11192017Sun
Last updateWed, 15 Nov 2017 6am

Other News

JLL predicts up to 6 percent growth in holiday season spending

JLL predicts up to 6 percent growth in holiday season spending

Survey reveals GenX to outspend Boomers this holiday season

(CHICAGO) - Now that the last trace of Halloween candy is gone, Americans plan to get started on holiday shopping. Nearly 30 percent of shoppers will start shopping prior to Thanksgiving, whil...

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Industry Events

Gem and jewelry leaders gather for GIA’s Global Leadership Program at Harvard Business School

(CARLSBAD, Calif.) - Executives from across the global gem and jewelry industry recently convened in Cambridge, Mass., for the fourth annual GIA Global Leadership Program offered by the Harvard Business School (HBS). The 50 industry leaders - all CEOs...

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On The Move

Women’s Jewelry Association launches Advocacy Task Force

Women’s Jewelry Association launches Advocacy Task Force

(POUGHKEEPSIE, N.Y.) - The Women’s Jewelry Association (WJA) on November 2 launched its first ever “advocacy task force” to explore and ultimately create actionable tools, training, education, workplace coaching, and mentorship that can be utilized by...

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What's New

Artisanal crafted “Drops of Love” a unique sales option for the Holiday Season

Artisanal crafted “Drops of Love” a unique sales option for the Holiday Season

Colorful, hand blown glass pendants sparkle with .25 points of diamonds inside a striking tear drop shape

Fresh off the success of his solar-eclipse commemorative “Corona” pendant, Clarksville, Tennessee-based Elliott Herzlich has added another extrao...

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Featured Articles

Overnight explains how to say, “Yes!” to every sale

Overnight explains how to say, “Yes!” to every sale

Releases 2 new catalogs  

Being a jewelry retailer has never been more challenging. New economic realities, new competitors, and new pressure on margins have completely changed your business. That’s why Overnight has completely transformed its business...

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Latest News

JLL predicts up to 6 percent growth in holiday season spending

3 DAYS AGO
JLL predicts up to 6 percent growth in holiday season spending

Survey reveals GenX to outspend Boomers this holiday season

(CHICAGO) - Now that the last trace of Halloween candy is gone, Americans plan to get started on holiday shopping. Nearly 30 percent of shoppers will start shopping prior to Thanksgiving, while just over 30 percent of shoppers will start stoc...

Readmore

NY Post reports new “Bling Ring” targeting celebrities

3 DAYS AGO
NY Post reports new “Bling Ring” targeting celebrities

It started in January, when burglars boosted hundreds of thousands of dollars’ worth of jewelry and cash from “Dog Whisperer” Cesar Millan. Then, retired Laker and former Knicks coach Derek Fisher’s Tarzana, Calif., home was hit, with thieves taking $300,000 in jewelry, including five NBA Championsh...

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Gem and jewelry leaders gather for GIA’s Global Leadership Program at Harvard Business School

16 DAYS AGO

(CARLSBAD, Calif.) - Executives from across the global gem and jewelry industry recently convened in Cambridge, Mass., for the fourth annual GIA Global Leadership Program offered by the Harvard Business School (HBS). The 50 industry leaders - all CEOs or senior executives - examined the theme “Transf...

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Initiatives in Art & Culture announces 19th Annual Fashion + Design Conference: “White: Palette, Prism, Possibility”

1 MONTHS AGO
Initiatives in Art & Culture announces 19th Annual Fashion + Design Conference: “White: Palette, Prism, Possibility”

Conference to be held November 10 & 11, 2017 at CUNY Graduate Center, New York City

Initiatives in Art & Culture (IAC), an organization committed to educating diverse audiences in the fine, decorative, and visual arts, has announced their 19th Annual Fashion + Design Conference will be held N...

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Women’s Jewelry Association launches Advocacy Task Force

10 DAYS AGO
Women’s Jewelry Association launches Advocacy Task Force

(POUGHKEEPSIE, N.Y.) - The Women’s Jewelry Association (WJA) on November 2 launched its first ever “advocacy task force” to explore and ultimately create actionable tools, training, education, workplace coaching, and mentorship that can be utilized by WJA members to advance women’s roles in the jewel...

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Dona Dirlam retires as Director of the Richard T. Liddicoat Gemological Library and Information Center

16 DAYS AGO
Dona Dirlam retires as Director of the Richard T. Liddicoat Gemological Library and Information Center

Robert Weldon named library director

(CARLSBAD, Calif.) - Dona Dirlam, director of GIA’s library and information center, has retired after 38 years of service to GIA’s (Gemological Institute of America) mission of ensuring the public trust in gems and jewelry. She was largely responsible for establish...

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Artisanal crafted “Drops of Love” a unique sales option for the Holiday Season

3 DAYS AGO
Artisanal crafted “Drops of Love” a unique sales option for the Holiday Season

Colorful, hand blown glass pendants sparkle with .25 points of diamonds inside a striking tear drop shape

Fresh off the success of his solar-eclipse commemorative “Corona” pendant, Clarksville, Tennessee-based Elliott Herzlich has added another extraordinary piece to his “Elliott’s Exclusive” collect...

