For decades, jewelers have had enjoyed the position of being the keepers of the knowledge about diamonds and gemstones. They stood behind jewelry counters and shared little tidbits of information about jewels to shoppers. The jeweler seemed to be talking down to the shopper, making them feel as if they should be grateful to even be in the store or touch the precious gems in the display case.
This monopoly of knowledge went hand in hand with the monopoly of supply. The only way you could purchase a diamond or precious gemstone was to buy in a jewelry store. The prices were artificially high with markups of 100% to 300% of wholesale costs. The factors that differentiated stores included the ornate decorations, the fancy display cases, and elaborate storefronts. Life was simple and very profitable for the jeweler. The shopper came in, the jeweler said this is what you should buy, and the shopper paid the price because they had no other options. Can you recall any poor jewelers before the millennium change in the year 2000?
It was about this time that the most feared word in the jewelers vocabulary began to change the industry forever. That word was Internet. ...
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