05272015Wed
Last updateWed, 20 May 2015 1am
24 Karat Club SEUS adds 4 new members

24 Karat Club SEUS adds 4 new members

The 24 Karat Club Southeastern United States annou...

Jewelry Pie reacts to increased demand for high-end product

Jewelry Pie reacts to increased demand for high-end product

“In the last year Jewelry Pie has seen a large inc...

Goldstein introduces new diamond & ruby ring

Goldstein introduces new diamond & ruby ring

Goldstein Diamonds, an industry leader in GIA cert...

Endless enters 21st market in 20 months, securing New Zealand retail partners

Endless enters 21st market in 20 months, securing New Zealand retail partners

Endless Jewelry has announced they  have secured m...

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GIA notifies trade of potential undisclosed diamond treatment

GIA notifies trade of potential undisclosed diamond treatment

(CARLSBAD, Calif.) – Approximately 500 colorless to near-colorless diamonds submitted primarily to GIA’s grading laboratory in Ramat Gan, Israel, were ...

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Industry Events

On The Move

What's New

New from Touched Impressions - the Forever Note

New from Touched Impressions - the Forever Note

(NASHVILLE) - Touched Impressions is pleased to introduce the Forever Note, their newest line of custom made jewelry using loved ones’ handwritten word...

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Latest News

GIA notifies trade of potential undisclosed diamond treatment

7 DAYS AGO
GIA notifies trade of potential undisclosed diamond treatment

(CARLSBAD, Calif.) – Approximately 500 colorless to near-colorless diamonds submitted primarily to GIA’s grading laboratory in Ramat Gan, Israel, were potentially subjected to an undisclosed temporary treatment.

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Retailer Roundtable

7 DAYS AGO
Retailer Roundtable

Q: What jewelry is topping your open-to-buy for the Las Vegas Show?

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GIA’s goes “All In” for JCK Las Vegas

7 DAYS AGO
GIA’s goes “All In” for JCK Las Vegas

Exclusive in-booth briefings, museum displays, colored stone services and more

(CARLSBAD, Calif.) – Attendees of the 2015 JCK Las Vegas show at the Mandalay Bay Resort & Casino can visit GIA’s booth (L99) from May 29 – June 1 to learn about the Institute’s not-to-miss show offerings, ranging from th...

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Texas Jewelers Association announces 2015 Convention dates, plans for JCK Vegas Meet & Greet

26 DAYS AGO

San Antonio will again be the host location for the 2015 Texas Jewelers Association (TJA) Convention.  The event will take place from October 10 - 12 at the El Tropicano Hotel, located directly on the Riverwalk.

The Convention will kick off Saturday evening with a President’s Party, hosted by TJA Pre...

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ASHI Diamonds appoints Ron Delger to represent Northwest region

7 DAYS AGO

(NEW YORK) - ASHI Diamonds, a premier diamond jewelry manufacturer servicing over 1,000 fine independent retail jewelers in North America for over 30 years, is pleased to announce the addition of Ron Delger as their sales representative and marketing consultant for the Pacific Northwest Region of Was...

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Sandeep Diamond strategically aligns its Independent Jewelry Division with IDD

7 DAYS AGO
Sandeep Diamond strategically aligns its Independent Jewelry Division with IDD

IDD and Sandeep Diamond Corporation announced a strategic alliance between the two accomplished market players in their respective spaces of expertise. The merger is expected to bring additional resources that will benefit the current clients of both companies. The partnership results in the creatio...

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New from Touched Impressions - the Forever Note

7 DAYS AGO
New from Touched Impressions - the Forever Note

(NASHVILLE) - Touched Impressions is pleased to introduce the Forever Note, their newest line of custom made jewelry using loved ones’ handwritten words.

Readmore

Rembrandt Charms® welcomes spring with new charm styles

26 DAYS AGO
Rembrandt Charms® welcomes spring with new charm styles

(WILLIAMSVILLE, N.Y.) - This spring, Rembrandt Charms added several fresh new charm styles to their collection, including a Hamsa and Lotus Flower.

The hamsa is said to bring good luck to its wearer while warding off the evil eye. The lotus flower is traditionally thought of as a symbol for beauty, pu...

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The Retailer’s Perspective: Location, Location, Location

About 3 years ago I made the biggest decision of my professional life and decided to shut down my retail store - the retail store that I planned on owning for the next 30 years. It had been in that location since 1947 and I was hoping to make it last till 2047. Then the unthinkable happened. It failed. S.L.O.W.L.Y!

There was no warning. No precipitating factor like the factory next door shutting down and laying off my entire customer base. I wasn't doing anything wrong. If anything, I was doing everything right, just like I'd been doing since I opened my first jewelry company in 1983.

I got up every morning and went to work and turned on my OPEN sign and people came in and did business with me. Until my location died.

It was a painful and expensive time (of course that pales in comparison to the last four months of 2008) to go through. Now I've just experienced my second Christmas season in my new location and my 31st as a jeweler. And, yes it was slow, but it wasn't dead. If I'd stayed in my old location the last year and a half, I'm certain I would be bankrupt by now. And I think I've learned some valuable lessons the last couple of years I'd like to share with you.

Moving your business is a lot like moving from one neighborhood to another. Yes, you'll miss your old routine. You'll miss your old friends. You'll miss your house. But most people don't move from their house to one in a really bad part of town that's crime ridden and in decay. Most people move to a better neighborhood with more to offer than their last.

