and a leg on coverage and transit. It’s nice to have everything in one place.”
Another advantage of having the Diamond Marketplace powered by IDEX is that it verifies the identity of all suppliers using a Know Your Customer process and has implemented an AML program to help combat anti-money laundering. With access to over 80% of the global diamond market, Dean trusts that the tens of millions of data points that IDEX gathers throughout various diamond categories are accurate.
While the way you may use the Diamond Marketplace is likely different than Dean’s, you can watch this video to see how it works and hear more about the benefits from Osnat Davidov, managing director of IDEX USA.
Join the Movement
The Zing by Jewelers Mutual Group platform has had over 5,000 industry professionals sign on in less than a year, but it’s not too late to join, even if you don’t need to buy diamonds or make shipments.
The platform also features a Jewelry Appraisal Solution that leverages the expertise of Gemworld and JM™ Care Plan—two programs that help build revenue and customer relationships.
The recent additions of industry veterans Mark Smelzer and Shelia Bayes to the Jewelers Mutual team will lead to additional enhancements. Mr. Smelzer will be leading The Zing® Report, a custom publication focused on feel-good industry stories, and the technology from the Gem + Jewel e-commerce site initially developed by Ms. Bayes will help expand the platform in general.
Visit Zing.JewelersMutual.com to learn more about all the features available to you. While you’re there, go ahead and sign up—the platform is completely free to access and is open to everyone in the industry, even if you’re not a Jewelers Mutual policyholder.