The retail industry employs millions of people and brings in trillions of dollars annually. Many companies have grown to become crypto-friendly and are now accepting cryptocurrency as a payment method – a sight nobody could have imagined would be a reality over a decade ago. As a result, cryptocurrency is now playing a significant part in the financial boom of the retail sector along with many other major industries.
As the world becomes more tech-savvy/digital, so are traditional industries, including the ever-evolving retail industry. The timeless jewellery industry is also no exception to this evolution as it finds new ways to adapt, thrive and remain relevant to the times to keep the industry financially afloat and open. Analysts at https://cryptominded.com/ mention that as technology continues to reshape the way we conduct business and finance at large, a growing number of jewellery companies are now embracing cryptocurrency payments and paving a new path and a future where digital currencies and exquisite jewellery intersect.
The Drive Behind Accepting Crypto as a Payment Method
A Digital Revolution:
Cryptocurrencies, led and dominated by Bitcoin and Ethereum, have become a disruptive force in the financial world, transforming how we use finance on a daily basis by introducing new and additional ways to acquire money and make transactions. Digital currencies are sparking such a revolution because their decentralised nature, enhanced security, and lower transaction fees have garnered attention and sparked a wave of innovation. Recognising the potential of this digital revolution, forward-thinking jewellery companies have thus started accepting cryptocurrencies as a viable and additional form of payment.
Expanding Accessibility:
One key reason jewellery companies accept crypto payments is the desire to expand accessibility to a wider customer base. By embracing digital currencies, jewellery companies can surpass geographical limitations and have a wide global customer reach. With just a few clicks, individuals can purchase their favourite pieces of jewellery, regardless of where they are located, inherently leading to a quick, easy, efficient and inclusive shopping experience.
A Secure Haven for Transactions:
Security is a crucial point of concern for both customers and businesses. Cryptocurrencies offer an added layer of security, protecting sensitive financial information from potential breaches and fraudulent activities. By accepting crypto payments, jewellery companies are instilling confidence in their customers, assuring them that their transactions are safeguarded through the cryptographic technology behind digital currencies.
A Modern Appeal:
By accepting crypto payments, jewellery companies position themselves as innovative and forward-thinking, appealing to a new breed of customers who actively engage with cryptocurrencies and appreciate the convenience and flexibility they offer. Furthermore, accepting both traditional currencies and opening up the avenue of receiving digital currency will open up more avenues for profitability, which could lead to even tremendous growth for the company.
Paving the Way for Future Trends:
Future trends in the jewellery sector are sparked by the choice of some businesses to accept cryptocurrency payments. It signals a change towards a more technologically advanced and inclusive future, where digital currencies partner with established luxury markets. The use of blockchain technology to improve supply chain transparency and ensure the authenticity and provenance of precious metals and gemstones is one further development that this convergence can make possible.
Top 7 Jewellery Brands Accepting Crypto Payments
Reeds Jewellery
Being the first fine jeweller to accept Bitcoin both online and in all 65+ retail locations across the United States, REEDS Jewellers is proud of this accomplishment. Bitcoin can be used to purchase all of their products, including fine jewellery, watches, Pandora charms, and more. Also available are certified loose diamonds. With the help of a partnership with Coinbase, the business now accepts Bitcoin payments both online and at its 64 physical stores.
Hublot
Starting with a 200-piece limited-edition run of the Big Bang Unico series, Swiss luxury watchmaker Hublot is now taking cryptocurrency as a form of payment. In order to accept cryptocurrency payments for its high-end products, the premium brand and BitPay, a digital asset provider, have teamed together.
13 digital currencies, including Bitcoin, Ethereum, meme coins like Shiba Inu and DOGE, stablecoins like USDC and DAI, and even meme coins like Shiba Inu and DOGE, can be used by customers to buy Hublot timepieces.
Customers can choose from 100 cryptocurrency wallets, including BitPay Wallet, Coinbase Wallet, Exodus, and others while purchasing through this Hublot cooperation with the BitPay partnership.
Ace Jewellers
The family-owned Ace Jewellers Group, which is based in Amsterdam, became the first luxury jewellery retailer and Authorised Dealer for luxury watch brands in Europe to start taking Bitcoin payments in 2016. The business has a partnership with BitPay, a Bitcoin payment processor that enables merchants to take Bitcoin and get paid out in their own national currencies.
