(Editor’s note: Bill Bing is formerly the founder of Durham startup Loyalese and Square 1 Ventures and currently co-founder of DAS Communications. In this story, as part of the news partnership between WRAL TechWire and ExitEvent, he points out that technology and innovation is how a jeweler must differentiate itself and evolve to meet the needs of customers.)

WILMINGTON, N.C. – Rarely, What does a jewelry company have to do with Bitcoin? If you think about the industry—a store in the early days looks the same as it does today. Precious metals and gems, display cases and a person to assist you in selecting an item.

Technology and innovation is how a jeweler must differentiate itself, and evolve to meet the needs of customers.

Executives at Wilmington-based REEDS Jewelers Bradley Zimmer and Mitch Kahn gave us a handful of examples of this in practice, and with context over time. It all helps to explain why in June it became the first fine jeweler in the country to accept Bitcoin as payment.

The context of the retail industry provides an interesting backdrop for cryptocurrency. Even the Internet is relatively new from the perspective of retail. The first jewelry was created in 100,000 B.C. and in 4400 B.C. was the introduction of precious metals.

The ability to keep time with any degree of precision only came about recently. The first challenge was to find a way to determine longitude and latitude—that happened with the first version of the modern watch, the Harrison H1 Chronometer in 1730.

Fast forward to 1946 when REEDS was founded. It hired technicians who are experts in Swiss watch-making—it takes years and years of apprenticeship to do this type of work. Same holds true for precious stones and metals—making brilliant cuts to maximize intensity and sparkle.

The full story can be read online at ExitEvent.