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Citi Retail Services Study Reveals Jewelry Consumers’ Desire for Brick-And-Mortar Shopping and Financing Solutions

Physical retail ‘still shines bright,’ according to the findings.

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(PRESS RELEASE) CHICAGO/NEW YORK – Citi Retail Services (CRS) released the results of a nationwide study of 1,000 U.S. adults revealing that despite the prevalence of online jewelry purchasing options, shoppers still prefer to purchase jewelry in-store. Among those consumers who have purchased jewelry, over two-thirds (68%) have purchased most or all of their jewelry in-store, compared to just 12% online, showing that within this industry, brick-and-mortar still shines bright.

While online purchasing offers convenience, nearly half (44%) of shoppers surveyed prefer the physical experience of being able to inspect and try on their jewelry in-person before buying.  And in turn, they’re spending more in-store. The survey found that 40% of consumers have bought a piece that cost at least $1,000 with the most expensive piece of jewelry averaging $2,269 — more than double the $1,099 average for online.

The survey also highlighted consumers’ preferences for financing options. Twenty-eight percent of those surveyed said they would be most likely to use financing options over other jewelry services. Consumer appetite for cross-brand financing solutions is also very strong, with more than two-thirds (69%) indicating they would be more likely to use a financing solution that could be utilized across multiple jewelry retailers, if they were to finance a jewelry purchase. Further, consumers indicated that they would be most likely to finance a jewelry purchase for the following milestones: anniversary (43%), wedding (34%), engagement (34%), graduation (15%) and a new baby (12%).

“As jewelry is such a personal item, buying in-store largely provides consumers with the confidence that comes after physically viewing and handling a product,” said Leslie McNamara, Chief Marketing Officer and Head of Workforce Development at Citi Retail Services. “Also, consumers indicated the value they derive from interacting with employees while shopping, which is an ideal opportunity for retailers to discuss financing options, which over a quarter of consumers are likely to use.”

Other key survey findings include:

A Gem for You, A Gem for Me

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While jewelry is still seen as an archetypal gift for loved ones, half (50%) of jewelry-purchasers – and 57% of millennials – have bought most or all of their jewelry for themselves, as opposed to receiving it as a gift.

However, gifting still carries a special significance – 58% of jewelry-owners obtained their favorite piece of jewelry as a gift, either from a partner, family member, or close friend.

Sparkle and Shine

In addition to financing options, 28% of consumers indicated a strong preference for additional jewelry services, including complimentary cleaning, such as polishing and removing signs of wear (49%), styling assistance (16%) and leasing or rental programs, such as borrowing for a short period of time (6%).

Online Bling

When it comes to buying jewelry online, consumers expressed that their hesitation has resulted from having experienced the following: jewelry looked different than expected (27%), not the correct size (19%), and jewelry didn’t arrive in time, such as for a birthday or holiday (14%).

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“Retailers with an online presence would be wise to ensure that they have detailed descriptions and photos of their product offerings and are providing the option for expedited shipping so that consumers have higher confidence in making these purchases,” said McNamara.

Citi Retail Services is a leading payments provider to many of the most notable brands in retail. With a diverse footprint spanning across sectors, including big box, apparel, electronics, industrial, powersports and more, CRS is shaping the industry and helping to drive major transformations across the retail space. Informed by data and insights, Citi Retail Services offers partners expert tools and solutions to build customer loyalty, increase profitability and drive business growth. There are more than 9,000 dedicated CRS employees strategically located across the U.S. Citi Retail Services is backed by the global capital, strategic insights and leadership of Citi (NYSE: C).

Additional information may be found at www.citiretailservices.com/jewelry.

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Diamond Empowerment Fund Now Doing Business As Diamonds Do Good

The change will be celebrated at DDG’s signature event June 1 in Las Vegas.

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(PRESS RELEASE) NEW YORK – Seizing on the simplicity, significance and resonance of its “Diamonds Do Good” tagline, the Diamond Empowerment Fund announced that it will evolve its business name to Diamonds Do Good. In keeping with the change, the non-profit organization has reimagined its logo and will be doing the same to its signature Las Vegas event held on the eve of the opening of the JCK Show.

