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Diamond Retailers Cutting Prices for Cyber Week

Nov 28, 2016 9:49 AM   By Rapaport News
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Retailers in the U.S. and Asia are offering deep discounts on jewelry for Cyber Week to lure early-bird holiday shoppers via their ecommerce sites.

Cyber Week, together with Black Friday, is the all-important curtain raiser to the U.S. holiday season when consumers capitalize on price cuts to make early gift purchases. Cyber Monday alone is expected to surpass $3.5 billion in desktop and mobile sales, according to data company Comscore.

Offers at Kay Jewelers, a subsidiary of Signet Jewelers, include 30 percent to 50 percent off select “gifts of love” online or in store and 50 percent off Alex and Ani products. Zales, another Signet brand, is cutting prices by up to 50 percent on over 600 items for Cyber Monday. Sister retailer Jared also offered $200 rewards for every $500 that customers spent until Sunday.

Online diamond retailer Blue Nile is attempting to attract consumers with 50 percent off fine jewelry for Cyber Monday. Helzberg Diamonds is offering a free Disney bolo bracelet with purchases of $49.99 or more and Walmart is enticing customers with diamond jewelry savings of “up to $3,000.” Other discounts include cut prices on diamond solitaire earrings at Macy’s.

The phenomenon has spread to Greater China, with Hong Kong-based Chow Sang Sang offering various price cuts for Cyber Monday.

Cyber Monday has grown in importance at the expense of the more established Black Friday, which falls the day after the U.S. Thanksgiving holiday. Cyber Monday, three days later, has morphed into Cyber Week, with some retailers beginning their online deals as early as the previous Friday as customers want to get their shopping done sooner. Ecommerce sales from desktop computers grew 19 percent to $1.97 billion on Black Friday this year, according to Comscore, while ShopperTrak figures showed visits on the same day at physical stores in the U.S. were flat.

Even so, Cyber Monday is set to beat Black Friday for web sales once again.

“We expect Cyber Monday 2016 to surpass $2.5 billion in desktop spending and $1 billion on mobile commerce to become the leading online spending day for the seventh straight year as people use down time at work to continue their holiday gift buying,” said Gian Fulgoni, chief executive officer of Comscore.
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Tags: alex and ani, black friday, Blue Nile, Chow Sang Sang, comScore, cyber monday, Cyber Week, Gian Fulgoni, Helzberg Diamonds, holiday sales, holiday season, Jared, Jewelry, Kay Jewelers, Rapaport News, retail, retailers, shoppertrak, Signet, Signet Jewelers, Thanksgiving, zales
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