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Prices range (click to enlarge)


Flexible markup (click to enlarge)

  'Ranges' and 'Margins,' you spoke, we acted

Exciting new developments in GemePrice™
April 1, 2012


In today's interconnected world, users play a significant role in shaping the road treveled by online apps. They do so by suggesting features and improvements they believe will be helpful for their needs.

For the developer feedbacks are essential, since they contribute to maintaining the apps' vitality and relevance. His or her job is to sieve through the ideas and identify those that would significantly impact the majority of users, and then implement them efficiently in a timely manner.

This is exactly how we at operate at Gemewizard®, with all our products, but particularly is respect to GemePrice™. We invest continuously in improving and suiting GemePrice™ to our growing users' needs, by communicating and engaging with our user community to obtain their comments, feedback and suggestions for improvement.

During the Tucson GJX 2012 show, a number of interesting conversations with visitors to our visitors led us, within a mere six-week period, later to introduce two new significant features to GemePrice™, which are revealed here for the first time: Price Ranges and Flexible Markups.


Price Ranges

The idea for Price Ranges came from users indicating that a price range signifying the low and high price boundaries of a gem with certain properties is sometimes a more appropriate way to display the gem's pricing information, rather than a single fixed-priced representation.

For example, consider a 2.00-ct oval-shaped eye-clean AAA-grade ruby. It may be worth $14,000 per carat, whereas a different ruby with the same properties may be worth $18,000 per carat. Using the standard GemePrice™ format, the user gets a price of $16,100 per carat - 15% higher than the low estimation and 10.5% lower than the high estimation. The single price format may sometimes pose a problem for the user, making it difficult to decide on the gem's correct price.

This idea made a lot of sense, but it simply wouldn't do to artificially construct the ranges by multiplying each price by a high and low fixed percentage. Instead, we developed a sophisticated equation to estimate the range for each price. The resultant ranges can be viewed in the "Price List" mode, where we added a new button (Figure1) to switch between fixed prices and price ranges.

The price range feature allows users to obtain the maximal and minimal price for each grade. The resultant range could be used as an tool to assist the user to judge the actual price for the gem he or she is examining.


Flexible Markups

The second development came from suggestions proposed by three appraisers that we met. These charming ladies, long-time GemePrice™ subscribers, said that they calculate prices for their valuation reports with a particular markup, which our "Red Key" and "Green Key" markup modes do not represent. They asked if we could create a custom markup mode where they could set their own markup, enabling the prices to be calculated and displayed with their selected markup

After considering their suggestion, our team planned a solution. We needed to ensure that there would be absolute clarity for the user when working with a custom markup in GemePrice™, to help avoid potential mistakes. The outcome is a new markup mode - flexible markup.

When clicking on the Key icon in the top right-hand side of the page, instead of an automatic switch between modes, a menu of three markup modes appear - Red, Yellow and Green (Figure2). While the red key returns no markup and the green key a 100% markup, as in the original software, the new yellow key offers the user the option to set and calculate the price markup according his or her preferred markup. The yellow key can receive any value - even a negative markup.

Members of the trade will be able to use the new flexible markup feature to fit their needs. Dealers may calculate their handling and shipping costs and add it to the price. Retailers can set a certain discount and display the price they offer to their customers. Appraisers, like the women who approached us in Tucson, can calculate and valuate gems easily with their custom markups.


Currently, the prices range and the flexible markup features are available only in the online version. A new updated local version will be available for download soon.

The new features are only a tip of the iceberg. The Gemewizard® team is continuing its work on more features. New surprises are planned to be revealed soon.

If you have an idea for improving one of the Gemewizard® products, please share your thoughts with us. Maybe your idea is a long-awaited solution for other subscribers.


Gemewizard team: support@gemewizard.com

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