A Toronto-based jewelry retailer is now allowing its customers to name their own price for the engagement rings it’s selling, IDEX Online reports.
Lovelri, which brands itself as the “transparent engagement company”, claims that rival brands have profit margins of over 50%. Lovelri now offers consumers three prices on each ring – which will, it says, mean a profit for the company of C$50, C$100 or C$150 (around $40, $80, and $120 respectively).
On its website, Lovelri writes: “Price transparency means that we share with you our true costs of making your ring along with the materials. We are able to offer these low prices because traditional diamond or moissanite companies make more than 50% margins on your engagement ring. But we give you the option to choose your own price. If you choose our lowest option, $0 goes to Lovelri – this means that you are getting your ring at cost.”
