Engagement ring spending in the USA rose 9.2% in 2022 over 2021, according to the latest data from The Wedding Report, and another 2 million plus weddings are planned for 2023.
So there are going to be lots of young couples walking into jewelry stores, with that gleam in their eyes, ready to buy.
But diamonds are some of the retailing world’s most expensive inventory to stock and it’s challenging for a retailer to have all the different diamond options – color, cut, clarity and carat weight – on hand for their clientele.
Vancouver’s Dialog is trying to ease that burden with a diamond subscription service that helps independent jewellery businesses to tackle larger retailers and chains.
“We are the world’s first diamond subscription service,” says Reut Rothstein, Dialog Vice President.
With Dialog, retailers subscribe to their ideal inventory amount, anywhere from $50,000 to $5 million. Dialog’s experts and proprietary algorithms analyze sales and inventory levels to curate the exact merchandising mix for each specific retailer’s customers.
Retailers pay 1% a month of the inventory value. Dialog takes on all the inventory and capital risk, allowing retailers to use their funds elsewhere.
Ben Bridge, a premier jewelry retail brand owned by Berkshire Hathaway, is using Dialog’s Netflix-like subscription model to guarantee they have the optimum diamond inventory on their shelves, in each store, every day of the year.
“We really try to have the inventory on hand that our customers want to see. Dialog helps us always have our ideal inventory in the stores all the time, which is a wonderful service we can offer our customers,” notes Angela Hope from Ben Bridge Jewelers.
Leave a Reply