Trade Resources

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.

Warranty is a cost of business and customers expect you to stand behind your work. A jeweler will go out and buy a cell phone or other electronics and expect it to work flawlessly for 1 full year. If it has ANY problem and you take it back to the retailer and let them know

In January you think about Uncle Sam and filling out your tax return. That’s once a year and this is not about your favorite Uncle. It’s about your favorite Governor. You know, the guy who collects the sales tax each month.

Ron Samuelson of "Jewelers Facebook Network" puts out good emails about the jewelry industry. He also owns his own store "Samuelson's Diamonds" in Baltimore.