Toronto jewelry company shows you the profit it makes on each engagement ring
Anyone with a communication studies degree can (and gladly will) tell you about how De Beers has basically been scamming the entire world into paying ridiculously high prices for diamond engagement rings since the 1930s.
First, it was the "three month salary rule" and then, in 1947, it was "diamonds are forever" — two ideas born as advertising concepts that have come to be known as rules of thumb (or ring finger, if you will).
Here's the thing though: Diamonds aren't as rare or expensive as they're marketed to be, and jewelers make a bloody mint when selling these precious gems to the nearly-betrothed. I'm talking wholesale markups of up to 350 per cent.
But the times, they are a changin', and a "radically transparent engagement ring company" based in Toronto is on the front lines of that change.
"Here at Lovelri we want to break-free of the traditional 'secretive' profit margins of the wedding industry. Transparent pricing means that customers see the actual profits we make on each ring," said a representative for the jeweler to blogTO.
"We never sacrifice quality and our expert jewelers have 40+ years of craftsmanship experience... We understand the importance of affordability — hence we introduced 'choose your own price' on all our rings. Love doesn't have to be complicated — it can be simple and transparent."
A 1 or 1.5 carat (both are the same price) moissanite "Paris" ring in platinum, for instance, would cost a purchaser $1,553 at the lowest level of pricing. At this tier, Lovelri makes a profit of just $50.
Buyers can instead choose to pay either $1,603 or $1,653, ensuring a profit of $100 or $150 for the company.
There's no difference in the quality of rings based on price, but Lovelri does note on its website that paying more "helps our small business grow." It also allows the jeweler to focus on designing more styles and products.
Everything is made in Canada and, as stated earlier, the stones are moissanite — an increasingly popular diamond dupe that is not only less expensive, but just as durable and even sparklier. This is not Cubic Zirconia and it will never get cloudy.
"Moissanites and diamonds look identical to the average eye," notes Lovelri's website. "While a perfect 2ct mined-diamond will cost you upwards of $40,000, we offer the perfect 2ct moissanite for much less!"
A 2.5 carat sparkler for less than 3 Gs, and it's ethical as well; Lovelri says the rocks are an "environmentally and socially responsible alternative to mined-diamond rings."
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