Synchrony Financial and The Jewelry Exchange Extend Decade-Long Consumer Financing Relationship

Synchrony Financial (NYSE: SYF), a premier consumer financial services company with 80 years of retail heritage, today announced a multi-year extension of its agreement to continue providing a private label credit card financing program for The Jewelry Exchange, a direct diamond importer with 16 U.S. locations. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20150707005794/en/ Goldenwest Diamond Corporation, doing business as The Jewelry Exchange, The Jewelry Source and The Jewelry Factory, was founded in 1977 by Bill Doddridge, president and CEO. The company has 16 retail locations across the nation near major metropolitan cities, including Boston, Chicago, Los Angeles, Philadelphia, San Francisco and Seattle, as well as online at www.jewelryexchange.com. Their jewelry offerings include rings, bracelets, pendants and earrings, with in-house manufacturing of many pieces. Synchrony Financial has provided a financing program for The Jewelry Exchange to offer their customers since 2005. Holders of the private label Jewelry Exchange Credit Card issued by Synchrony Bank can use their card in-store and online, allowing them to enjoy special financing options and exclusive offers.* Synchrony Financial's third annual 2014 Major Purchase Consumer Study** found that jewelry shoppers conduct extensive research when considering purchases over $500, spending an average of 45 days gathering information prior to buying. Synchrony Bank credit cardholders surveyed confirmed the importance of the availability of financing, with 75 percent of jewelry cardholders saying they "always" seek promotional financing when making a large purchase. Nearly half of fine jewelry cardholders surveyed said they would not have made the purchase, or gone to another retailer, had financing not been available. "Our research clearly shows that jewelry shoppers place value in the availability of financing," said Glenn Marino, executive vice president and CEO of Payment Solutions, Synchrony Financial. "We're pleased to continue working with The Jewelry Exchange to provide this important option to their customers and help them increase loyalty and repeat business." "The program renewal with Synchrony Financial will allow us to expand our promotional offers and provide additional value and benefit to our customers," said Sylvia Trujillo, chief financial officer, Goldenwest Diamond Corporation. "We are excited about the renewal and extending our relationship that began over a decade ago."