James Allen, the co-founder of the premium online jewelry company Jams & Cokes and founder of a podcast about the industry called James Allen’s Jams&Cokes podcast, has a simple message for consumers looking to save money on their precious jewelry: don’t buy it.
“There are a lot of people that think if you spend $100 on a bracelet or a necklace, that’s not worth it,” Allen told The Verge.
“There’s just a lot more going on.”
Allen explained that he is a huge fan of the $150-$250 price point for his signature bracelet, which he created for himself in the early 2000s.
He told The Guardian that the initial $100 purchase of a bracelet that he created with his brother-in-law and his wife for their son was a good deal for him.
It’s not that he thought it was cheap, he said, but the $100 mark was what he considered the best value he could find for the product.
“When you think about it, I think $100 is the gold standard for most people,” he said.
“And it’s a lot to spend.”
Allen told The Times that he does buy from the likes of Apple and designer Louis Vuitton and that his $150 purchase was one of the most expensive purchases he made.
But he also pointed out that the average consumer buys $500-600 bracelets a year, so there are likely to be a lot less expensive alternatives out there.
“A lot of these guys that say they’re saving money with this jewelry or this necklace are just spending their money, which I think is ridiculous,” Allen said.
“It’s so easy for people to spend a ton of money and not be able to get the same quality or the same design that we’re looking for.”
In a blog post last month, Allen said that the number one mistake consumers make when buying jewelry is not spending enough.
“This is one of those things that, if you think back to when you were a kid and were going to a movie, you’d be like, ‘Wow, I can’t believe that movie cost so much,'” he said in the post.
“It’s like, oh my God, we spent $100 for that movie ticket.
So what if we were spending $150 on a necklace?
Or $250 on a ring?
Or if we went to the gym and we bought $200 clothes?
What if we bought an iPod and paid $300 for it?”
Allen told Business Insider that the trend toward more expensive jewelry has only intensified over the past few years.
“People have grown used to spending more and more,” he continued.
“I think the trend has been a bit too strong, but it’s really hard to tell where that’s coming from.”