Diamonds and other jewels often carry a high price to convey an image of high quality or uniqueness.This type of pricing is known as

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Prestige pricing is used to create a high-end image for a product and is often applied to luxury goods such as diamonds and other jewels. This pricing strategy emphasizes the quality and uniqueness of the product, which justifies the high price. Skimming pricing is a strategy in which a high price is set initially to maximize profits, but it is typically used for new and innovative products. Penetration pricing is a pricing strategy that involves setting a low price to enter a market and gain market share. Variable pricing is a pricing strategy that involves adjusting prices based on various factors such as time, location, or customer demographics.

Diamonds and Other Jewels Often Carry a High Price to Convey