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That Weird ‘Diamond in a Diamond’ Isn’t for Sale. It Will Go Here Instead …

Alrosa revealed the find in September.

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RUSSIA’S ALROSA DIAMOND mining company announced Thursday that the curious “diamond in a diamond” revealed on social media in early September has been added to its collection of rare finds — and is not for sale.

In early September, Alrosa surprised its Instagram followers with a video that seemed to show a tiny rough diamond moving freely in the cavity of a larger one (pictured above). The caption read, “A diamond in a diamond? We couldn’t help but share this very special find with you.”

At the time, Alrosa wasn’t quite sure what to make of the phenomenon. Nobody at the mining company had ever seen anything like it. Five weeks later, Alrosa scientists confirmed that both the host and smaller crystal were diamonds.

They named the double-diamond “Matryoshka” because its strange configuration is reminiscent of the popular Russian nesting dolls. The specimen, which weighs only 0.62 carats, was discovered in Yakutia at Alrosa’s Nyurba mining and processing division.

Matryoshka joins Alrosa’s ever-growing collection of diamond wonders. These include crystals that resemble a soccer ball, a Valentine heart, a skull and a fish.

Interestingly, some of Alrosa’s most unusually shaped diamonds have come to light at the most opportune times.

Credits: Diamond images courtesy of Alrosa Diamonds and via Alrosa/Instagram. Soccer ball image by Pumbaa80 (Self-published work by Pumbaa80) [GFDL or CC BY-SA 3.0 ], via Wikimedia Commons.

For instance, an Alrosa discovery in July of 2018 had us wondering out loud if Mother Nature was a World Cup soccer fan. Just three days prior to the Russian national soccer team’s exciting quarterfinal match against Croatia in the 2018 FIFA World Cup™, Alrosa discovered a diamond that looks amazingly like a soccer ball.

In February of 2019, Alrosa revealed a 65.7-carat rough diamond that had an uncanny resemblance to a Valentine heart.

“Diamonds of a distinctive shape that resemble some object or symbol are extremely rare in nature,” Alrosa’s deputy CEO Evgeny Agureev said at the time. “Most rough diamonds are octahedron-shaped or do not have a particular shape at all. The appearance of a heart-shaped rough diamond, especially on the eve of Valentine’s Day, seems to be a symbolic gift of nature not only to our company, but also to all loving couples.”

Credits: Diamond images courtesy of Alrosa Diamonds and via Alrosa/Instagram.

Alrosa noted that a 24-carat, skull-shaped stone was unearthed prior to Halloween in 2018.

In August of 2019, the company posted to Instagram a photo of a rough stone resembling a fish. It had been discovered back in 2002, and was revisited to help promote the firm’s ecology efforts, which include releasing hundreds of thousands of fish into the rivers near its mining operation in Yakutia.

Howard Cohen is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, hscohen60@gmail.com. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.

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Sales Truth

Why A Well-Told Proposal Story Could Help Close The Sale

It starts with getting the groom-to-be involved.

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WHY IT IS TRUE: He is in your store to purchase an engagement ring, a totally unfamiliar task for him.

PLAN OF ACTION: Ask him how he plans to propose. If this is something he has not considered, take this opportunity to share several beautiful proposal stories your clients have used. Ask him questions, get him involved, encourage him to share his plan, and help him embellish it in any way you can.

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Shane Decker

You’re Killing Your Own Sales By Talking About the Price

Romance the item and the reason they came in, and you’ll close more sales.

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DURING THE HOLIDAYS, we get into bad sales habits because the sales are so easy and customers are buying price-point items. We sell faster, we sell price and sometimes we don’t even really sell the item. Now that we’re into the new year, it’s time to get back into good selling habits.

The diamond season is about to start. Typically, it runs from April 16 through the end of September (although we sell diamonds all year, which we should). What can keep you from selling as many diamonds as you could? The price.