Inspired by Nelson Mandela in 2007, over the past 12+ years the Diamond Empowerment Fund’s mission has supported programs that develop and empower people in diamond communities around the world. In recent years, its mission expanded to exemplify and tell the stories of the good that natural diamonds do for people in the communities where they’re mined, cut, polished, and sold. Those stories have resonated with consumers and the trade alike: consumers have a better image of the natural diamond industry, and are more interested in purchasing a natural diamond after reading the ‘do good’ stories hosted on diamondsdogood.com. Likewise, members of the industry now identify their own sustainability programs under the ‘do good’ banner and use #diamondsdogood in their social media outreach, further building on the message and ensuring that diamonds continue to be a source of sustained economic development around the world.

Having created and trademarked the Diamonds Do Good name in 2014, the organization will now identify itself under this moniker moving forward, and has rebranded itself with a fresh, new look to mark this evolution. It will be celebrated at DDG’s signature event June 1 in Las Vegas, as a reimagined evening and experience that draws the industry’s top global leaders.

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Bangkok Gems & Jewelry Fair to Be back in February 2020

Respond by February 14th, 2019 to get special free privilege for Trade Missions.

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(PRESS RELEASE) Apart from showcasing extravagant collections of jewelry and offering an international trading platform twice a year, the Bangkok Gems & Jewelry Fair has become a place where trust is established, and where business partners have turned into friends from long years of trading.

With quality products from manufacturers, traders and designers, lasting relations could be enhanced at the 65th edition of the Bangkok Gems and Jewelry Fair from February 25 to 29, 2020 in Bangkok, Thailand.

For the pre-registration form, click here. Email the form back at ttclausa@att.net or FAX: 323 466 1559.

Respond by February 14th, 2019 to get special free privilege for Trade Missions.

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Jewelers Mutual Donates $500,000 to Three Organizations in Charitable Campaign for 2019

The amounts donated to these organizations were based on votes by the company’s personal jewelry policyholders.

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(PRESS RELEASE) NEENAH, WI — In honor of Giving Tuesday, Jewelers Mutual Group announced the culmination of its charitable campaign for 2019, resulting in $500,000 in donations to three deserving organizations. Funds were distributed this week to Feeding America, the Kids In Need Foundation and Special Olympics. The amounts donated to these organizations were based on votes by the company’s personal jewelry policyholders.

“It is important to have our policyholders be a part of our give back efforts because we share a mutual passion to help others in need. By encouraging them to vote, they made their voices heard, and were able to support the causes they are passionate about,” said Scott Murphy, Jewelers Mutual president and CEO. “Together, we really can do more, and we’re thrilled with the interest, engagement and the results this campaign has received both locally and on a national level.”

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More than 40,000 votes were made by Jewelers Mutual policyholders during the five-month voting period. Based on policyholder votes, Feeding America received $178,300, Kids In Need Foundation received $169,500, and Special Olympics received $147,200. Donations will also be made to Canadian organizations with similar missions.

How policyholders’ votes and corresponding Jewelers Mutual donations impacted the three organizations:

  • Feeding America
    The donation of $178,300 helps provide at least 1,783,000 meals.*
  • Kids In Need Foundation
    The donation of $169,395 supplies over 820 classrooms and 21,000 under-served students with supplies and resources. Additionally, Jewelers Mutual became the first national sponsor of GiftATeacher.org, a program which funds and provides enough school supplies to supply an entire classroom for a full semester.
  • Special Olympics
    The donation of $147,200 by Jewelers Mutual helped train approximately 2,450 Special Olympics athletes and provide a significant and life changing impact for individuals with intellectual disabilities.

Jewelers Mutual encourages and supports its employees to be socially responsible and involved in their community. In addition to the dollars being donated, employees volunteered their time to assist all three organizations in 2019– sorting meals and stocking food for Feeding America Eastern Wisconsin, a member of the Feeding America network; taking part in the Polar Plunge for Special Olympics; and, packing and distributing 2,000 backpacks for the Kids In Need Foundation.

Jewelers Mutual looks forward to continuing its philanthropic pursuits in 2020 to support charitable organizations important to its employees and policyholders. For more information on how Jewelers Mutual gives back, visit JewelersMutual.com/social-responsibility and check out this video and infographic highlighting the past year.

*$1 helps provide at least 10 meals secured by Feeding America on behalf of local member food banks.

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