The same is true of moving your business. When I was looking for a new home for my store I wasn't looking in crappy, crime ridden areas. I was only looking in the best areas that offered the most long term growth. It took me almost a year to find my new location. It was kind of like looking for a new house and not liking anything you've seen. Then the perfect house comes on the market, and you know it's perfect because you've seen everything else. Then the move is not so scary. In fact it's exciting. Heck, the hardest part was the decision just to move.

Back when I was going through the process, I talked to lots of other jewelers who were in the same situation I was. Some moved. Some didn't. Those that did move have new stores, new customers, new sales, and a positive outlook. Those that didn't move.. well, their situation hasn't changed.

In my new store, I average about 5 people a day I've never seen in my life coming in for something. Most times it's just a $10 watch battery, but they are in my store.

The hardest part about building a new business is getting people to physically walk through your front door, but once they're in you can do your dog and pony show and make them a long term customer. We all know that word-of-mouth is the best advertising, and I'm averaging 5 new people a day. I'm thrilled. This would have never happened if I hadn't moved.

With the tough economic situation the country is facing, being in a bad location is only going to get worse. I'm glad I made the move because I've at least got a shot at surviving this mess, whereas in my previous location I had no chance.

Oh yeah, one other thing about moving. Just like how you'll miss your friends from your old neighborhood if you sell your house, the neighbors you really liked will still be your friends and you'll still see each other. And the neighbors you didn't like will be out of your life. When you move your business it's a lot of the same. The customers I really liked come see me at my new store. The customers that didn't really like me (or me them) tend to find someone else. There's a few I still can't shake though.

So what's next? Retail is next!

A couple of months ago I had the pleasure of interviewing Brad Lawrence. Brad owns Goldcasters Fine Jewelry in Bloomington, Indiana. If you've never been to Bloomington, it's an hour south of Indianapolis and an hour from any major interstate, and the home of the Indiana University Hoosiers.

A small quaint city in the middle of the country with one incredibly successful jewelry store. I was curious how someone could build a business of that magnitude in an out of the way place like Bloomington, so I went to check it out. Brad gave me a lesson or two on how to run a jewelry store.

First and foremost I learned that Brad was a retailer - not a jeweler. Yes, he's owned a jewelry store for over 25 years and has all the credentials and training available, but he doesn't see himself as a jeweler. He see's himself as a retailer.

Brad told me that most of his peers see themselves as jewelers. The difference is remarkable if you really think about it. Brad doesn't buy something because he likes it. He buys something be cause he thinks he can retail it, not just sell it.

How many of us have tons of dead stock in our cases and dead giftware that we thought was a sure fire seller? Most of us bought it because we liked it and never really thought about retailing it. Yeah, we gave it some thought, but did you really look at it like a retailer?

Ask yourself; Could you pull all of the cases out of your store and fill it with clothes and be successful? Brad Lawrence could. It's not the product you are selling that's important, it's your ability to retail that product.

Everyone reading this just happens to sell jewelry. So tell me, are you a retailer or a jeweler? For the last 30+ years I've answered that question "I'm a jeweler." In 2009 I'm going to become a retailer and damnit, I'm gonna buy a new private jet too - just like Brad!

Brad also made a statement that's stuck in my head: "If you're selling diamonds, you're doing okay in this business. If you're not selling diamonds, you're probably in trouble." That's pretty profound if you really analyze it.

Back in the day before Blue Nile and the Internet. I sold an average of 15-20 big diamonds a year. Considering at the time I was a small retail custom and repair shop, I was selling a big diamond about every 2-3 weeks, so I always had a couple of big sales in the pipeline and made a great living.

I don't think I've sold 20 big diamonds in the last 5 years, so how is Brad doing it and I'm not. It's relatively simple to explain, but it's going to be harder to put my new plan in place, but I'm gonna do it.

When I go back and really analyze those previous diamond sales, I realized I was just lucky. I never had a plan. I had something better - a jewelry store. It was just by default that I ever sold a diamond in the first place. Just pure luck.
I think a lot of jewelry store owners out there fall into this same category. You had a jewelry store and that was the only place to buy a diamond. Where else was someone going to go other than another jewelry store?

It was easy pickins back then. If I missed a sale, I had a couple of others in the works, so no big deal. Now the options are unlimited with the Internet. So since I never really had a plan, I had no ‘Plan B' if something like the Internet happened.
What I'm coming to realize is that the Internet is no different than any other competitor if you're actually in the business of selling diamonds.

There were a lot of stores that got killed when the Internet came along, and a few, like Goldcasters, that didn't. Simply because Brad was in the business of retailing diamonds, not selling diamonds - retailing them.

It took about a week for everything Brad and I talked about to soak into my thick skull, but once it got in there, it stuck. I encourage all the jewelry store owners out there to really think about what Brad has to say because it really works.
That being said, look out world, I'm about to become a retailer. God help the competition and the other airplanes up there!




Chuck is the owner of Anthony Jewelers in Nashville, TN. Chuck also owns CMK Co., a wholesale trade shop that specializes in custom jewelry and repair services to the jewelry industry nationwide. You can contact him at 615-354-6361, www.CMKcompany.com or send e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it..

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