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Price variation of a particular quality of diamond across various stores creating confusion and doubts in consumer mind. For instance, diamond of SI2 – GH quality is priced Rs. 80,000, Rs. 75,000 and Rs. 50,000 at various stores and we usually grope for a convincing answer when consumers ask the reason behind the price difference. Kindly suggest how to tackle such questions more convincingly

The pricing of a “even a perceived commodity” like two almost identical SI2-GH diamonds has many elements, depending upon the brand or the retailer who is retailing it. If you are selling at a retailer where the price is on the higher side, then the approach is to improving your own selling skills, the Reputation or the Trust of the Brand, the Quality Certification that is either in house or 3rd Party Lab Certifications, The exchange value, The Cash back policy etc. Can you make a list of the top benefits of buying from you store! Finally, customers buy from you !

 

A lower priced diamond might also claim similar benefits, but ultimately, the “Brand Value, the shopping experience and all of the above of the store at that price is equally important. Just because it is cheap, does not mean it will be sold !

 

Yet another way of proving a point is to actually buy a solitaire from a competitorwho is substantially lower, take another similar diamond from within your own stocks, and get it certified either internally and with the same external lab. It is quite likely that the differences in terms of the parameters will be quite large. This can then be used as a comparison selling to those customers who want to compare just the price !

 

It is also important that as a sales person, you learn and get trained about how the diamonds are classified and certified. Ex. Can you explain all the features of the diamond mentioned in the report? There are training institutes that have begun to train the sales staff on these aspects.