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RAPAPORT... The Jewelry Exchange extended its private label credit card financing agreement with Synchrony Financial. The Jewelry Exchange, The Jewelry Source and The Jewelry Factory are owned by Goldenwest Diamond Corporation, which operates 16 retail locations in the U.S.
Synchrony Financial has provided a financing program and private label Jewelry Exchange Credit Card to the retailer since 2005. Synchrony Financial’s third annual 2014 Major Purchase Consumer Study found that jewelry shoppers conduct extensive research when considering purchases over $500, spending an average of 45 days gathering information prior to buying. In addition, the group found that 75 percent of jewelry cardholders said they “always” seek promotional financing when making a large purchase. Nearly half of fine jewelry cardholders surveyed said they would not have made the purchase, or shopped at another retailer, had financing not been available, according to the survey. “Our research clearly shows that jewelry shoppers place value in the availability of financing,” said Glenn Marino, the executive vice president and CEO of payment solutions for Synchrony Financial. “We’re pleased to continue working with The Jewelry Exchange to provide this important option to their customers and help them increase loyalty and repeat business.” Sylvia Trujillo, the chief financial officer for Goldenwest Diamond, said, “The program renewal with Synchrony Financial will allow us to expand our promotional offers and provide additional value and benefit to our customers. We are excited about the renewal and extending our relationship that began over a decade ago.”
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