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price is what you pay value is what you get warren buffet quote

How we Compare to Luxury Brands or Online Stores when Engagement Ring Shopping

Being in the custom engagement ring business, we get the question a lot on why the prices of diamonds vary so drastically from a luxury retailer to an eCommerce brand and where we fit in the whole value perspective. The truth is somewhere in the middle and depends what your standards of quality are. This reminds me of a quote from the ever so clever and wise, Mr. Buffet," Price is what you pay. Value is what you get."value diamond warren buffet  
For instance, top luxury brands (like the Tiffany's & Harry Winston's of the world) command a premium because each of the diamond that come through their doors are usually in the top 5%. Also, each piece is designed by a team of experts in collaboration with master craftsmen (not the occasional hobbyists). If you want to buy the best with all of the bells and whistles of a world renowned brand, and price is not a factor, then this could be a sound choice for quality and true luxury. The great news is that we offer all of the same, (if not more) but at a better value for true luxury. 

We define value as a commitment to our customers, master craftsmanship, innovation in manufacturing, relevancy and sophistication in design aesthetic, true unbiased guidance (based on generational experience) and last but not least, fair pricing without sacrificing quality.

As for how we stack up to eCommerce giants? In short, we can beat the quality and still match the price without sacrificing the quality of the workmanship, materials, design and we carefully screen each diamond to ensure there are no nuances or flaws beyond the 4cs.

The world of eComm is the "wild, wild, west" filled with trash and treasures. eCommerce has become so competitive and while competition may seem great for the end consumer, in the end quality is generally sacrificed. Price cuts to stay competitive generally mean costs also have to go down, which usually leads to thinner metals/flimsy poor design with less materials, the use of over graded diamonds, poor workmanship, poor service etc. This issue of lower quality and lower prices has not only impacted the jewelery industry but just think back to clothing, even hardware/tech. In eCommerce generally the lowest price wins, lower prices mean lower costs, lower costs mean less material and lower quality. 

This example can be seen in diamonds too. Have you ever noticed why the same diamond qualities say for example a 2 carat G SI1 can vary so drastically in price even though they are the same grades almost apples to apples. The huge variances in price is a direct reflection of quality; everything from milky to cloudy diamonds, to colorless diamonds that somehow exhibit a brown tint (yes it more common than you think), and inconsistent grading by leading labs such as GIA is even more confusing due to corrupt practices or loose standards overseas which makes it even harder for consumers to distinguish good from bad. The poor qualities are usually offloaded to unsuspecting buyers online (sometimes even below costs) to recoup for the parcel of rough it was purchased in. In jewelry manufacturing, economies of scale generally equates to "make more for less", thus sacrificing quality. 

We have a strict standard for screening and selecting diamonds from all categories and our diamonds are specially curated through experienced eyes and deep industry knowledge. There are so many other important nuances when choosing a diamond and what aspects matter to you specifically may be different for someone else and there is an art to optimizing what matters to you to get the best value and we'd be happy to help guide you through this process. Read more about how we look beyond the 4Cs

All of this may seem confusing at first, or even overwhelming but we've got your back! Please feel free to ask any questions and reach out to us via our chat box at the bottom right corner, call us directly at 312 624 9822 during business hours, or text us at (312) 291 1436. You may also email our team at info@theclassicgem.com or schedule a visit to our showroom in Lincoln Park. There are so many ways we are here for you and we'd be delighted to help you!

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