Interesting NYTimes article on the “Blue Nile effect”
I just read an interesting article on the effect that Blue Nile is having on mom-and-pop diamond retailers and the diamond industry as a whole. A few interesting comments from the article talked about how despite the cheaper prices, internet consumers spend nearly 2x the amount at Blue Nile than standard retailers:
" The average diamond ring bought at the Blue Nile site costs $5,500, twice the industrywide average of $2,700, according to Mr. Gassman and other analysts. Blue Nile’s finance chief, Diane Irvine, says that nearly every day, the company sells a ring costing $20,000 to $40,000."
and the markups in the business:
" That allows Blue Nile to sell its diamonds at roughly 20 percent over cost and still make money, Mr. Vadon said and analysts confirmed. By comparison, the typical jewelry store sold its rings for 48.7 percent above cost in 2005, though that is down from 51.6 percent in 2002, an annual survey by Jewelers of America found. "
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