Continental Diamond – a jewelry store based in St. Louis Park – has agreed to accept bitcoin payments for those looking to add bracelets, necklaces, and any other diamond-encrusted jewelry to their collections. The company – which is headquartered in Minnesota – is the first jewelry firm to say “yes” to crypto.
Continental Diamond Is Moving Forward with Crypto
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Continental so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
Not Just a Jewelry Store
Jimmy Pesis – the co-owner and president of Continental Diamond – explained in a recent interview:
We’ve always been more than a jewelry store. Long before companies talked about customer experience, we made a point to cultivate an environment where everyone enjoyed spending their time. For years, we have had an in-store playroom for kids of shopping parents, freshly baked cookies as you walk through the door, an educational and client-focused approach, and more recently, a text-to-shop service. We are constantly innovating and creating an oasis you can’t wait to come back to. Accepting cryptocurrency seemed like a natural next step to adapt to the changing behaviors and preferences of our customers.
The jewelry enterprise was first established in 1981 and recently celebrated 40 years in business. The company offers a wide array of jewelry including engagement rings, watches, and assorted gift items. The team is composed of highly educated diamond experts and the company is widely recognized as one of the most trustworthy jewelry stores in the U.S.