What is the right price for a ring? Does it depend on the stone? From the metal? From the brand? A research has established that the price of a ring is determined by … ♦
What is the most valuable part of a jewel, especially a diamond engagement ring? The stone? The metal used for the mount? The jeweler’s name? Wrong: what can change a lot the price is your judgment. Or, perhaps, prejudice.
This is shown by a study published time ago in Advances in Strategic Management of Anne Bowers, Associate Professor of Strategic Management at the University of Toronto. According to her, the emotions have a strong weight in the attribution of value. The idea is supported by an experiment. Anne Bowers has analyzed 15,000 rings on eBay and, later, tried to sell the same ring in three different ways. The first time presented the ring as a legacy of a divorce. The second time she said to live a happy marriage, but the ring sale was simply because she plays a manual work and can not wear. In the third announcement she offered the ring as a mere remnant of a store.
Result: in the first case the ring was evaluated on average 550 dollars, in the second case the offer is increased to 740, while for the special sales, the price has risen to 820 US dollars. In short, different ratings for the same ring. An effect that jewelers know well: “The story behind a jewel has the utmost importance,” said Bowers. Even if those who make the purchase are not aware of. “I asked why people were willing to pay a certain price, and they replied that they knew that they should not pay attention to the rest, it was just the ring that mattered.” Yet the price difference was very clear.
The ring, in a nutshell, is seen as a representation of a commitment, love test, the strength of a relationship. “Call it value or sentimental weight: is the dream that gives value to a diamond and a diamond engagement ring. It is much more than the sum of its parts, “concluded the expert. Federico Graglia