Sharing Economy

      My idea for a shared economy would be for jewelry shops to rent out jewelry. A lot of times, people have a special event they need to go to but don’t want to spend a lot of money on dressing up for the event. A big portion of that money is spent on jewelry that most likely won’t be worn on a daily basis. The idea is that jewelry shops would rent out pieces of jewelry for a short period of time with a contract to make sure nothing gets damaged or replaced for a fake. This is a possible issue that the business would run into so it might help to look at the person’s background and their credit score to see how reliable they are in being responsible for the jewelry and if they will pay the renting fee. The person who is renting out the jewelry could also give a piece of their jewelry to the shop as a kind of insurance and the shop can possibly rent out that piece as well and a majority of the money made would go to the owner of the jewelry. This way, the renter is paying less for jewelry for their one-time event, and could also make money off of their own jewelry. Also, the jewelry shop would be making money off of the pieces they rent and the “middleman” commissions from other people’s jewelry they rent out. I would be interested in this because it’s common to have events every once in a while that people don’t want to blow their paycheck on so this is a possible solution that could greatly reduce the cost of jewelry.

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