Why Is An Engagement Ring So Expensive.
Engagement ring buying does not have to cost the earth. So how can you save money without compromising on the quality or over stretching yourself?
Most of the cost comes from.
- Design Cost
- Exhibition Cost
- Import / Tax
- Retail Premises / Stock / Insurance
- Retailers Profit
Insider Tips On How To Make Savings
When the time comes to look for your engagement ring, most people walk down the high street and buy what’s on offer. But do you really know where the expense goes. By reading this, we might be able to save you some of your hard earned money.
Yes, we all know that precious metal is expensive because of its rarity, the cost of mining and refining. The precious stones you choose for your engagement ring are also governed by the same cost of finding, refining and cutting.
So where does the additional cost come from and how can you save money when looking for an engagement ring?
The High Street Engagement Ring
Many high street jewellers don’t design or make their own engagement rings or jewellery anymore. With most engagement rings/jewellery now coming from jewellery manufacturers overseas. You would think this would make things cheaper for the consumer but let look at how this breaks down.
The manufacturer might have their own in house designer or they might contract this work out. From the initial sketches through to the finished design is a cost they can’t avoid. Traditional free hand jewellery design is cheaper but many manufacturers opt for new technology called CAD CAM,
they have a high outlay in purchasing and running the technology.
As most commercial jewellery is designed to hit a set price point, the designer or CAD CAM operator is able to adjust the amount of metal or stone size to achieve this.
A sample piece is then made of the finished design. All of the costs so far represent the typical process of a high street engagement ring.
So how does this piece get into the retailer?
Many of the large jewellery retailers having specialist jewellery buyers who have built their skills over many years. These buyers deal directly with the manufacturer and regularly visit the Far East, Indian or European exhibitions/factories to review their latest collections.
Key Jewellery Exhibitions
The key exhibitions that jewellery buyers attend as follows.
IJL – London – September – 3 days
Vicenzaora – Italy – January & September 5 days & 4 days
Baselworld -Switzerland – March 5 Days
Hong Kong international jewellery Show – March & September 4 days & 4 days
What Are You Pay For
Most buyers will attend some, if not all the exhibitions and stay for the full duration of the show. They have to flown, provided with hotels as well feed throughout their stay. Some of the larger companies get invited by the larger manufacturers for corporate hospitality. We all know you get nothing for nothing. All of these costs go into your engagement rings no matter how big or small it is.
Don’t forget also the cost for the manufacturers of exhibiting at these shows.
The Hong Kong show, for example has over 2000 exhibitors its one of the busiest jewellery shows for manufactures.
To exhibit at this show costs around $524.00 per sq/m, this cost can easily be run up into thousands of dollars. They then have to light, fit out, paint or build. They also have to carpet it, hire security / safe. The company staff are put up in hotels, provided with food all at your expense.
A of time, effort and money have been spent on the possible engagement ring you looking to buy so far.
The Retailer’s Costs
Hang on though, we have forgotten one element of this buying process, the retailer it self.
Think of any shop on the high street and tell me who’s going to have the highest insurance cost (behind the banks that is). Yes, the jewellery retailer. In jewellery shops in Europe you must be buzzed into the store. Customers here in the UK can walk straight in, no questions asked.
So, do you not think the insurance companies put a premium on this? of course they do. The high security cameras/security personnel. Don’t forget the stipulation that every morning and night the staff empty the windows and return it to the safe. All this is built into the cost of your engagement ring.
You cannot question how good our high street jewellers are, they offer warm and friendly staff and a vast array of jewellery to choose from. The staff are paid, trained and clothed in company uniforms. Those pure white lights that shimmer to help show off the diamonds consume a lot of electricity.
So, now you can see why buying your engagement ring from a high street jeweller can be up to 40% higher.
Let me explain how we do this.
We don’t have a buying department.
Unlike the high street we don’t hold stock, everything is custom made for you.
No we don’t have a high street shops.
We don’t have sales staff or uniforms.
Engagement Rings Savings
So, why come to Rubie Rae Bespoke Jewellers, with over 30 years designing jewellery collections for many of the leading high street retailers? Back in 2005 we went it alone, offering our customers a more personal bespoke service. Creating what the customer wants and not selling what we have in stock. We create an individual piece of jewellery from the engagement ring to redesigning an old family treasure. We offer the same high quality you expect to buy from the high street retailer. By offing a direct service, tailored to your individual needs and budget we offer fantastic savings to the customer.
The savings we offer are considerable, yet we know people still like to shop on the high street. Buying your engagement ring from the high street cost more..
For those of you, who want the individual service with no compromise on the quality. We have shown you how we can save you money, its now up to you which option you go for.
Thank you for reading and if we can help in any way please feel free, you can contact us on: