Trade Resources

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.

Smart sourcing and buying is paramount to a jeweler’s success; buying the right items at the right prices will translate into more sales and better margins. Yet, buying – whether it is over the counter or directly from a supplier - is complex and can lead to costly mistakes when you don’t have all of the necessary information.

The shop should be just like any other department or profit center in your store. It must be a profit center and you should demand as much.

You can make more gross profit dollars as a percentage from the shop than you can from the case. Customers will pay for convenience, quality and trust.