01192017Thu
Last updateTue, 17 Jan 2017 8pm
How will Trump’s election affect retail jewelers?

How will Trump’s election affect retail jewelers?

President-elect Donald Trump has been in the publi...

Greg Lynn discovers art in the midst of struggle

Greg Lynn discovers art in the midst of struggle

When Greg Lynn’s parents were transferred from Nor...

ASHI launches #LovebrightValentine Sweepstakes

ASHI launches #LovebrightValentine Sweepstakes

 

(NEW YORK) - After receiving a “fantastic response...

Jewelers Helping Jewelers

Jewelers Helping Jewelers

The Southern Jewelers Guild takes a look at the exp...

Retailer Roundtable: What is your outlook for the industry in 2017?

Retailer Roundtable: What is your outlook for the industry in 2017?

Q: What is your outlook for the industry in 2017?  

“...

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Citizen Watch Company announces newly integrated company – Citizen Watch Company of America, Inc

Citizen Watch Company announces newly integrated company – Citizen Watch Company of America, Inc

(NEW YORK) - Citizen Watch Company, Ltd., parent of Bulova Corporation and Citizen Watch Company of America has completed the integration of the two companies into one organization, Citizen Watch Company of America, Inc. The company will do business i...

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Industry Events

GIA’s colorful lineup at Tucson 2017 Gem Shows

GIA’s colorful lineup at Tucson 2017 Gem Shows

Alumni party, colored stone services, unique exhibits, expert talks and more

(CARLSBAD, Calif.) - GIA’s not-to-miss activities and services will enrich the visitor experience at the 2017 Tucson Shows, including an out-of-this-world alumni event, show s...

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On The Move

JA announces 2017 GEM Awards winners

JA announces 2017 GEM Awards winners

Jim Rosenheim receives Lifetime Achievement and Grace Fuller, Kay® Jewelers, Lucia Silvestri for BVLGARI and Patek Philippe win

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, h...

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What's New

New and unique, Love Universe hits the market with broad appeal

New and unique, Love Universe hits the market with broad appeal

Voyager Brands’ new line targets customers from teens to grandmothers

(AUSTIN, Tex.) - Something new, different, random, abstract - that’s Voyager Brands’ new Love Universe collection of earrings, rings, pendants, small necklaces and bracelets. It’s fu...

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Featured Articles

Female wounded warrior finds passion, career and calling in jewelry

Female wounded warrior finds passion, career and calling in jewelry

There are many paths to finding the right career. Most are predictable, but sometimes the path becomes clear only through adversity. Richard Branson, whose net worth of $4.9 billion makes him nearly 10 times wealthier than Queen Elizabeth II, dropped...

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Latest News

Citizen Watch Company announces newly integrated company – Citizen Watch Company of America, Inc

22 HOURS AGO
Citizen Watch Company announces newly integrated company – Citizen Watch Company of America, Inc

(NEW YORK) - Citizen Watch Company, Ltd., parent of Bulova Corporation and Citizen Watch Company of America has completed the integration of the two companies into one organization, Citizen Watch Company of America, Inc. The company will do business in the Trade as Citizen Watch America.

Readmore

Jewelers of Louisiana opens application for funds to benefit jewelers impacted by Louisiana floods

23 HOURS AGO
Jewelers of Louisiana opens application for funds to benefit jewelers impacted by Louisiana floods

(NEW ORLEANS) - Over 100 people employed in the jewelry industry were impacted by the August floods in South Louisiana. Jewelers of Louisiana, a statewide organization representing over 1,500 employees, has established a fund to help anyone in the jewelry industry affected by the floods. Over $3,700 ...

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GIA’s colorful lineup at Tucson 2017 Gem Shows

23 HOURS AGO
GIA’s colorful lineup at Tucson 2017 Gem Shows

Alumni party, colored stone services, unique exhibits, expert talks and more

(CARLSBAD, Calif.) - GIA’s not-to-miss activities and services will enrich the visitor experience at the 2017 Tucson Shows, including an out-of-this-world alumni event, show service laboratory, fascinating exhibits, expert ta...

Readmore

Bangkok Gems & Jewelry Fair coming in February

14 DAYS AGO
Bangkok Gems & Jewelry Fair coming in February

The Department of International Trade Promotion (DITP), the Ministry of Commerce of the Royal Thai government has extended an invitation for U.S. jewelers to visit the upcoming 59th Bangkok Gems & Jewelry Fair 2017. The Fair will be held February 22-26, 2017 at the IMPACT Exhibition & Conven...

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JA announces 2017 GEM Awards winners

23 HOURS AGO
JA announces 2017 GEM Awards winners

Jim Rosenheim receives Lifetime Achievement and Grace Fuller, Kay® Jewelers, Lucia Silvestri for BVLGARI and Patek Philippe win

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, held their 15th annual GEM Awards on Friday, Januar...

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Stuller commits to promoting health and wellness in Louisiana

6 DAYS AGO
Stuller commits to promoting health and wellness in Louisiana

Company designated as a top-level WellSpot

(LAFAYETTE, La.) - Stuller is proud to announce that they have been named a level one WellSpot by Well-Ahead Louisiana, an initiative started by the Louisiana Department of Health.

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New and unique, Love Universe hits the market with broad appeal

23 HOURS AGO
New and unique, Love Universe hits the market with broad appeal

Voyager Brands’ new line targets customers from teens to grandmothers

(AUSTIN, Tex.) - Something new, different, random, abstract - that’s Voyager Brands’ new Love Universe collection of earrings, rings, pendants, small necklaces and bracelets. It’s fun and enticing to women of all ages.

Retail prices ...

Readmore

MJSA launches Council of Custom Jewelers as part of new Custom Design program

6 DAYS AGO
MJSA launches Council of Custom Jewelers as part of new Custom Design program

MJSA, a trade association dedicated to professional excellence in jewelry making and design, has introduced the MJSA Council of Custom Jewelers as part of a wide-ranging program to advance the art and consumer appreciation of custom jewelry design.

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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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