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Too many salespeople are afraid of the price, no matter which item they’re selling, which causes problems with closing the sale, among other things. When you try to justify the price or the client feels you are apologizing for the price, they start to believe that you think they can’t afford the item. They will feel pre-judged and leave.

Clients are coming in for you to spend their money for them; they’re paying you as a professional to do this. You do not need to decide how much they can spend. Let the client decide that (unless you’re wowing them with a $10,000 diamond while they’re waiting for a battery).

Instead of price, concentrate on selling with romance and knowledge. These two things build confidence in your product. Quality, technical information, craftsmanship, design, difficulty, brand, rarity, size, color, clarity, cut, and other factors all contribute to the value of the product.

That said, you have to understand when technical selling is appropriate, and how much to do. Some clients are not interested in this at all, so do not volunteer technical information if it’s not needed. You don’t need to impress the client, but if they have concerns or questions about technical aspects of the product, it’s up to you to answer any and all questions with authority.

Remember: The more money the item costs, the easier it is to close because the customer can afford it. The less the item costs, usually the harder it is to close. Money is just a tool the client uses to obtain what he or she wants. Always start high and go down — you limit yourself when you start low and try to work up.

Begin the sale with questions that encourage the client to tell you their story and why they’re in your store. And make it about the importance of the item. When you make it about them and the item and you learn to romance the reason they’re here, the price will become insignificant and the client will upsell themselves.

Don’t talk about yourself, and certainly don’t make the sale about price. They’ll forget how much they spend, but they’ll always remember the event and the item.

Millennials are changing the size of the starter set diamond — diamonds from 1.5-carats to 2 carats are selling like crazy all over the country. All of you should be selling big diamonds. Make 2020 the year of big diamond sales and high closing ratios in your store.

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David Geller

What You Can Learn From Insurance Companies to Make More Money in Your Shop

Charging more to every customer helps pay for damages that your store covers.

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REDOS, STONE LOSS and breakage are the bugaboos of any shop. Stuff happens, but who pays for this?

Do you think Allstate pays for a car repair when you wreck your car? No! All Allstate customers share in that repair, which is built into their premiums. We all pay.

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That’s how stone loss, breakage and redos should be paid in every store: by charging more for all repairs to cover these procedures.

Let’s talk profit-and-loss statements for a moment. As a reminder, here’s the breakdown:

  1. Sales minus cost of goods = your gross profit
  2. Expenses are paid out of your gross profit
  3. After paying your expenses, what you have left over is net profit

Let’s say you size a ring and months later the customer comes back and says, “Hey! You sized my ring I had for 12 years, and 30 days later, my 5-pointer fell out. Now take care of it!”

We’ll assume you will give her a new 5-point diamond at no charge. Your cost probably $30. Where on your P&L does the $30 cost come from? It comes out of your net profit.

The typical American jewelry store has a net profit of 5 percent. So, the “Allstate question” is, “Who’s going to pay and by how much?”

It’s simple really: Just divide the cost of this problem (the lost diamond) by your net profit percentage.

$30.00 divided by 5% (“0.05”) = $600.00

Your store will have to do an extra $600 in sales, above and beyond your goal, to have $30 left over to pay for the lost $30 diamond!

The easiest way to get this extra $600 is by charging customers an additional fee for the jeweler to check all stones, tighten any that are loose and guarantee them for one year against loss.

You charge this same fee if:

  1. All stones are loose when ring comes in.
  2. If just a few of the stones are loose.
  3. Even if none are loose, because we are still guaranteeing after we work on the ring that the stones won’t get loose or fall out in the following year.

Sounds like Allstate, doesn’t it?

Here are our current Geller Blue Book prices to check and tighten stones:

  • Up to 4 stones, no charge.
  • From 5 to 20 stones = $34
  • From 21 to 35 stones = $52
  • From 36 to 50 stones = $70
  • Each additional stone over 50 = $1 per stone

The typical store will take in an additional $18,000 to $40,000 with this extra income, whereas typical store losses in a year are less than $5,000.

Like Allstate, you’d make money on crashes. Imagine that.

Is your store in good hands?

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