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Amazon gets into jewelry business

The company say it's selling gems and watches from its own inventory, allowing it to price the goods and offer lower prices than other retailers.

Amazon.com announced Thursday that it has launched an online jewelry store that will offer more than 75,000 items including rings, necklaces, pendants, bracelets, earrings and watches. The store features merchandise from partners such as Fortunoff, Ice.com, Kane Marie Fine Arts Gallery, Luxuria and Mondera. But Amazon also will sell products from its own inventory, allowing it to price the goods and offer them at much lower prices than other online and offline retailers, the company said. It said will back up that offer by cutting the price of the product on the site if a shopper notifies it of a lower price.

The store also offers buying guides for pearls, diamonds, precious metals and watches and a feature to let shoppers customize a diamond engagement ring by cut, clarity, color, shape and weight. Amazon is scheduled to report results for its first quarter Thursday afternoon.