Liquid Diamond’s Pricing Co-Pilot: Optimize Inventory Turn and Maximize Margins on your Diamond Inventory

Pricing diamonds can appear to be a never-ending task, requiring constant attention to market trends, competition, and inventory updates. 

However, with the right strategy and tools, it can also be an opportunity to boost your turn and your margins and stay ahead of the curve. 

The latest version of our Pricing Co-Pilot can simplify and optimize the diamond pricing process. In this article, let us walk you through how our Pricing Co-Pilot works, its benefits, and why it’s a must-have for anyone in the diamond industry.

The Challenge of Pricing Diamonds Manually

If you have ever priced diamonds manually, one by one, you know how tedious it can be. Each stone is unique, and to achieve the highest turn and best possible margin, you have to individually assess the value of every diamond in your inventory. 

In addition to that, market conditions in the diamond industry change rapidly. To stay competitive, you need to frequently revisit your pricing strategy—reviewing your inventory over and over again. 

Our Pricing Co-Pilot aims to solve this exact challenge. 

How Liquid Diamond’s Pricing Co-Pilot Solves the Problem

The Pricing Co-Pilot was built to take the weight off your shoulders, handling much of the repetitive and time-consuming work that comes with pricing diamonds. 

The tool evaluates your diamonds by comparing them to others across various platforms, using specific criteria like carat weight, clarity, cut, and certification.

Essentially, it gives you a overview of how your diamonds stack up in the market, allowing you to adjust prices accordingly to maximise turn and margin

What Can the Pricing Co-Pilot Achieve? 

Here’s a breakdown of what the Pricing Co-Pilot can do for you:

• Real-Time Competitive Analysis: It helps you monitor competitors’ prices and positions your diamonds better. It evaluates your stones against others in the market, letting you know how they rank based on similar attributes.
  
  
• Apples-to-Apples ComparisonDefault Filter Accuracy: The tool ensures that default filters are applied accurately to market stones, enabling users to focus on relevant stones without manual adjustments.
  
  
• Demand Notifications: Market demand can shift overnight. When a sudden increase in demand for a particular stone type arises, the Pricing Co-Pilot will alert you instantly. This gives you a unique opportunity to adjust prices and capitalize on market trends quickly.
  
  
• Price Changes Visualization: It also presents price changes for repriced stones in an easily understandable format, using icons and color codes to highlight the magnitude and direction of the changes.

However, You Still Remain the Final Decision Maker

While the tool handles the heavy lifting when it comes to monitoring the competition and providing insights, you remain in control of the final decision. 

The Pricing Co-Pilot doesn’t automate pricing changes—it gives you the information and recommendations needed to make the best choices for your business. 

So, think of it as a second set of eyes, helping you navigate the intricacies of diamond pricing without feeling overwhelmed.

Check our video: Optimize Turn and Margin on Your Diamonds | Pricing Co-pilot by Liquid Diamonds

Pricing Co-Pilot: What’s in It for Diamond Retailers ?

Using the Pricing Co-Pilot brings multiple advantages to diamond retailers, such as:

• Improving Inventory Turn: By ensuring your prices stay competitive and aligned with market trends, you’re more likely to sell your stones faster. And as the old saying goes, the faster the turn, the better the profit.
  
  
• Saving Time and Effort: Reducing manual efforts, it drastically reduces the time spent on routine activities.
  
  
• Maximizing Margins: Since the tool keeps you updated on both demand surges and competitive price adjustments, you’ll be well-positioned to optimize your margins.
  
  Whether it’s nudging up a price due to a favorable market shift or lowering it to keep your stone in the game, the Pricing Co-Pilot helps you make decisions that protect your bottom line.
  
  
• Staying Competitive: The jewelry and diamond industries are fast-paced, and pricing is everything. The Pricing Co-Pilot ensures you stay in the loop, always. 

How to Get Started with the Pricing Co-Pilot

Getting started with the Pricing Co-Pilot is really simple. We have designed it to be user-friendly and intuitive, so you don’t need a lot of technical knowledge to put it to work. 

Once you’ve integrated it into your workflow, you’ll start seeing the benefits almost immediately as it analyzes your inventory, provides recommendations, and helps you stay ahead of the competition.

To learn more, try the Liquid Diamonds Pricing Co-Pilot now!