DECISION TO REMOVE DIAMONDS FROM RARE CARAT DUE TO LACK OF FREE MARKETPLACE
SAN FRANCISCO, CA – Recently, The Art of Jewels announced it would no longer partner with Rare Carat. This decision came after The Art of Jewels was repeatedly asked to increase the price of its diamonds on Rare Carat’s platform during months of ongoing conversations with top-level executives and employees of Rare Carat.
Initially, based on Rare Carat’s advertisement and mission statement, it appeared that The Art of Jewels’ vision and Rare Carat’s advertised vision were the same. This is not the case, and as described by a representative of The Art of Jewels, “The repeated demands of Rare Carat on The Art of Jewels to increase its prices, the heavy penalties charged due to The Art of Jewels’ refusal to participate in misleading practices, and the unreasonable fees charged by Rare Carat are contradictory to the mission statement of The Art of Jewels.”
To further explain, The Art of Jewels representative said, “To justify Rare Carat’s high retail partner fees, they were forcing retailers to increase their prices on their diamonds or be penalized. Rare Carat was penalizing retailers who reduced their retail price by charging them a larger cost per click when a diamond fell below a certain price – sometimes up to 3 or 4 times more than their basic fee. At the Art of Jewels, we strongly believe that free marketplaces cannot and should not engage in price-fixing manipulation by penalizing retailers for the price they choose to sell their products at within a marketplace. That is what’s happening at Rare Carat. The situation ultimately results in retailers charging the customer more, and that is not fair to the customer.”
For this reason, The Art of Jewels is no longer partnering with Rare Carat, as Rare Carat’s mission statement does not coincide with the practices experienced by the Art of Jewels during its time with Rare Carat.
The Art of Jewel’s goal is to deliver the best quality diamond at the best price, while providing excellent customer service. As a result, this week, The Art of Jewels is now a truly free and fair marketplace, representing lab grown diamond manufacturers and growers. In addition to the marketplace, The Art of Jewels launched, “Zuri”, an exclusive AI technology price comparison tool designed to assist customers while choosing the best deal between the marketplace and major brands.
The Art of Jewels was founded in 1990 and is headquartered in San Francisco. The Art of Jewels is the world’s largest online jeweler and marketplace for Lab Grown Diamond Growers and Natural Diamond Manufacturers with over three generations of experience offering a safe, secure, shopping and free customization experience. The Art of Jewels offers top quality diamonds at the best possible value.