Jewelry Merchant Accounts – Precious Stones

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Last Updated on May 23, 2022 by Corepay

Are you selling jewelry online and finding it challenging to find a reliable credit card processing solution? Then, you’ve come to the right place. You will need a jewelry merchant account, or in other words, a merchant account tailored to your specific needs.

More and more customers are choosing to shop for expensive jewelry such as engagement rings, watches, earrings, and necklaces online. It is also now common for online jewelers to allow buyers to customize their ring down to every fine detail, all without going to a store.

Ten years ago, shopping online for a diamond or an engagement ring might have seemed farfetched. Now, companies such as Blue Nile are grossing over $400 million in revenue annually.

Outside of things becoming “less traditional,” marketing has never been easier with apps such as Instagram, Facebook, and Twitter. When a customer lands on a website and looks at a piece of jewelry, that website can now retarget them through retargeting marketing via social media. This strategy is one of the most popular marketing strategies currently available for online merchants.

At Corepay, we serve online and retail jewelers selling new, used, and vintage jewelry. Below is a list of items of popular jewelry we typically process:

  • Watches
  • Engagement rings
  • Necklaces
  • Earrings

Jewelry is typically labeled as high-risk by merchants and processors, especially when it’s being sold online.

Online jewelers can sometimes have lower overhead costs, resulting in an overall sales volume being processed than a traditional brick and mortar jewelry store.

Applying For Your Jewelry Payment Processing

Applying for your jewelry-related merchant account is quick and painless with Corepay. It is best to give us as much information about your business as possible when you are applying.

Our goal is to make the entire application process as quick and seamless as possible for all of our clients. Once you have applied, we will guide you through the whole process. 

Upon filling out your application, one of our trained specialists will assist you with the following steps to get your merchant account up and running.

When applying, we strongly urge you to compare our rates and services with other processors to ensure we are an excellent fit for you. 

Below is an example of what you need for your jewelry merchant account:

  • Company EIN document
  • Financial statements – both personal and business
  • Proof of operating address
  • Articles of incorporation
  • Principal’s driver’s license
  • Voided check

Why A Merchant Account For Your Jewelry Store Is High risk

Why jewelry merchant accounts are high-risk

There are a few reasons that jewelry is labeled high-risk by banks and processors.

Merchant services providers (MSPs) estimate high potential financial loss when viewing online jewelry sales for the following reasons:

  • Buyer’s remorse
  • Chargebacks
  • High-ticket transactions
  • Fraud/counterfeit items

Buyer’s Remorse

Buyer’s remorse is expected in the jewelry industry, especially with so many different options of shopping online. 

If a customer purchases an expensive item such as a diamond ring and then finds something else they like more, this could lead to buyer’s remorse and a return or even a chargeback.

In order to mitigate the chance of chargebacks through buyer’s remorse, we recommend all of our clients to have 24/7 customer service and clear guidelines and return/refund policies on their website.


Chargebacks in the jewelry industry occur frequently. Since, in most cases, customers can’t physically try on the ring prior to ordering it, this can lead to an increase in chargebacks.

If a customer decides the piece of jewelry you advertised on your website, whether it be on Etsy or even to the extent of a website like Blue Nile, they can file a chargeback.

Since most jewelry is crafted once ordered, this can also lead to a product not being up to the standards of the customer. 

If your merchant account was terminated because of high chargebacks, you could get boarded with a high-risk processor; however, you will likely pay higher fees to cover the risk.


The majority of transactions with online jewelers are high tickets. Higher tickets are typically more vulnerable to chargebacks due to buyer’s remorse. 


The jewelry industry is home to frequent fraud such as counterfeit products and money laundering. Both of these are risk factors that banks and processors keep in mind when underwriting your account.

Can You Use A Low-Risk Processing Solution?

Generally speaking, no. While choosing a low-risk solution such as Paypal or Square can be convenient, they don’t process high-risk merchants.

A quick Google search will show that many jewelry stores have terminated their merchant accounts or frozen when choosing a low-risk processor. 

If your merchant account was terminated with Paypal, you would need to wait up to 180 days to access your funds as they perform their audit. The only thing you can do during this time is answer any questions swiftly and find another processing solution as soon as possible.

At Corepay, we understand how frustrating this can be, and we are here to help. We are able to get merchants approved and processing exceptionally efficiently. 

Was Your Jewelry Merchant Account Terminated?

If you run a legitimate business and your merchant account was terminated, we are sorry to hear that. The good news is that we are confident that we can get you approved and processed swiftly.

MCC For Jewelry/Precious Stones

The MCC for jewelry and precious stones is 5094

Corepay Jewelry Payment Processing

Are you looking to boost your revenue for your jewelry business? You’ve come to the right place for your processing. Many jewelers currently use our payment processing to increase their revenue while at the same time fighting chargebacks.

At Corepay, we genuinely care about all of our merchants and want them to succeed. In efforts to maintain 100% transparency, we waive all annual fees, application fees, and set up fees. 

We are proud to offer the following for our precious stones/jewelry payment processing:

  • Competitive pricing
  • Swift approvals – 24-72 hours on average
  • High-volume processing through our payment gateway, Solidgate
  • Ability to plug into all major payment gateways seamlessly
  • Multiple currency processing
  • PCI-level 1 secure payment gateway
  • Ability to accept mobile payments
  • 24/7 customer service
  • Waived annual fees
  • Waived set up and application fees

Online Jewelry Industry

Largest Online Jewelers

With the help of social media/technology, online jewelry stores are becoming more and more common. 

The global online jewelry market was valued at 21.5 billion in 2020 and is projected to reach 60 billion by 2027. 

Below is a list of 10 of the current biggest online jewelry stores:

  1. Blue Nile
  2. James Allen
  3. Ross-Simons
  4. SuperJewelerExclusive
  5. Ice Rings
  6. Helzberg Diamonds
  7. World JewelsA
  9. Miral
  10. Bauble Bar

All of these stores are highly profitable online jewelers that understand what it takes to grow an online business

Wrapping Up

Thank you for considering us for your jewelry payment processing. Whether you’re selling diamonds, gold, silver, etc., we are confident we can assist and help grow your business to the next level. 

Fill out an application below and find out what Corepay can do for you.

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