"What is your budget range?"

This is the Lei è Engagement Ring Journal.

Discover how to maximise your budget, decode the diamond industry, and ensure a smooth consultation experience.

Bespoke Consultation Series,
…what you’ll need know at each stage.

Here is the roadmap;

1. Are you looking for a gemstone or diamond?

2. What type of stone are you after?

3. What colour gemstone or diamond?

4. What cut (shape) for the stone?

5. What design style are you interested in?

6. What is your budget range?

QUESTION SIX

“What is your budget range?

We 100% appreciate the hesitancy to answer this question honestly.

We realise how it sounds and we know that it comes caked in the stench of slimeball salesman who 'just so happen to max out your budget every time…

What business isn’t going to juice you for the entire budget!?

I get it…

However, there are some important differences in this instance and a reasonable rationale for us to put up the budget guardrails.

I will admit that there needs to be a better approach to the question, asked in a less intimidating way. But as of right now, I don’t know how….

So let me take the coastal route and give you the long form reason why this question is important in guiding our bespoke journey.

1. ‘Budget’ for most purchases will establish a tier in which you should be shopping. 

These are products or services that will generally have a singular or small set of variables that are clearly defined. The key differentiating factor with engagement ring purchases is the degree to which we can move laterally or horizontally in order to serve your budget. Simply put, we can look at many different approaches to maximising your budget and expectations.

It’s about finding what is most important to you, then with all the knowledge you supplied us before the budget question, we can help develop a plan.

A quick but telling example; a 1ct diamond, same colour, same dimensions, literally the same stone except you opt for an SI1 (clarity) over a VVS1 - will be the difference in you spending $8,800 for the SI1 or $21,000 for the VVS1.

See the range in which we are operating?

And this is only for a solitaire. So now play this scenario over several stone types and design options… we have a lot to play with.

But… don’t let this vastness scare you, this is where opportunities lie.

2. Budget is actually a limitation on us, not you.

Believe me, it sounds ridiculous but let me explain. We recently had a lovely couple come through for a bespoke trilogy design, in which budget wasn’t a factor. They essentially gave us a blank cheque. Without needing to be accountable to a budget, we were a little thrown off. What we pride ourselves on and our greatest talent in the industry, was removed. Its even in our mission statement;

We need to be committed wholeheartedly to making sure the customers is able to achieve their dream ring, no matter what their limitations are.

The poignant aspect of this statement is that we will always have a limitation to work around and our goal is to outperform the expectation coming in.

We have got remarkably good at finding - what I have referred to as - ‘gemstone or diamond arbitrage’. Finding undervalued areas of the industry, often due to unjustifiable market or industry standards that have opened up massive opportunity for customers.

Another element that we are able to exploit, are design aesthetics to work in your favour, to again deliver a higher value.

So to wrap this second point up… Budget is a limitation for us to work within. It is not for you to ‘keep your expenses down’.

3. The language around budget and expense, has a subtle negative connotation. It really needs to be framed as; ‘where are we starting this process’?
   

Most people associate budget to a restriction of expense. Going on a budget to save. Needing to budget in order to pay back debt. Most uses of the word come with a sense of restriction.

You can picture it this way in this particular instance. It’s simply a zone in which we need to be sending out our search party.

Regardless of the budget guidelines, we will give you approx. 3 price point options to go with. One well below your budget, one that is bang on, and a juicer one above your preferred spend.

It’ll be a range of around 30%. So in essence, we are looking for a mid point in which we can lay out your options.

Give us this and let us go into bat for you.

This should give you a solid base to start. Equipped with this guide, you should be able to waltz on in, nice and spritely ready to field any of the queries.

These are the the basics… However, for those of you who want more, the next series will be an in-depth look at strategies and tactics to find the hidden value and decode this bizarre industry.

So, keep yourself weirdly close…