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MajorsJul 07, 2015
Jewelry Exchange, Synchrony extend deal
The Jewelry Exchange will continue to offer private-label credit card financing to customers following a multi-year extension of its agreement with Synchrony Financial.
Stamford, Conn.--The Jewelry Exchange will continue to offer a private-label credit card financing program to its customers following a multi-year extension of its agreement with financial services company Synchrony Financial.
“The program renewal with Synchrony Financial will allow us to expand our promotional offers and provide additional value and benefit to our customers,” said Sylvia Trujillo, chief financial officer at Goldenwest Diamond Corp., which does business as The Jewelry Exchange as well as The Jewelry Factory and The Jewelry Source. “We are excited about the renewal.”
The Jewelry Exchange sells bridal jewelry as well as rings, bracelets, pendants and earrings. The chain has 16 locations across the country, including in major cities such as Boston, Chicago, Los Angeles, Philadelphia and Seattle, and an e-commerce-enabled website.
Synchrony first began providing The Jewelry Exchange with a financing program in 2005. Holders of the private-label Jewelry Exchange Credit Card can use it in-store and online, with access to “special financing options and exclusive offers,” Synchrony said.
According to Synchrony, its third annual Major Purchase Consumer Study, fielded in 2014, found that jewelry shoppers conduct extensive research when considering purchases of more than $500, spending an average of 45 days gathering information prior to buying.
The study also found that, of Synchrony jewelry credit card holders, 75 percent said they “always” seek promotional financing when making a large purchase. Nearly half of said they wouldn’t have made the large purchase at all, or would have gone to another retailer, had financing not been available.
“Our research clearly shows that jewelry shoppers place value in the availability of financing,” said Glenn Marino, executive vice president and CEO of payment solutions at Synchrony. “We’re pleased to continue working with The Jewelry Exchange to provide this important option to their customers and help them increase loyalty and repeat business.”
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