Trade Resources

In today’s competitive retail jewelry industry, traditional brick-and-mortar jewelers are continually challenged to improve every aspect of their business operations. Expanded product offerings, better customer service and the development of an online presence are areas that demand particular attention. One of the most effective ways retail jewelers can address all of these challenges is by integrating a virtual inventory system with their current website or social media profile.

A store manger emailed me and asked some questions. Here's the managers question and my response below (names have been removed to protect the innocent).This is key to making a store profitable and increase sales at a LOW or almost ZERO cost.

I just had a jeweler ask me about how to handle a customer with a silver ring sizing, and another jeweler emailed me about a silver custom letter pendant sale he lost. The first jeweler had a customer bring a silver ring for sizing and her response was "That's more than I paid for the ring."

On January 1, 2014, the Gemological Institute of America introduced a new format for the organization’s gem identification and diamond grading reports, which will be used for all new grading and identification documentation provided by the Institute.

Luxury retailer Neiman Marcus has taken a step into the 3D printed jewelry market by adding two unique products to its online catalog, just in time for the 2013 holiday season.

The pieces, which include a sterling silver monogrammed heart pendant priced at $295 designed by Robert Pearce, and an orb-like stainless steel desk sculpture at $325 designed by Bathsheba Grossman, are manufactured by Shapeways, a 3D printing provider based in Long Island City, New York.

Retail jewelers are coming to understand the value of online sourcing and are adopting online technology and strategies in their day to day activities. In today’s highly-competitive retail landscape, a jeweler who is able to offer their clients an expanded range of products is at an advantage; a jeweler who can also offer very competitive prices is even better positioned for success.

Over the years, I and others have concocted ways to track costs to see if we are making money on repairs and custom design. For the most part it’s a waste of time. How can that be? We track costs, sales and profits for selling diamonds and rings. Why not repairs and such? The answer is pretty simple – you have no clue what your labor cost is, and neither does the jeweler.

Imagine being able to determine the exact origin of any natural or cultured pearl – where it came from, and which species of oyster produced the pearl. The implications for jewelers and consumers alike would be significant, and ultimately could change the way pearls are evaluated and valued on the open market.

Overview

2012 proved to be an eventful and interesting year for the U.S. retail jewelry industry. Total fine jewelry and watch sales in the United States grew to an estimated $71.3 billion in 2012. This record figure represents a growth of 5.9% over 2011 sales ($67.3 billion).

I have several girlfriends who do not yet have boyfriends, but they still know which engagement ring they want. Women want diamonds! The Knot says that almost half of the women who visit their website are not even engaged.