Farr’s philosophy is simple –
Offer high quality merchandise with knowledgeable, friendly service, at the best possible price.
Farr’s is able to achieve this by owning their own store, thus minimizing expensive overhead. Most stores have fancy, expensive stores with high mortgage or rental payments, or they are in malls with payments frequently in the hundreds of dollars per square foot! That overhead is charged to the customer by way of higher prices. Not so with Farr’s!
Why Farr’s Can Buy Diamonds at Better Prices –
An Exclusive Look at How Diamonds are Imported, Bought, and Sold
But, some will ask, “Aren’t chain stores able to buy at better prices? What if the competitor claims to have flown to Antwerp to select the diamonds themselves? Surely Farr’s can’t buy at rates as low as chain stores!”
Let’s examine the aspects of diamond buying. Nearly half of the world’s gem-quality rough diamond market (mining, sorting, and distribution) is controlled by one company – DeBeers. An arm of DeBeers – the Central Selling Organization – handles over 14 tons of rough diamonds per year and sorts these diamonds into over 5000 different category grades.
From here the rough is sold to manufacturers known as sightholders. There are usually less than 200 sightholders, and they may purchase by invitation only. The sightholders are at the top of the food chain for diamond buying. No matter who you are, or how many chain stores you have, cannot purchase better than a sightholder. Sightholders may resell the rough which they have purchased to cutters, who may in turn sell them to distributors, or retailers, or sightholders may cut the diamonds themselves and sell them directly to select retailers.
Farr’s buys most of their diamonds directly from sightholders. This means that Farr’s buys at the top of the diamond pricing food-chain. No one can buy better. Some may buy at prices equal to the deals Farr’s can get, but usually such competitors have higher overhead and therefore must charge higher prices to the consumer.
Farr’s gets the best buys and offers that savings to the consumer because of low overhead.
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