Thursday, 28 February 2013

Platinum Value

The famous Platinum tension-set ring is an architectural wonder and a prestigious design.  Toddwaz Report reader responds: Hi Todd, brings back a few memories! I had several titanium tension set rings from a well known supplier in the US. ALL of them failed, the last few pieces I actually removed the stone myself just by forcing the ring down a mandrel! No tools required. One of the few negative experiences I have had with titanium. Dave.

For your typical bridal design, the unique tensile strength of platinum is not advantageous over white gold … or is it?

While many retailers and sales staff I talk to aren’t huge fans of platinum, there’s a lot of money to be made selling Platinum.  It is naturally white, hypoallergenic and its’ long-term wear properties are unmatched.  When you enthusiastically talk about how platinum develops a beautiful matte patina over it’s enormous life-span, you turn a negative into a positive and create realistic expectations. 

Most jewellery sellers are repelled by the cost of platinum.  If you can get over that, you will find that those in technical professions and those who desire “the best” are happy to pay the price.  Think of it this way: a $120,000 Corvette can do everything that a $280,000 Ferrari can do.  Is the extra level of refinement worth an extra $160,000?  For some it absolutely is.  Value is a very personal construct.  Some jewellery buyers will measure value by comparing total diamond weight to price.  Some will give the highest value to the brand they’ve seen in a magazine and obsessed upon by visiting their website over and over again.  Still others will consider the rarity of a one-off personalized custom-design as paramount.

Here’s the most important thing to understand.  Value has almost nothing to do with price.  When you key-in and sell hot-button issues like rarity, sentiment, exclusivity, durability and personalization then you can earn both a fair price and a happy client.  If you are complicit in making a jewellery purchase all about price, you’re a carpenter who boasts a tape measure, and no other tools.

If you want to learn more about selling platinum, visit the Platinum Guild website.  

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