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FIGURE 1: GemePrice 3.0 provides accurate online pricing for colorless diamonds, as well as fancy colored diamonds and colored gemstones.


FIGURE 2: The Pricing Station enables jewelers to price items of jewelry according to the components from which they are comprised.

  HERE AT LAST, A COMPLETE GEM PRICING SYSTEM

GemePrice 3.0 is a dynamic pricing system for colorless diamonds, colored diamonds and colored gemstones. It can be operated by computer or smartphone and includes a module that allows a jeweler to price separately all components in an item of jewelry.
October 14, 2012


We at Gemewizard had been challenged with a similar question ever since we added a fancy-colored diamond pricing module to our already popular colored gemstones pricing system, GemePrice™, in November 2011. It came from both subscribers and other interested members of the trade, and was posed repeatedly via email, at our trade booth, during our presentations at conferences, and also in casual conversation.

The question was always the same: "When would GemePrice include a dynamic pricing module for all diamonds?"

We took it as a vote of confidence, because it always was an issue of "when," and not of "if." Nobody queried our intent or ability, but rather assumed that it was just a matter of time. Well now, almost a year on down the road, we can provide a definitive answer. The time has FINALLY arrived, and it is NOW.

Several days ago, Gemewizard announced the launch of GemePrice 3.0™. It not only includes a dynamic pricing system for all diamonds (meaning fancy-colored diamonds and also colorless diamonds), and colored gemstones, but it also comes with a one-stop pricing station for jewelry, meaning that it is possible to put a price to every component in an item of jewelry.

Massive and transparent data source

Our timing for the release of diamond pricing module had little to do with our technical ability to pull off such a feat, but rather our insistence that the data upon which our system would depend on be absolutely transparent and of massive volume. Consequently, GemePrice 3.0 became a reality with the signing of a strategic agreement with IDEX Online, which provided us access to IDEX Online's diamond pricing data and vast online inventory.

The combined inventories of diamonds, fancy colored diamonds and colored gemstones in the Gemewizard and IDEX Online databases includes more than a half a million stones, being offered for sale online at any particular time. They have a current total value of more than $4 billion, $200 million, and $100 million respectively.

They say that strength lies in numbers, and in this case it is an accurate observation. The vast database enables us to create a dynamic pricing system for all types of gems, where a change in any of the gems' parameters - gem type, shape, particular color, color grade, clarity grade, cut grades, fluorescence and treatments - affects the price relative to the other parameters defined.

Prices are updated once a week for diamonds and every four weeks for fancy colored diamonds and gemstones, after thorough statistical analysis using advanced algorithms to ensure data integrity. There is no human intervention in the process, but we do later check the veracity of the prices by consulting with a panel of industry-renowned experts. We also check them using real-time commercial data obtained from the Gemewizard and IDEX Online trading networks.

Pricing jewelry, component by component

With GemePrice 3.0, which like its predecessors includes Price Search, Price List and Price Calculator modes, we decided to go a step further, with a specific focus on the jewelry sector, and jewelry retailers in particular. Our goal was to provide them with an application that would be useful in managing their everyday business. Thus was created the Pricing Station module.

This all-in-one feature enables users to obtain the individual current cost-price of each and every component of which a jewelry item is composed. This means the centerpiece gem, as well as each of the additional gems used in the jewelry, and the type of precious metal, etc. In such a way they can obtain a total cost of the components in an item of jewelry (See Figure 2).

It is important to point out that this is not an appraisal service. In such a case one would also need to consider a variety of other marketing and economic factors.

But for the retailer the Pricing Station is an invaluable tool, for it provides accurate guidelines when setting a selling price. The jeweler or retailer can add individual markups to each component, and then send a price report to customers via email directly from the system.

Anytime and anywhere

The functionality of any informational business tool is greatly enhanced when it is able to do its job whenever and wherever its users need it. With GemePrice 3.0, we made a special effort to enable to achieve just that.

Users can now download GemePrice 3.0 apps onto their smartphones (both iPhone and for Android-based) and thus have all the pricing information at their fingertips, literally, anytime and anywhere. This capability is enhanced because it operates in multiple languages and multiple local currencies. It's really a case of travel the world and do business.

No extra cost

With all the new major features and capabilities of GemePrice 3.0, including the colorless diamonds pricing module, the one-stop Pricing Station for jewelry and the Smartphone applications, one may expect that the subscription fees would have increased.

But no! The annual subscription fee for GemePrice 3.0 has remained the same, at $300 per year for the full application and $240 for the gemstones-only module.

Current colored diamonds and gemstones subscribers of the full application GemePrice will be able to upgrade to the comprehensive GemePrice 3.0 system at no additional charge. Subscribers currently using the gemstone-only package will be able to upgrade to the full package for an additional $60.

Interested in learning more? CLICK HERE.

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