As cryptocurrency continues to reach new highs, gain value and become more mainstream, fine jewelry stores and dealers are seeing sales skyrocket. With travel services not yet back to normal , consumers, especially those who have benefited in the crypto run up , are looking for other ways to treat themselves. According to Diamonds.net, “US jewelry sales rose 106% year on year in March, reflecting the impact of stimulus payments, reopening of the economy, and comparison with a weak equivalent period of last year, Mastercard SpendingPulse reports. Sales are up 30% versus March 2019." And many of the buyers are new customers.
With the increased interest in spending on fine jewelry, consumers are looking for new payment options as well. More and more businesses are seeing the value of accepting crypto and have expanded their payment options for their customers for various purchase types, including loose diamonds, engagement and wedding rings, as well as bespoke pieces.
BitPay has made it easier than ever for jewelry brands, such as Swiss Watches Inc, CRM Jewelers, and Marc Gebauer Lifestyle GmbH to ring in [pun intended] new incremental sales! An added bonus of using BitPay is that these retailers can accept BTC, BCH, ETH, DOGE, DAI, WBTC and four dollar pegged stablecoins. While jewelry sales on the BitPay platform reached an all-time high in 2020, just in the first three and a half months of 2021, we’ve already seen jewelry sales through our platform almost double last year’s entire sales! CRM Jewelers specifically saw an 88% increase in sales with crypto in 2020 vs 2019 and has already tripled their 2020 numbers this year!
Most recently, Jomashop.com, one of the largest US luxury fashion eTailer of watches and handbags signed on with BitPay to expand their payment options for their global clientele and attract new customers and sales. “Jomashop is seeing increased demand for cryptocurrency and turned to BitPay to be able to accept BTC, ETH, DAI, DOGE and more because they make it easy to handle the entire process of getting the crypto from the customer and depositing cash into our account,” said Alex Sternberg, Vice President at Jomashop. “We are now able to offer our luxury goods to affluent users who prefer to pay using cryptocurrency and serve our international customers where it’s easier and faster to pay using bitcoin and other cryptocurrencies.”
The truth of the matter is that more payment options mean more sales. Experts suggest that websites providing four or more payment methods other than credit cards have a sales conversion rate that's 12% higher than those offering just one payment option in addition to credit cards. With crypto on the rise, there’s no better time than now to start offering those additional options.
One of the largest Bitcoin processors in the world, BitPay takes one side of the transaction, which can be made on the businesses’ website, via email, or in person, on the merchant’s behalf, and converts crypto payments into the merchant’s preferred currency. BitPay offers merchants a way to accept Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), and 5 USD-pegged stablecoins (GUSD, USDC, PAX, DAI, and BUSD), without the risks associated with price volatility, as payments made in bitcoin are converted immediately to the currency of choice.
As cryptocurrency gains more popularity and becomes increasingly mainstream, the jewelry industry, as well as many others will begin to see a rise of requests from consumers looking to make their purchases using this seamless approach.