Aside from Bitcoin, Ace Jewellers now accepts Ethereum and Dogecoin from clients who want to buy high-end watches and jewellery.
Baunat
BAUNAT is a digitally native brand that offers premium diamond jewellery and has a defined concept and effective business approach. Stefaan Mouradian and Steven Boelens launched the Belgian company in 2008 in Antwerp, the world’s diamond capital, and it has since developed into a well-known diamond jewellery company that operates all over the world.
The company started accepting Bitcoin as a new payment method in 2021. CEO Stefaan Mouradian stated, “Crypto is without a doubt the future of financial. As a forward-thinking business, including cryptocurrency as a form of payment to our website, makes sense. We are addressing a community worth over £2 trillion with this addition.
Steven Boelens, the executive director, also stated that “Baunat has always been an early adopter when it comes to technology, and in today’s economic climate, it’s easy to see the added value of a payment technology that’s on the verge of exploding into the mainstream market.”
Bomberg
Bomberg is a new, cutting-edge watch company with strong ties to the Swiss luxury watch market. It was established in Neuchâtel, Switzerland, in 2012 by Rick De La Croix. By producing unconventional clocks, the company Bomberg, known for its daring and avant-garde designs, entirely rewrites conventional watchmaking conventions and reinterprets the art of watchmaking.
Bomberg accepts cryptocurrencies as payment. When checking out on the Bomberg website, select “BitPay” as your form of payment. Payments can be done with Bitcoin, Ethereum, Litecoin, and other well-known cryptocurrencies straight from your digital wallet. Over 100 different cryptocurrency wallets are supported by Bomberg. The most well-liked wallets, including Exodus, Metamask, Electrum, Trust, Coinbase, and others, are supported by BitPay. Some businesses might substitute email billing for a checkout process. In certain situations, an invoice that you can use to complete your transaction will be emailed to you.
CRM Jewellers
A high-end, family-run store called CRM Jewellers is a high-end, family-run jewellery business based in Miami that focuses on selling luxury watches at a discount. Rolex, Audemars Piguet, Patek Phillipe, Richard Mille, and other premium brands are available at CRM, which is situated in Downtown Miami’s sole jewellery area.
Due to BitPay’s limited selection of coins, the business could only initially accept Bitcoin (BTC) and Bitcoin Cash (BCH). Customers may now purchase watches with a lot more popular cryptocurrencies, such as Ethereum (ETH) and Ripple (XRP), as well as stablecoins linked to the US dollar, such as GUSD, USDC, PAX, and BUSD, through a range of compatible wallets. We can also help you with a wallet-to-wallet transaction if all AML (anti-money-laundering) and KYC (know-your-customer) standards are satisfied if your nation is not on Bitpay’s list of accepted countries or if you want to pay with a stablecoin like Tether (USDT), which Bitpay does not support.
David SW
For the past 16 years, DavidSW has been engaged in the purchase and selling of genuine timepieces. They locate the most well-liked luxury watches while offering you, the buyer, substantial savings.
Similar to Bomberg Jewellery, this business also uses BitPay and accepts payments in popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others, from your digital wallet. Exodus, Metamask, Electrum, Trust, Coinbase, and more are just a few of the more than 100 cryptocurrency wallets supported.
There are numerous noteworthy reasons that justify why more businesses and industries should be open to accepting cryptocurrency as a form of payment. Apart from fluidity, versatility and adaptability to the ongoing and ever-changing market and digital trends, the facts are, in the world, we live in now, traditional currencies, like physical money, are not the only means of having and making money. As it stands, cryptocurrencies are currently making waves and revolutionising the traditional finance sector.
Businesses can access new revenue streams and achieve great growth by accepting both traditional and digital currencies. Therefore, it is important that businesses remain versatile and adaptable in order to pursue the new innovations and opportunities given by integrating cryptocurrencies into their payment processes.
By adopting and embracing digital currencies, jewellery companies are paving the path for the future and setting a precedent for other brands within the luxury market to follow suit, such an action would influence the whole sector. The future of jewellery purchasing is here, and it is greatly backed by the power and use of digital currencies as a payment option.
