When it comes to jewelry stores, no store comes close to the brand name reputation and brand image that Tiffany's and Co. has built. The company has made girls across the globe swoon over their jewelry and dream of receiving the little blue box that it comes in.
The company has benefited from this "brand image" and is able to charge astronomical markups because of it. Many people walk into Tiffany's because they figure they are the best. Why settle for anything else, right?
I can't argue that Tiffany's has built a fantastic business. Looking at it strictly as a businessman I love what they have done.
But from a customers viewpoint I cringe at the thought of buying from them. When you shop at Tiffany's, you are buying a name.
The diamonds that Tiffany's carries can be found elsewhere for a fraction of the price. I'm talking 40% off.....even as high as 60-70% less if you know what to look for. It's insane how much money these guys ask for their jewelry.
And to make things worse, Tiffany's now grades all their diamonds in-house. When you buy a Tiffany's engagement ring, the grading report for the diamond is issued by Tiffany's themselves - not an independent lab or appraiser. This makes me very uncomfortable!
Tiffany's claims they are as strict as AGS or GIA(the two grading labs with the strongest reputations), however this has been reported to not be the case when diamonds from Tiffany's have been sent to GIA or AGS for examination. Obviously, they know that the higher grades the diamond receives - the more they can charge.
The jewelry at Tiffany's is beautiful. I rarely see a Tiffany's engagement ring that I don't think is stunning. However, what is even more stunning is that they get away with charging the prices they do.
There is a ton of money in the diamond industry and Tiffany's is certainly making the most of it. If you are shopping for an engagement ring, or any diamond for that matter, make sure you take the time to do a little research.
I put together a guide (available at my website) to make it easy. It goes over plenty of ways to save cash and make sure you find her dream diamond. Hopefully it helps.
Tiffany's isn't going anywhere. People will continue to pay inflated prices for their jewelry and to be truthful, many will be happy with their purchase because they don't know any better. However, I suggest you don't fall into this category! You can find far better jewelry at a fraction of the price.
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