Connect with us

Eileen McClelland

Gemfind’s Data Mining Has Potential to Predict the Future

New subscription service available for trend forecasting.

Published

on

EVERY TIME CONSUMERS click on a piece of jewelry on a retailers’ website, they leave tantalizing clues behind about shopping trends that have the potential to predict the future.

Alex Fetanat, CEO of GemFind Digital Solutions, has found that because of the digital services the company provides, particularly website management, diamond sourcing apps and e-commerce functions, they have access to a rich source of data. The company, which connects 400 retail jewelry clients with 124 jewelry manufacturers and 60 to 70 diamond suppliers, is able to track hundreds of thousands of consumer clicks each month.

Video: Gene the Jeweler Talks About the Challenges of Family Life
Gene the Jeweler

Video: Gene the Jeweler Talks About the Challenges of Family Life

Video: Chicago Jeweler Calls on Mayor to Get Tough on Crime
Headlines

Video: Chicago Jeweler Calls on Mayor to Get Tough on Crime

Video: Gene the Jeweler Sees a Psychiatrist
Gene the Jeweler

Video: Gene the Jeweler Sees a Psychiatrist

“We generate reports based on historical searches and clicks on every website we manage,” Fetanat says.

That data can determine what’s trending and what people are searching for in terms of diamond size, cut and clarity. And because the search for a diamond engagement ring typically takes 30 to 90 days, the data can be used to predict shopping trends. It can also be focused on a specific geographic area.

Generating reports based on that consumer data is a new service that Gemfind is offering in the form of a subscription service as well as an in-depth analysis.

Fetanat says the service can be invaluable to diamond cutters and sightholders as well as retailers. “If they see what consumers are searching for and clicking on they will be able to better curate a list of what’s needed in the market rather than just randomly buying things. When you know what consumers are searching for, you can better stock inventory and grow sales through effective target marketing.”

Advertisement

For example, a semi-annual report published recently by Gemfind reveals that:

  • Forty percent of diamond searches are for VS1 and VS2 clarity. This may indicate that few consumers understand that an SI 1 or even an SI2 can be just as beautiful and brilliant as a VS diamond, indicating an opportunity for education on the retail level.
  • Most popular color search is G, followed by H and F. The predominance of the G-H color range shows that consumers understand diamond color and pricing for those colors in comparison with the DEF range, which is a function more of rarity than beauty.
  • Most popular diamond carat weight is 1 carat to 1.25 carats; .75 to 1 carat make up the majority of the remaining consumer searches.
  • Searches for round diamonds continue to dominate the market, but ovals have been increasingly popular, overtaking both cushion and princess for second place. Square cuts, representing cushion, princess and Asscher each represent about a fifth of consumer diamond searches.
  • Most consumers do not search for diamond cut grade, but of those who do search for cut the excellent cut grade predominate. Because excellent cuts are expensive and rare, consumers are unnecessarily constricting their search in this area. That indicates the consumer needs additional education on cut grade.
  • Consumers searching for loose diamonds tend to focus their search in February and March, which covers both Valentine’s Day and spring proposals.
  • Overall, consumer knowledge of GIA and other diamond grading laboratories is very limited. But those who do search for certificates understand the value a GIA certificate gives a diamond while having little to no knowledge of other labs.

To receive a trends report each quarter, visit www.gemfind.com/trends-report; for more information, call (949) 752-7710. To order a copy of the full report, visit https://info.gemfind.com/gemfind-diamond-consumer-trends-report-2019-0.

Eileen McClelland is the Managing Editor of INSTORE. She believes that every jewelry store has the power of cool within them.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular