Jeweler says Couples can Choose the Price of a Ring
August 09, 21
(IDEX Online) - A jewelry company in Canada claims it's offering "price transparency" by allowing customers to choose how much they pay for an engagement ring.
Lovelri says rival brands have profit margins of over 50 per cent. It offers consumers three prices on each ring - which will, it says, mean a profit for the company of C$50, C$100 or C$150.
The Toronto-based retailer brands itself as the "transparent engagement company" and specializes in man-made moissanite rather than diamonds.
Despite claiming that rivals add huge mark-ups, its price transparency policy appears to be capped at a $150 discount, regardless of the size or quality of stone.
Nonetheless, Lovelri says on its website: "Price transparency means that we share with you our true costs of making your ring along with the materials.
"We are able to offer these low prices because traditional diamond or moissanite companies make more than 50% margins on your engagement ring.
"But we give you the option to choose your own price. If you choose our lowest option, $0 goes to Lovelri - this means that you are getting your ring at cost."
Each ring has three price options. Price A: C$50 profit, which covers "general costs"; Price B: C$100 profit, which helps the business grow; and Price C: C$150, which helps expand the range.
Pic shows grab from Lovelri website