PULL A $1 BILL out of your pocket. Maybe it’s crisp, green, with a nice picture of George on the front. I have one taped to the computer on my desk.
How many of you would give me an extra $10 to swap our dollar bills? My guess is nobody in their right mind. But what if I told you that my dollar bill is a blue label, series 1935D Wide Design Silver Certificate that resells for an average of $35? Interested?
Customers seem to think of diamonds as commodities, that the 1-carat G SI1 they’re looking at online is the same as the 1-carat G SI1 we have in our store. Hell, even we’re guilty of it. You ever look at a diamond list from your vendor and notice how the prices are slightly different? Which one are you most likely to go with? The cheaper one! It’s hard to fault customers for doing the same things we do ourselves.
Except diamonds, like dollar bills, aren’t all really the same. Did you know that a GIA Excellent cut could have a table percentage as small as 53% or as large as 62%? Or that it could be as shallow as 57.5% or as deep as 63%? What about the fact that a 1-carat triple excellent can measure between 6.3mm-6.5mm? Most importantly, can you confidently explain these factors to your client and why they matter?
To be clear, I am not advocating that we dump everything we know about diamonds on our clients, far from it. Instead, we need to ask questions our clients haven’t even thought of. We need to create value surrounding our diamonds.
It is not enough to begin and end our presentation with the stats of the diamond we’re showing and expect them to buy. That’s like asking them to give you $10 for a $1 bill. Rather, we need to articulate, clearly and confidently, the quality and value of our diamonds beyond what their grading report says.
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Here are a couple of questions you may ask during your presentation:
- Did you know that fancy shape diamonds don’t have a cut grade? That means you have to physically see the diamond in person to gauge how brilliant it is.
- Did you know that clarity grade doesn’t necessarily dictate whether those characteristics can be seen with the naked eye? I’ve seen SI2s that were eye-clean and beautiful. I’ve seen a VS2 with an eye-visible characteristic. It has to be seen in person to understand.
Last point is to emphasize what buying from you means to this client. The warranty you offer, the fact that they get to look at all of these different options and dissect these diamonds with an expert. Our expertise has value. Make sure to emphasize all of the benefits that come from working with you in particular.
