What Makes Padis Jewelry So Different: 50 Years of Owning the Inventory
Jewelers in the industry typically run their businesses by getting their diamonds and gold “on memo,” which means they’ve borrowed the jewelry often through a larger distributor. This is a safe strategy for the business because they don’t own the jewelry, and don’t have to worry about being stuck with old inventory. However, when jewelry stores operate like this, they pay more because of interest and price increases. And guess who absorbs the costs? The consumer by way of higher prices.
That’s not how we operate here at Padis Jewelry. Ever since we opened our doors 50 years ago, we’ve owned our inventory. We don’t buy it unless we know our clients will value it, and we’re able to pass the savings onto consumers with prices that are better than any other jewelry store.
Our founders, Steve and Judy Padis, have always believed that if you buy right then you can sell right. The Padis team buys right at the source, which allows us to get the first look at the highest quality diamonds, and we hand-selects each and every one that’s in our showroom. When we come across a diamond that stands out as an excellent value, we buy it. Another jewelry business might see a similar diamond they want, but they get it on memo because they don’t have the inventory dollars to keep it in their showroom.
Why Shop with a Jeweler Who Owns Their Inventory?
There are several key benefits that are passed onto consumers when a jeweler is buying right versus buying wrong. If you’re looking for an engagement ring, wedding or anniversary band, designer watch or fashion jewelry, here are 4 reasons why you should look for a jeweler like Padis Jewelry who owns the inventory:
- First pick. Because Steve Padis has been buying diamonds in such large quantities for so many years, a big perk is that he’s able to hand-select the most stunning diamonds for customers of Padis Jewelry before they go down the line to online jewelers. And that also means that most online jewelry companies are buying and selling diamonds that Steve has already passed up because they don’t meet his high standards.
- In stock. Whether you walk into our store or look at our website, you’ll see that all our inventory is in stock. That’s not the case with most chain or mom-and-pop jewelers or even the large department stores. If they don’t own it, there’s a good chance they don’t have it in stock for you to see it in person.
- Best price. Just the other day, we had a customer who was shopping for a lab-grown, four-carat cushion-cut diamond. Our price tag was was a whopping 68.5% less for essentially the same lab-grown diamond at a large jewelry store in the Bay area. Jewelers like this one own nothing. Everything’s on memo, so they’re paying too much. And so are you if you purchase your jewelry from a store that shops on memo.
- On the spot. In any of our showrooms, you can walk in, select a diamond, pick out the mount and take it with you when you walk out the door. At a large diamond retailer, you could spend $50,000 on an engagement ring and have to wait four to six weeks to get it. They don’t own the inventory, so they don’t have what you’ve selected available there to take on the spot.
