Trade Resources

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.

For the most part my discussions and emails have to do with making money, in the shop; the store and how to handle inventory and how long to hang on to it.

Seldom do I say "go out and buy this or that". If I do I get the information from other excellent jewelers who I consider to be an excellent retailer. My younger brother Michael who has two stores in Atlanta is one of the better ones I know.

But of course there are many others around the country and world.

Working with a reputable wholesale jewelry, gem or diamond supplier is key for any retail jeweler. In our industry, we still work largely on trust; having mazal on an item is as good as having a written contract in many cases. However, it is important to follow some simple guidelines in order to protect your investment and ensure a safe and sound buying experience, especially when dealing with new vendors.

A jeweler recently posted a question to his fellow jewelers asking their opinion on his window display. He's in a jewelers building in a major city and of course the first floor gang has many advantages. Fewer people make it up to the upper floors and his thought was show'em what you got!".

The best part about the social media craze is that most of it is FREE. Email is a free way to "touch" customers and if done right can turn them into loyal customer's. Here are some tips to get the most from your email blasts.