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Chicago jeweler's snow bet backfires ... but he doesn't mind

Chicago Jeweler 'Delighted' About Losing $151K

Here's something you don't hear often: A Chicago jeweler lost a bet that cost him $151,000 -- and he's 'delighted' about it.

In an effort to get shoppers into his store, Rich Bennett promised anyone who bought jewelry at his shop between Black Friday and Christmas Eve a full refund - but only if it snowed at least three inches on New Years day.

... And it did.

It snowed 3.7 inches by noon in the windy city and it kept on coming -- but Bennett isn't being a sore loser.

In fact, he says he's completely fine with it! He and his wife are reportedly throwing a champagne party for his customers to celebrate.

'To do something like this for the people we have as customers, they're awesome and if we can give something back like this to them; it's so much fun for us.'

ABC News says a total of 224 people will be getting a refund, the most expensive being an opal diamond ring for $7,700. Not a bad way to start the year.

Join the discussion

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mennis0852 January 03 2014 at 8:54 AM

If you do not want to ever lose, then don't ever bet. If you do bet you should be just as happy when you lose as when you win.
In this case this is still a win for his company, since his customers that got refunds from his bet will remember his store the next time they want jewelry. Some might even purchase some more jewelry with the money he is refunding them. And he has just gotten National advertising for his store.

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daniel.baxter January 03 2014 at 11:14 AM

That is rare these days,, A Man,, who stands behind his word alone. My hats off to you Mr. Bennett and much respect.

Happy New Years,, and may you be as blessed ten fold.

Daniel

Flag Reply +7 rate up
Kim January 03 2014 at 11:26 AM

Smart man-a winner either way-as he gets his name and the name of his store out to many more people than mere advertising.

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sutt202 January 03 2014 at 5:19 PM

My neighbor is an insurance broker and he told me that insurance companies don't insure that type of lose. And if they did you can bet the premium would be almost as much as his losses. Does it not dawn on people that he's just a good businessman. And just got more advertising with this than he could ever get by paying an ad agency the same amount. Plus.. he sounds like a happy guy.

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2 replies
bpdarling sutt202 January 03 2014 at 6:02 PM

There are insurance companies that will insure ANYTHING (I.E. Lloyd's of London)....ultimately this basically tells me that this retailer HONORS it's advertising, and I'm sure in the long run that the retailer will generate much more revenue and sales, both from the customers who were foirtunate enough to collect a refund, as well as releat business from those people, and LOTS of good PR. Obviously the "markup" in the jewelry industry is ENORMOUS........I think the retailer did a great thing, in this particular case.

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1 reply
jimmyv033 bpdarling January 03 2014 at 8:39 PM

packer fan huh ... couldnt even sell all your playoff tickets ... corportation had to buy so you could watch the game at home ... so much for all those loyal packer fans

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Brett12345 sutt202 January 03 2014 at 6:15 PM

what are you talking about. there are tons of insurance companies out there that would offer such insurance. For $150k coverage, it would probably be only $500 to $1,000. Almost every company that offers refund deals like this has insurance coverage.

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skanman205 January 03 2014 at 12:23 PM

nice story!

Flag Reply +5 rate up
rlmcanoe January 03 2014 at 12:24 PM

congrats to those who purchased something and are getting a refund, hopefully they will go back to the store that treated them so well.

Flag Reply +12 rate up
Richard January 03 2014 at 1:29 PM

I'd say that the odds were against him, given the fact that it's in Chicago! Now.....maybe here in Charlotte, it would be a safe bet.

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1 reply
Aissa2 Richard January 03 2014 at 3:12 PM

Yet, doubt in Charlotte there might be someone with his class to back up the bet by paying it! That is probably also a safe bet. North Carolina stiffs those on Unemployment, Elderly and Homeless so it is more likely also a safe bet, given the examples.

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w1ab January 03 2014 at 1:56 PM

Kudos!

Flag Reply +1 rate up
Ulrike Bauer January 03 2014 at 2:03 PM

Funny: A Jewlery bet to Politics......Now a bet is a bet whether you lose or win it's still a bet. He stood by it!

Flag Reply +3 rate up
nelle2001xx January 03 2014 at 6:28 PM

Good for Rich Bennette,Someone isa honest anyway


Nelle2001xx

Flag Reply +3 rate up
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