Stone Grids for Enterprise Retailers

This article explains how to manage the population and approval of your pre-agreed stone costs with your suppliers via the stone grid

Summary

Using Stone Grids enables you to efficiently establish the prices of various jewelry components, which have been previously agreed upon with your supply partner. This streamlined process not only speeds up cost submission but also simplifies it, ensuring accuracy and eliminating errors.

The Stone Grid

The Stone Grid is set up to allow you the most flexibility and ease when making updates. It is important to understand that the stone grid is specific to each trading partner connection, yet we architected it so you can change pricing globally across your entire supplier network seamlessly.

The Stone Grid has two levels. First, the stone level is for setting up the high level attributes of each stone. The second level is for you to set the details of each size of stone. While the first level applies to all your supply partners, the second level can be set to all or a specific supply partner as necessary. We'll describe this process more below.

First Level - Stone

• Category - diamond, gemstone, and pearl
• Type - white, conch, and marcasite
• Cut - single, fancy, and faceted
• Shape - round, oval, and princess
• Colour - white, pink, and blue
• Grade / Clarity - I1, VS2, and VVS1
• Size Configuration - carat or mm

Second Level - Size

• Weight /Size - The range of weights/sizes, in carats or millimeters, depending on stone category
• Colour - white, red, and green
• Grade / Clarity - I1, VS2, and VVS1
• Certificate - GIA, De Beers, and GSI/GemEx
• Treatment - heated, coated, and diffusion
• Our Reference - this is loaded during sample upload for your supply partners to reference branded stones
• Calculation - per piece or per carat
• Currency - $USD, $CAD, and €EUR
• Quoted Price - the price quoted to you by your supply partner
• Approved Price - the price you approve
• Guide - this is a benchmark price you to use to when viewing and updating approved prices for all or one of your suppliers
• Guide to Approved - this is a button that allows you to quickly apply the Guide Price to the Approved Price

Grid Building Process

Creating the grid is a simple process, but it does require collaboration between you and your supply partner. Let's walk through the steps involved in building out the grid.

1. Build Grid - First, you must build the stone grid. This involves creating both the stone level and size level rows. Note, after you have created your first size level grid row, you can quickly duplicate it for fast grid building.
2. Quote Price - Once you have set up the stone grid, your supply partners can start entering their Quote Price for each size of each stone. Be sure to communicate with them through Conversations so that they know you are ready for them to add their Quote Prices.
3. Guide Price - The Guide Price gives you the ability to set a single price for a Stone Grid, and use it as a benchmark for all your suppliers. Note that you can only edit this when filtered to 'All Suppliers'. Note that the Guide Price is only for your internal reference, and is not visible to your suppliers.
4. Quote Analysis - As your suppliers begin to fill in their Quote Prices you will see the Quote Analysis section start to take life. This highlighted area will provide you with the minimum, maximum, and average Quote Prices provided by your supplier network for a given grid row. You should use this and your Guide Price as factors when making adjustments to your Approved Price either for a particular supplier or for your entire network.
5. Approved Price - The Approved Price is communicated to your suppliers as what you approve for a given grid row. You can use the Apply Guide to Approved button to quickly set the Approved Price from the Guide Price. This can be done both across your entire supply network or a single supplier with a only a click.