Why People Are Willing to Pay so Much for Jewelry

When you visit your local jewelry store or see jewelry sites online, you may look at the prices and wonder why people are willing to pay so much for jewelry? After all, jewelry itself has been around for thousands of years, it is plentiful in supply, and the high demand makes you believe that the costs would be lower so jewelry stores would be more competitively priced.

However, jewelry is not like most items such as groceries, tools, toys, and the like which are mostly priced at the lower range. There are reasons why people are willing to spend a considerable amount to get what they want in terms of rings, necklaces, Bracelets and earings.

Materials

Gold, diamonds, and platinum are considered precious materials because they are quite rare and difficult to obtain. Such materials must be dug up from below the surface, something thousands of feet underground. It is the expense in finding and retrieving such materials that makes them expensive even in their raw state.

Crafted

The jewelry itself must be crafted by expert artisans which provides a unique appearance. It takes years of training for craftsmen and women to perfect their skills. Not to mention the many hours to cut, shape, and polish the jewelry to get the desired results. Plus, they must use specialized tools in their work to obtain the desired results.

Style & Status

A big factor in why people purchase jewelry is to enhance their personal style and status. Whether it is to follow the latest trends, purchasing jewelry to enhance their confidence and presentation, or just to draw attention to themselves, the style factor cannot be understated when it comes to purchasing high quality jewelry.
And quality is important when talking about status. Many people see jewelry as a status symbol. Wearing high quality jewelry means that you are successful, wealthy, and confident. The combination of personal style along with status goes together.

Durable

The precious metals used in jewelry are not only strong, but they also resist scratches, corrosion, and rust. Gold for example does not tarnish and is hypoallergenic. Diamonds are the hardest substance on earth. Plus, they are clear and will retain their beauty for generations to come. When you purchase jewelry with precious metals they will last under normal conditions for centuries.

Investment

Many see jewelry as an investment. Both in terms of their generational value as they are passed down, but also in terms of their inherent value. Gold for example is malleable, which means that it can be easily melted or molded to change its shape. Gold jewelry can be sold for a high price and kept as is or changed into new shapes. This makes jewelry a strong investment.

Understanding why people are willing to pay so much for jewelry concludes with symbolism. Jewelry is seen as a traditional way to showcase love, tradition, and importance. This means that people are willing to pay higher amounts because of what the materials costs, how they are made, the style and status it provides, and that good jewelry is quite durable and long-lasting.

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