Articles and News
Brand News: White Pine Launches Buying Service; Survey Says Ethical Sourcing Matters; More December 17, 2014 (0 comments)
White Pine Launches New Retail Partnerships Service
New York, NY—White Pine Trading LLC, one of the world’s largest recycled diamond and jewelry companies, today announced the launch of its Retail Partnerships Service.
With offices in New York, Birmingham (UK) and Tokyo, and buyers across the United States, United Kingdom, Europe, Japan and Australia, White Pine buys recycled, polished diamonds of all sizes and grades, either loose or in second-hand diamond jewelry, from the smallest melee to diamonds one carat and above. The company also remanufactures chipped, damaged, and poorly cut diamonds to homogenize appearance. Its White Pine Jewelry Solutions division provides consulting and other services to retailers, manufacturers and wholesalers, and the industry’s asset-based lenders.
The new Retail Partnerships Service augments a retailer’s ability to buy back their clients’ unwanted items. Through the year-round program, retailers can send their customers’ jewelry directly to White Pine for valuation and potential sale. Customers who accept White Pine’s offer have the opportunity to receive payment in the form of a check or a store credit that is valued at up to 20% more than the cash price. White Pine will also host on-site buying events for qualified retailers. At these events, experts will meet with customers, evaluate their items and make instant offers for cash or the extra value in store credit.
During a recent soft launch with numerous high-end retailers, more than 50% of customers opted for store credit, thus creating incremental revenue and profit for the retailer, says the company. The increased amount under the store credit option is co-funded by White Pine, and is designed to increase retailers’ interaction with customers, which can drive store traffic and enhance sales.
“In addition to the financial benefits retailers realize from commissions and store credit sales, the Retail Partnerships Service helps preserve and maintain strong relationships with customers,” said Sam Ziefer, White Pine’s director of retail partnership development. “Our retail partners, who may not have the capital or valuation resources to purchase the jewelry on their own, can now connect a potential customer with White Pine rather than lose the lead altogether. The retailers can then earn commissions, while also gaining customer loyalty.”
White Pine also pays for all of the year-round promotional materials and special events, added Ziefer. The only requirement for retailers is that their store associates promote the program to clients, he says.
White Pine will be at Centurion Scottsdale for the first time. The firm has an extensive suite of services for retailers and sells from its huge and constantly changing inventory of branded, antique, estate, and fine jewelry. Retailers can also purchase from its extensive inventory of diamonds from around the world.
For more information, click here, email Sam Ziefer, sziefer@whitepinediamonds.com or call (954) 817-0321.
Wealthy U.S. Diamond Buyers Say Socially Responsible Brands Are Worth Premium Price
New York, NY—According to a recent survey by Forevermark and the Luxury Institute, ethical sourcing matters more to affluent consumers than price.
74% of respondents likely to purchase diamond jewelry in the next two years seek out specific jewelry brands that they know source their diamonds by a set of high ethical standards, the survey found. In addition, many are willing to pay a premium for brands that operate by a set of socially responsible business practices.
Respondents included married adults between the ages of 25 and 54 with minimum annual household income of $150,000, representing the wealthiest 9% of U.S. households. It also polled recently engaged women between the ages of 21 and 34, with a household income of at least $75,000 per year.
Nearly two-thirds of these bridal buyers prefer a brand that sources goods responsibly, a preference pronounced among women, higher-income households, buyers under the age of 45, and those who own four or more pieces of diamond jewelry.
What constitutes social responsibility? For a vast majority of wealthy consumers, the most important components are business ethics, standards and practices. Specifically this means paying fair wages and benefits to employees, as well as exceeding consumer protection and safety guidelines for all products. Among recently engaged women, 69% stress the importance of the human rights of overseas workers. Environmental awareness and corporate transparency are also key concerns. Philanthropic contributions and sponsorship of charitable events are comparatively less important to affluent consumers than responsible business practices.
Brands operating by high ethical standards stand to benefit, as 44% of married adults and 59% of recently engaged women say that they seek out a particular brand of luxury diamond jewelry that they know sources goods responsibly. Buyers of multiple diamonds are even more emphatic, with 71% of those who own at least four diamonds offering greater consideration to socially responsible brands.
Almost two-thirds of married couples (63%) and three fourths of recent brides (74%) also believe that it’s worth paying premium prices for a socially responsible brand.
Social responsibility is just another differentiation that adds value to a brand. Overall, nearly half (49%) of all high-income buyers buy branded jewelry for reasons that also include assurances of quality and accurate grading of diamonds.
Since 2006, Forevermark has operated its proprietary Pipeline Integrity Standard that tracks and traces the entire journey of a Forevermark diamond from the mine to the store, ensuring that each diamond inscribed with the microscopic Forevermark inscription comes from an approved source. It's the foundation of the Forevermark responsible sourcing promise, a set of strict business, social and environmental benchmarks which all Forevermark mines, suppliers and jewelers must meet. The brand requires that each country from which it sources diamonds demonstrates a positive and proven human rights record, a stable and acceptable political climate, and an acceptable socio-economic situation. Beyond the country-level analysis, Forevermark also assesses the actual operations of each mining company, examining management and employee welfare, safety and security, as well as benefits such as training and education.
On an annual basis, Forevermark is tested by leading third party auditors, principally Société Générale de Surveillance (SGS), the largest independent third party auditor in the world and a specialist in ethical supply chains. Additionally, the Pipeline Integrity process was written in conjunction with the highly respected British Standards Institution (BSI), which continues to endorse the process through regular reviews.
Forevermark also emphasizes environmental concerns and requires its diamonds to come from mines that operate with consideration for the environment. With water scarcity a global issue, many of the mines from which Forevermark sources diamonds actively work to reduce their water footprint, like De Beers’ South African mines that use 50% reused and recycled water to reduce freshwater footprint.
"It is an important element of the Forevermark promise that our diamonds are sourced from mines that not only comply with our strict political, financial, social and environmental requirements, but also actually benefit the communities in which they are operating," says Forevermark US President, Charles Stanley.
Philip Stein Video Explains Frequency Technology
New York, NY—The technology behind Philip Stein’s natural-frequency discs is designed to tap into the natural frequency of the earth. It is explained in a new video that shows how the brand’s products can help wearers feel more relaxed and focused. Click here to watch.