CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
EditorsJan 30, 2014
Will Bitcoin take off with jewelers?
Though I’m still working to familiarize myself with what it is and how it works, I have noticed that Bitcoin seems to be in the news a lot more recently.
In case you haven’t had the chance to read up on it, Bitcoin is a decentralized digital currency, “digital coins that you can send over the Internet,” as the company describes it. They’re transferred from person to person over the web without going through a third party like a bank.
There are a few ways to get bitcoins, including accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account, among other ways.
The value of a Bitcoin fluctuates with the market, but as of publishing time Thursday morning, 1 Bitcoin (BTC) was worth about $824.
While it was introduced in 2009, it’s been gaining a lot more steam in the past year or so, especially as more media outlets have been giving it coverage and large retailers such as Overstock.com began accepting it.
But Bitcoin really jumped onto our radar this month when Verichannel announced that it was partnering with Coinapult, a Bitcoin payment processor, to bring Bitcoin services to jewelers.
Under the partnership, Verichannel will offer retailers and e-tailers the ability to accept Bitcoin as they would Visa or PayPal, with the digital currency being converted into dollars automatically and deposited directly into their bank accounts without ever having to deal directly with the bitcoins.
But unlike Visa or PayPal, Bitcoin payments are not reversible.
Verichannel will offer jewelers in the United States who use the service a negotiated fixed fee of $3 per transaction.
“One of the biggest problems facing retail stores is the risk of credit card reversals,” Verichannel CEO Jacques Voorhees explained in a statement when the partnership was announced. “The ‘bias’ of the card processors in favor of the consumer, while understandable, also enables too much fraud. Vendors are at risk on almost every transaction. Furthermore, with today’s ultra-thin margins, the percentage-based credit card processing fee doesn’t help.”
I reached out to Verichannel to ask them, even though it’s still the early days, what the reaction has been, and the company said that they’ve had a positive response so far.
In an email statement, Voorhees said, “In the last week I've spoken to several retailers, all of whom are ready to begin accepting Bitcoin payment processing. The reaction seems to be the same: ‘Why would I not do this?
What's the downside?’ And of course there isn't one that we can see, since the retailer receives payment in dollars.”
He noted that one retailer to whom he’d been talking had previously only been willing to sell after receipt of bank-wire and another won’t sell loose diamonds at all online, both because of credit card fraud fears, with both problems eliminated through using Bitcoin, he said.
He added, “My initial sense is that this whole issue of credit card transaction fees, and the risk of credit card reversals, is even more serious than we realized. It’s actually been stopping companies from doing certain types of business, like diamond e-tailing … Bitcoin has the potential to free the industry from this credit-card albatross. New profit opportunities are going to emerge because of this technology.”
Now that Bitcoin is available to jewelers, the question is, how many jewelers will opt to use Bitcoin? How popular it will become?
If it works similar to a bank card or PayPal and there’s no fear of a charge reversal, would it be worth it to make the switch?
I’m curious to know your thoughts, jewelers. Have you already opted in to Bitcoin? Will you be giving it a chance in or not?
He noted that one retailer to whom he’d been talking had previously only been willing to sell after receipt of bank-wire and another won’t sell loose diamonds at all online, both because of credit card fraud fears, with both problems eliminated through using Bitcoin, he said.
He added, “My initial sense is that this whole issue of credit card transaction fees, and the risk of credit card reversals, is even more serious than we realized. It’s actually been stopping companies from doing certain types of business, like diamond e-tailing … Bitcoin has the potential to free the industry from this credit-card albatross. New profit opportunities are going to emerge because of this technology.”
Now that Bitcoin is available to jewelers, the question is, how many jewelers will opt to use Bitcoin? How popular it will become?
If it works similar to a bank card or PayPal and there’s no fear of a charge reversal, would it be worth it to make the switch?
I’m curious to know your thoughts, jewelers. Have you already opted in to Bitcoin? Will you be giving it a chance in or not?
More on Editors
The Latest
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
WatchesNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
