EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
Brought to you by
A Conversation with Dialog Solutions
Do you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
Brought To You By Dialog Solutions
We are excited to share our conversation with Dialog! We sat down with Dialog to learn all about their program and how it can help our retailers.
Tell us about Dialog and how the business came to be?
Our company is a third-generation diamond business and we have operated in Canada for over 40 years. I start this way to say that we have seen many economic trends in the diamond business and have a unique perspective not operating in traditional diamond centers.
We have been noticing gaps and trends in the diamond industry and among our customers for years. Many diamond retailers seemed to be divesting out of loose diamonds and diamond jewelry and filling much of their showcases with fashion jewelry and watches. As a result, we noticed that a large percentage of diamond sales came from call stones. We would get a call for the same diamond from multiple retailers in the same city and it became apparent that a customer was visiting retailers looking for a specific diamond. We thought to ourselves – did all of these retailers lose that sale because they didn’t have the merchandise available for sale when the customer walked in the door?
We felt there was a gap between what customers wanted and what retailers could provide, for a variety of good reasons. What if each of those retailers had exactly the right merchandise at the right time, when their customers needed it? We really felt we could come up with a solution that could help retailers service their customers and give them the best purchasing experience possible.
How does Dialog work?
We like to compare Dialog to Netflix or Spotify, but for diamonds and diamond jewelry. Just like with movies and music, rather than purchasing the content that you want to consume, Dialog users subscribe to our extensive inventory catalogue and use only what they need. Dialog is the world’s first diamond subscription service.
Retailers subscribe to the diamond inventory level that is appropriate for them – anywhere from $100,000 up to $5M or more – and select the diamonds that have been perfectly curated for their customer base. These diamonds are stored in the retailer’s showcases, available for sale when their customers want to make a purchase. If a diamond is sold, then a replenishment diamond is sent within 24 to 48 hours, with the idea being that the perfect merchandising mix must be available at the store at all times. When a diamond is sold to a consumer, the retailer receives a sales rebate from Dialog that is deducted from their subscription fee, sometimes even lowering the fee to zero. We have one customer that Dialog owes money to each month! Diamonds only are paid for if they are sold to a consumer.
Retailers simply pay their subscription fee and have access to millions of dollars of beautiful diamond inventory that has been extensively quality controlled by seasoned diamond experts. At the end of the term, any unsold diamonds just have to be returned back to Dialog.
What goes into the inventory selection process for each retailer?
We believe that the retailer has the greatest chance of success if it has a perfectly curated diamond inventory for their particular store, based on their customers. For multiple door retailers, this means a different merchandising mix per store, especially if the stores are located in different geographical locations.
In order to achieve this, Dialog employs full-time PhD level data scientists, computer engineers and other experts to analyze our customer needs. We provide a deep dive analysis for all of our customers to understand which product will help them maximize their sales. At the end of the day, Dialog succeeds only if the retailers succeed.
Once the retailer agrees to their inventory selection, they simply go online to the Dialog platform and select the inventory they desire. All of our diamonds are GIA certified and have 360 videos so they can be carefully viewed and selected. The retailer is free to exchange their selection for other diamonds at their will and convenience, much like a diamond library. The goal is to have the right inventory in the store so any learnings can be implemented in real time.
What are some of the ways you’ve seen Dialog’s impact on your subscribers’ businesses?
This has been the most fulfilling part of Dialog. Retailers subscribe to Dialog for a variety of reasons so we have seen different impacts.
For many independents, Dialog has provided a way for them to have an impressive diamond inventory which can help them compete with the majors in their region. This was especially true during the pandemic. We love that we can support the independents in our industry who have devoted their lifetime to their business. For some owner-managers of independents, much of their personal savings is invested in their inventory. Dialog provides them a way to take that capital out and invest it in other initiatives – such as renovating their store, expanding into other locations, using it for marketing budgets, or simply retirement!
For the chain stores, we love the impact we have as well. Rather than spending time, money and resources on multiple buying trips all around the world, procurement initiatives and QC, buyers, owners and executives can now focus their time, money and attention on providing their customers with the best purchasing experience. Dialog can take care of all the rest.
What would be your message to any retailer that wants to try Dialog but isn’t sure?
Our message is that Dialog is only a success if the retailer succeeds. Because of this, we offer a 6 month risk free trial. This means that if Dialog is simply not working, we allow the retailer to opt out of the program with all their fees refunded. We would say just try it. There is no risk, no hidden fees, no catch. We simply want to help retailers and truly believe we have found a way to do so.
Get started with Dialog at dialogvault.com!
Get started with Dialog at dialogvault.com!
More on Sourcing
The Latest
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
