The Seven Deadly Sins of Jewelry Buying by Mike Stevens.

Here are the transcrips of an interview I recently had about major mistakes made by consumers.  I will also be doing Podcasts that will get into more detail about the 7 sins .

1. Paying too much.  Not comparing apples to apples.
2. Impulse Buying.
3. Over Buying.
4. Not asking enough questions.
5. Not understanding the warranty.
6. TV Buying.
7. Vacation Purchase.

 Andrea:    Hi This is Andrea with Jewelry Talk.

 Hi,  We are here today with Mike Stevens, a thirty year jewelry professional veteran.  What would you like to discuss with our listeners today, Mike? 

Mike: 
Hi Andrea, today we’re going to talk about The Seven Deadly Sins of Jewelry Buying.

 Andrea:  Ok, so what are the seven deadly sins?

 Mike:  Well, they’re not REALLY sins, but they are definitely NOT worth committing.

 Andrea:   Ok, so name one.

 Mike: 
One of the biggest mistakes I have seen in 30 years in the jewelry business is that consumers tend to spend more money than they planned.  They don’t shop for the best price.   They go into a store and see something they like. 
 
Maybe it looks like something they had been wanting to purchase, but it costs more,  and then they buy it anyway. They don’t really consider the cost.  They just want it.  And often, they are oversold because the sales person talked them into to buying something more than they planned. 
 
Consumers need to be aware of upselling.
The salesperson will lead you to the higher end products in the store.
And this leads us to the next sin!

 Andrea:  What sin is that?

 Mike
 Impulse Buying.  If consumers would just stick to their guns and go in with a plan,  they would probably save a lot of money and a lot of headache.  Many impulse purchases end up being returned; either it wasn’t what they really wanted, OR, they just couldn’t afford it!

  Andrea:  So are they overbuying?

 Mike: 
Exactly!  Sin #3!   An example of overbuying is going into a jewelry store to buy an everyday fashion ring and coming out with a fancy cocktail ring you might wear once a year. 
 
Plus when they overbuy jewelry,  most consumers will purchase the extra warranty.  And the more expensive the jewelry, the more expensive the warranty.  Again, go in with a plan. 
 
  Andrea:  So what should consumers do to avoid this?

 Mike:  Sins 4 & 5 go hand in hand.  Ask a lot of questions about the jewelry, its quality and the warranty.  You must ask a lot of questions.  And you must understand the warranty.
And remember, the warranty generally will cover only one piece.  And make sure you know the value of the warranty.

 Most consumers don’t ask enough questions.  They don’t even know what to ask.  But they should be asking about the gold content; is it 10k or 14k?  Is it platinum?  How will it wear?  How do I clean it?  Questions like that.

Andrea:   Anything else?

Mike :
Absolutely.  Consider you are buying a colored gemstone ring.  You should always ask if the stone is natural or synthetic.  The stones will not wear the same. 
 
Ask about the gem’s durability.  For example, if you are purchasing a natural emerald ring, you need to know that the gem is brittle and can chip easily.  You certainly would not want to wear it while doing the dishes. 
 
Another good question is to ask how to care for your new jewelry.

 Andrea:  
 You said something about sins 4 & 5 go hand in hand.  What did you mean when you mentioned the warranty?

 Mike 
That is an excellent question.  Jewelry warranties vary from store to store.  Sometimes, they even vary within the store and from franchise to franchise.

Andrea:  
What do you mean?

Mike 
Well, not all sales associates will interpret the warranty the same.  And from experience, I know that some associates will say the warranty covers certain things, just to get the customer to buy it. 
 
You may not know this, but the sales associates most likely make commission on the sale of the jewelry piece AND on the sale of the warranty.

Andrea:   
So what should the consumer do?

 Mike :
Always ask questions, no matter how trivial they might seem.  And save yourself some headaches from spending extra money in the future.  If it’s available, get the warranty in WRITING!

Andrea:   
Interesting.  So far, we have covered five deadly sins.  What’s next?

 Mike :
Buying jewelry from TV, is in my opinion, one of the worst things anyone can do.

Andrea:   
Why’s that?

 Mike: 
I have worked on tens of thousands of pieces of jewelry in the past 30 years, and the majority of what I have seen purchased on TV is low quality jewelry and gemstones.
 
The piece may look nice, but the quality in general is low. 
Once again, this leads us back to sin #2, Impulse Buying.

 Andrea:  
 Impulse Buying.  Sounds like it could actually be the #1 problem.

 Mike :
Absolutely, because impulse buying actually leads us to sin # seven!

Andrea:   
Oh boy.  So Mike, what is Sin # Seven?

Mike :
Vacation Buying.  I know,  it sounds terrible.  I know everyone wants a nice souvenir from their cruise or exotic vacation.  But the truth is, you really dont know what you’re getting from a foreign country or tourist location.  Tourist locations know you’re not likely to be back. 
 
Also, other countries do not have the strict guidelines that we have in the US governing gold and jewelry.

Your precious gem might not be real, or the gold could actually have a heavy gold plating.  And of course there probably won’t be any warranty available.
 
And on the other hand, even if you are fortunate enough to get a a gorgeous genuine piece of jewelry, you most likely OVER PAID, which leads us back to sin #1, which is OVER PAYING!!!
 
One of the easiest ways to avoid these sins is to read my E-book “Jewelry Buying Secrets” which is available on the website glittersecrets.com.  This book is full of insider information that the jewelry stores don’t want you to know.
 
Also, for up to date jewelry news you can visit the Jewelry News section of glittersecrets.com
 
Well Andrea that pretty much covers the seven deadly sins, and I’d like to thank you for this interview.
 
To Learn More about the “Seven Deadly Sins” go to the podcast catagory in the Jewelry News Section.