Our Signature Series vs Our International Selection: An Explanation
Traditionally we have offered stones in our inventory, as well as a couple from Australian based wholesalers only to Perth based clients, as well as a few clients we meet interstate. The stones that were listed on our website were all from overseas cutters and wholesalers - something that is done on many diamond websites.
The reasoning behind this method was that:
- The stones from overseas cutters and wholesalers would dwarf the amount of stones in our inventory.
- There was no value being added to stones in our inventory for customers buying online.
In early February we invested in three tools: The OGI Firetrace, a powerful gemmological microscope as well as The Ideal-Scope Sales System
. Along with our digital SLR, compact camera and video camera, we can now say (tongue-in-cheek of course!) that we have a diamond lab.
The main benefit of having a diamond lab is that we can now transmit proportion analysis, brilliance reports, microscopic photos, Ideal Scope images as well as videos all through the web or email - something that is popular in America, and now available in Australia.
One US merchant likens this system to the Nintendo Wii
- much like playing Wii Sports isn't quite playing the actual sport, but it's very close to it.
So, how does this equipment affect how we can sell diamonds over the internet?
Well firstly, we can analyse all our diamonds in our inventory, as well as a few others and post them on the internet. Because they have downloadable photos, videos and cut analysis for comparison with other stones, we can charge a little more, reflecting the true inventory cost of our diamonds. We've even been super creative an labeled these diamonds our "Signature Series".
Secondly, we're not getting rid of the diamonds from overseas cutters and wholesalers. Instead, we've been even more creative and labeled them our "International Selection".
So, what are the main differences between our International Selection and Signature Series, and which one should you choose?
Firstly, our International Selection have either EGL USA or GIA certificates, they are also on average about 5-10% cheaper than our Signature Series as there are no inventory costs and there may well be other sellers competing to sell the same stone. The main drawback is that buyers can only compare specifications on paper, and not with photos, videos or detailed cut analysis.
In order to get a stone under $10,000 from our International Selection into our lab, we request that you put a $150 deposit down. We will then import the diamond, which usually takes only 3-5 days, analyse it and send you the results for approval. Upon approval, you pay the balance and we will ship to you via our fully insured, overnight courier. Should you disapprove, you can select another diamond from our signature series, using the full $150 deposit toward the purchase, choose to import another diamond, forfeiting $75 of the deposit, or choose not to buy from Jogia Diamonds at all and forfeit the entire deposit.
As you can see, this system has its drawbacks, as you need to fairly committed to buying a diamond from us. However, the alternative system, which we used to use, and others still use is to ask for full upfront pre-payment and simply send the diamond, totally unseen to the customer. The costs of returns was integrated into the total price, meaning everyone paid that little bit extra. We think this system is a lot better as it discourages comparison shopping with our International Selection, and anyway, $150 is such a small commitment, especially if you like the idea of receiving Australia's most detailed cut analysis with your diamond.
Secondly, our Signature Series is more akin to a traditional retail experience. We even think it's a lot better as you can view objective analysis right from the comfort of your home or office, without pushy salespeople or lighting conditions misrepresenting the quality of the stone.
Once you've been through and selected a diamond from our signature series, you can click the "Buy Now" link and order straight there and then. Of course at times we're either busy or just plain slack and we don't update the diamonds that have been sold, which is why we ask you to call us prior to purchasing if you aren't confident in our website updating ability.
So, that's a brief overview of the changes we've made over the past month. We're still busy setting up our new office and showroom (a video is available here
) so we hope to start adding our signature series diamonds in the next few days.