This Tuesday afternoon I strolled into the Zales jewelry store at one of the more expensive brand-name fashion malls in Las Vegas, Nevada. I looked at a 3-stone Zale's diamond ring, which boasts the company's house brand's customary 82 facets.

Apparently, I was deemed a serious prospect, as the sales girl immediately handed me over to a more senior diamond expert to provide the obligatory explanations. "Zales is offering today an enormous Anniversary Discount - because Zales itself is celebrating [so-and-so many] years," said the senior sales lady enthusiastically, citing a double-digit discount figure. "And, Sir, [what was your name, you said? I hadn't said], if you open up a Zales Account with us today, we'll immediately give you a further 5% (or was it 10%?) and you can spread your payments over a full year, with no interest charges!" Wow! What a discount!

The point is, however, I had not even asked for a price yet. I wanted to see the diamond ring. What was this devoted Zales lady selling, I thought, a ring or a discount?

Changing the subject away from the discounts to the ring, I asked for carat weights and the grading certificate. That took some time. After opening a few nicely stringed certificates, the right one was eventually found.

I immediately recognized the familiar IGI logo on the laminated form. Then I took a second look. The bold letter-type heading read: "International Gemological Information." Information, not Institute. In smaller letter, however, the second line read reassuringly: "A subsidiary of the International Gemological Institute." What the nice lady had shown was an appraisal report.

She argued that the appraisal contained all the gemological characteristics, and it even included the recommended retail price [she referred to the insurance replacement value] of some $4,700, but, of course, I was going to get the ring for only a fraction of that amount.

I insisted on seeing a grading certificate, as "I like to see where exactly the inclusions are located in the stones," I reiterated. After going through some more papers she showed me a Gemprint, saying that this would give me the additional information. It didn't.

The nice sales lady utterly failed to comprehend why, somehow, I wasn't going to buy the ring based on discount, additional discount, a full year of payments, appraisal and Gemprint. Maybe there are customers whom wouldn't buy otherwise. But, surely, some customers are looking for quality and want a nice piece of jewelry and simply pay for them. This sales lady would probably never "discover" such a client - even if he should be right in front of her.

The next morning, a USA Today headline announced that "Wal-Mart is now the Number One Seller of Specialties such as Jewelry, Groceries." The article disclosed that Wal-Mart's "jewelry and watch sales topped $2.3 billion last year, pulling ahead of former industry leader Zales, which posted $2.1 billion." Wal-Mart has added a brand-name called Keepsake diamonds, with bridal sets, necklaces and rings retailing from $199…. (Imagine, an engagement or wedding ring with a diamond content of barely $40 at polished wholesale prices.)

The newspaper called Zales a "former industry leader." The word "former" continues to trouble me - when I reflect on the large number of well-known erstwhile U.S. discount stores which have discounted themselves out of a business altogether.