I agree. It's all a fabrication that is part of the "reverse auction" schtick. This the the wording from the T&C's:
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A method & description with so many get-out-of-gaol phrases that shows how meaningless it is.
- "reflective of that month's jewellery": who decides that? TGGC of course.
- "...assess the retail value of each piece.": Safeguard uses the market at a fixed point in time. Meaningless after, probably, Gemporia's period of warranty!
- "...we use the multiplier...": whatever that is.
So, start price is used as part of the live presentation "game" to make you feel as if you're getting a discount. No different to market stall traders of old ("not £5 my dear, no not even £4" etc).