Posted on Thursday, July 2nd, 2020 at 7:35 am by LaLonde Jewelers
Bundled Insurance Policy
I started noticing over the last few years that some companies in their advertising, started using the term, Bundling. Especially Insurance companies. If you Bundle all your insurance needs you can expect to get a better price. Then I was getting letters from banks using the Bundle word. So, I got to thinking this is nothing new, all kinds of businesses have been using this technique, they just never used the word Bundle.
For instance, Real Estate people, when selling a group of homes, say; “8 homes in a bunch for 1.5 million dollars.” There are always four or five homes that are a real deal or easy to sell and the new buyer focuses on these homes. He jumps on the deal and finds out the last three homes are the dogs and are difficult to sell. They are now stuck with these homes for a long time before he can see a profit. He just got bit by a Master of His Game.
It happens in the car business, furniture, steel, medical supply, and yes, in the diamond business.
I know I fell for this at one time. I was bundled or grouped by a Master of Their Game.
A group of diamonds was presented to me about 10 stones from medium size to large sizes. Of various shapes. Sure, enough the larger sizes were very desirable stones and would be easy to sell. So, I found it easy to focus on these particular stones. Wow, I thought I’m really gonna make some money here. Those were sold quickly. Money rolled in but not enough to cover my investment. I looked to see what was left to sell and then realized they were dogs. Undesirable shapes and odd sizes took me forever to recoup my money and really can’t remember if I made a profit after it was all said and done.
I do remember who sold them to me and labeled him as a Master of His Game and from then on, I stayed away from him. These are the people who are looking for a one-shot deal but sometimes they hit the same person more than once. Hard to believe.
So now when I hear the word Bundling, I have to believe there is something in that bundle that I just don’t need.
Written by Dan LaLonde, G.G., G.I.A.
Lalonde Jewelers & Gemologists
The Gem Expert