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UPS Capital’s Parcel Pro launches jewelers block coverage

3 DAYS AGO
UPS Capital’s Parcel Pro launches jewelers block coverage

(ATLANTA) - Parcel Pro, a UPS Capital Company, announced the launch of jewelers block coverage on November 7, a special insurance program to help protect the property of jewelers against the most common types of losses. The comprehensive and customizable insurance policy provides coverage for the jew...

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Furry friends on the job: Charley - Jewelers unBLOCKed™

3 DAYS AGO
Furry friends on the job: Charley - Jewelers unBLOCKed™

Meet Charley. She is a 3 year old, English Crème Golden Retriever and loves to visit Jewelers unBLOCKed™ HQ in New Jersey. Charley normally works in the California office but visited this summer to meet the East Coast team. She is a certified service dog, a rescue herself and loves anything sparkly ...

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Furry friends on the job: Daisy and Trigger

10 DAYS AGO
Furry friends on the job: Daisy and Trigger

Say hello to Daisy (front) and Trigger.  The precious pair of Shelties go to work most every day with their human DeAnne Green at Main Street Jewelers in Plattsmouth, Nebraska.  Daisy and Trigger excel at their job as official greeters. Not a customer walks in without these two saying hello and many...

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The Marketing Minute: Trend Spotting

1 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

 

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The Marketing Minute: Pricing Strategy

1 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

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The Retailer’s Perspective: Will it be fine in 2009?

Man, if that's not the question of the day... or the century for that matter. With so much bad news being thrown at us every day it's hard to get a handle on things - until now. Oddly enough, in the middle of all of this craziness I made a startling discovery. I really had no idea how many recessions and economic downturns I've survived. All I can say is apparently I've had a hard life. Let me explain.
There have been 12 major recessions since 1940 and countless economic slowdowns. Only three have lasted more than a year; 1975, 1982, and today. As I look back on some of the significant moments in my life, I realized that times were hard back then too. The media is clamoring for sensationalism and everything has a statistic. So here are some stats of my own:

In 1984 I opened the trade shop I still own to this day. I just found out that the NASDAQ just had it's worst January since 1984. Huh? What was I thinking opening a business during the turmoil back then.

The auto industry just had it's worst year since 1985. That was the year I expanded my new trade shop. What was I thinking?

The unemployment report that just came out said that this was the worst jobs data since 1993. Damn. I bought my current store in 1993. Where was my head?

The DOW just suffered it's worst 12 month period since 1997. I did a major remodeling at my old store in 1997 and just finished remodeling my new one. Oops, missed that one too.

Now I just found out that ‘something or the other' hasn't been this bad since 2001. Huh? The last time I took a luxury vacation to Europe was in 2001. My bad.

In a nutshell, what I'm starting to realize is that it's never been easy to run your own business. It's just one challenge after another... after another... after another. Once this recession/depression cycle corrects itself, I'm going to have to deal with a whole new subset of problems. And then something after that. Me thinks it doesn't end.

Funny thing though, when I think back to when I was starting or expanding my business, I remember it being a struggle at the time, but it doesn't seem so bad now because NOW IS HARD! ‘Now' has always been hard.

Don't feel alone though, because no one alive has ever navigated through anything like this before. During the Great Depression there were no credit cards, no home equity loans, no sub-prime mortgages, and no FDIC to guarantee bank accounts. The FDIC is the very reason why we didn't have any runs on banks this time around which was one of the primary causes of the big one before. Many of the rules and regulations that are in place today were put in place to avoid another Great Depression. The one thing we didn't plan for - obsessive, uncontrolled greed on the financial system. We all know that's getting ready to change. When we all get on the other side of this event, we will have a much more stable system to operate within.

The one thing I'm noticing the most about this tough economic time is the fact I can't really plan anything farther in the future than 30-45 days because things are so crazy. I'm not making any plans for my 3rd and 4th quarter because nobody... and I mean nobody... can predict what the landscape will look like that far out.

There's an old saying that nothing happens until a sale is made. Once I make a sale, I order parts and supplies which in turn causes my suppliers to order more parts and supplies, etc. With the retailers at a literal standstill, the strain on the entire food chain is intense. So here‘s how I sum up this whole thing.

In 1990, during a short break from the jewelry business, I ran a film studio where our bookkeeper stole over a quarter of a million dollars from us. In all reality we should have shut it down, filed bankruptcy, and walked away. I was one of three managers at the studio and it just wasn't in any of our natures to do that. We worked our butts off for over a year to save the company (which is still in business today, thank you very much).

Out of that experience came a strange Friday afternoon ritual. Every Friday at the close of business, the three of us would meet in one of our offices and have a drink and a toast. The toast was always the same:

"Damn. We gotta come back to work on Monday!"

There was absolutely no chance to save the company and every day we thought would be our last, but somehow we managed to keep showing up every Monday. It was one of the hardest years of my life (yet another one mind you). Since then, every Friday, I raise the same toast to myself because since 1984 I've managed to keep my business alive and kicking.

Keep your head up and remember... it never gets any easier... ha ha. And, since today is Friday, I think I'm gonna do it early today:

"Damn... I gotta come back to work on Monday!"
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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