Nearly 20% of sales paid for via cryptocurrency
(NEW YORK) – Since establishing his retail operations in 1980, Silicon Valley jeweler and gemologist Stephen Silver has demonstrated an uncanny adaptability to emerging technology. In an industry rocked by changing consumer behavior, Stephen Silver Fine Jewelry has seen tremendous sales growth since 2014. Mr. Silver expressed that their early embrace of cryptocurrency payment processing has led to a new area of consumer spending.
In a move led by the company’s President, Jared Silver, this early embrace of cryptocurrency has proven to be a visionary shift for their traditional luxury industry. Many of the Silvers’ clients are elite gemstone collectors and successful figures in the technology industry hailing from both Silicon Valley and around the world.
The immediacy of the cryptocurrency transactions is highly appealing to this global clientele, who can purchase important color gemstones, haute horology timepieces, and custom and estate jewelry from Stephen Silver nearly instantaneously from around the world.
Cryptocurrency processing has become an indispensable business tool for Stephen Silver Fine Jewelry, with close to 20% of sales now being paid via cryptocurrency, totaling millions of dollars at an average sale close to seven-figures. Remarking on the company’s success driven by cryptocurrency, CEO Stephen Silver stated:
“Cryptocurrency has surpassed the volume of retail credit card purchases in the company in a very short time period. We’ve created revenue that the company would not even enjoy without being able to accept cryptocurrency. The volume of cryptocurrency as a form of settlement far exceeds the volume of dollars processed by credit card. Large sums of money are where we are finding cryptocurrency to be a huge advantage.”
The Silvers view rare gemstone acquisitions as objects of portable wealth, a stable, alternative asset class that appreciates for generations. Finalizing these purchases through cryptocurrency processing allows investors to diversify their portfolio from a highly volatile asset class to a more stable tangible investment strategy. The benefits of cryptocurrency payment processing have revolutionized his business, as Jared Silver further explained:
“Private investors can take advantage of cryptocurrency to facilitate major purchases for millions of dollars from anywhere in the world, with an immediacy that cuts out third-party wire transfers and credit card processors. Along with these benefits, by transacting in cryptocurrency, investors additionally save up to 1.5% on purchases made with Bitcoin as they will not incur conversion fees. At the end of the day, everybody wins.”
Stephen Silver has become known as a leader in his field amongst the VC community thanks to his embrace of cryptocurrency and blockchain technology. “There is a potential for blockchain technology to benefit not just individual enterprises, but to revolutionize the industry and luxury consumers as a whole,” explained Stephen Silver.
About Stephen Silver
Stephen Silver is a Silicon-valley based gemologist, geologist, diamonteer, and philanthropist. As Chief Executive Officer of S. H. Silver Company, a premiere timepiece and jewelry house located in Menlo Park, California, Stephen Silver has established an international reputation amongst elite collectors for his expertise in diamond and color gemstone cutting, jewelry design, and fine timepieces, while his business acumen has earned widespread acclaim in the watch and jewelry industry. Silver founded an estate jewelry firm in Menlo Park specializing in antiques and precious stones.
Silver studied geology at the Gemological Institute of America, going on to found an estate jewelry firm in Menlo Park specializing in antiques and precious stones and gaining access to a number of history’s most important colored gems. Mr. Silver is widely recognized for his donation of the storied “Cullinan Blue Diamond Necklace” to The Smithsonian Museum of Natural History in Washington D.C. Silver has also recut and improved important color gemstones which have sold for hundreds of millions of dollars at auction or to private collectors, such as “The Pink Promise Diamond,” sold for over $32 million in 2017.
Stephen Silver has since expanded his business into a vertically integrated wholesale manufacture and retail operation of international reach, with two locations based in and around Menlo Park, California. Beyond his renown as a gemstone and jewelry expert, Stephen is also recognized in Silicon Valley for his extensive philanthropic work and community involvement, having donated millions in recent years to causes in his community and investing in emerging technologies. For more information, visit http://shsilver.com/