What is the 'pick price' in the context of gem selection?

The 'pick price' refers specifically to the cost associated with selecting individual gemstones from a parcel, rather than accepting a pre-set price for the entire lot. When gem dealers or buyers are presented with a parcel of stones, they may choose only a few gems that meet their specifications or quality standards. This selection process incurs a 'pick price,' which is often higher than the overall price per stone for the entire parcel, since the buyer is essentially paying for the privilege of choosing the most desirable or valuable stones. It highlights the nuanced pricing structure in the gemstone trade, where certain stones may be deemed worth more due to their quality or rarity, leading to differentiated pricing based on selection.