01182018Thu
Last updateThu, 18 Jan 2018 10am
Gem Star Imports offers cutting-edge concepts & loyal service to retailers

Gem Star Imports offers cutting-edge concepts & loyal service to retailers

Gem Star Imports, a leading diamond jewelry manufa...

Travis Piper, the $1 Million Man

Travis Piper, the $1 Million Man

In 1997, Travis Piper went off to college with an ...

Southern Gates® Jewelry launches exclusive collection with Biltmore®

Southern Gates® Jewelry launches exclusive collection with Biltmore®

(CHARLESTON, S.C.) - Jewelry design and wholesale f...

Parker’s Karat Patch carves out big local niche

Parker’s Karat Patch carves out big local niche

It was an unlikely career for Kristin and Terrence...

Floyd & Green Jewelers celebrating 25th anniversary

Floyd & Green Jewelers celebrating 25th anniversary

For Steve Floyd & Tom Williams, it seems like ...

Other News

IDEX Online reports diamond-based cryptocurrencies to be unveiled at IDWI

IDEX Online reports diamond-based cryptocurrencies to be unveiled at IDWI

(IDEX Online) – The Israel Diamond Exchange (IDE) will unveil new diamond-based cryptocurrencies created by startup CARATS.IO during the February 5-7 International Diamond Week in Israel (IDWI).

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Industry Events

Select Show announces Dallas 2018 date

Select Show announces Dallas 2018 date

Date change moves Select Dallas to September

(NEW YORK) - On the heels of a successful 2017 Select Dallas Show, The Select Jewelry Show has announced a new date for 2018.

The 2018 Select Jewelry Show in Dallas will be held Sunday and Monday, September 1...

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On The Move

IGI North and South America achieves re-certification by RJC

IGI North and South America achieves re-certification by RJC

(NEW YORK) - The International Gemological Institute (IGI) continues to promote the importance of upholding credibility and high industry standards through its submissions to independent external auditors. The Institute has announced that IGI - North ...

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What's New

ASHI launches Valentine Sweepstakes

ASHI launches Valentine Sweepstakes

(NEW YORK) - ASHI has announced the launch its Valentine Sweepstakes, to kickoff the Valentine Season for its retail partners. Retailers will be able to attract shoppers to their stores through various Social Media platforms.  The Sweepstakes provides...

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Featured Articles

Retailer Roundtable: What do you do when a customer breaks an important piece in your store?

Retailer Roundtable: What do you do when a customer breaks an important piece in your store?

Q: What do you do when a customer breaks an important piece in your store?

“We don’t have a set policy for this type of incident. Pretty much in all cases we’ll cover the cost of repairing the item to avoid any ill will with the client. This is especia...

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Latest News

IDEX Online reports diamond-based cryptocurrencies to be unveiled at IDWI

1 DAY AGO
IDEX Online reports diamond-based cryptocurrencies to be unveiled at IDWI

(IDEX Online) – The Israel Diamond Exchange (IDE) will unveil new diamond-based cryptocurrencies created by startup CARATS.IO during the February 5-7 International Diamond Week in Israel (IDWI).

Readmore

JA applauds Supreme Court decision to hear Sales Tax Fairness case

1 DAY AGO
JA applauds Supreme Court decision to hear Sales Tax Fairness case

(NEW YOR K) - Jewelers of America (JA), a national trade association for businesses serving the fine jewelry marketplace, applauds the decision by the United States Supreme Court to take up South Dakota’s petition to the Court to re-consider the Quill decision from 1992. That decision established the...

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Select Show announces Dallas 2018 date

8 DAYS AGO
Select Show announces Dallas 2018 date

Date change moves Select Dallas to September

(NEW YORK) - On the heels of a successful 2017 Select Dallas Show, The Select Jewelry Show has announced a new date for 2018.

The 2018 Select Jewelry Show in Dallas will be held Sunday and Monday, September 16th and 17th. The location remains the same, the D...

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JA New York Spring Show preview

15 DAYS AGO
JA New York Spring Show preview

Once again, the JA New York Spring show will co-locate with the MJSA Expo March 11-13, 2018 at the Jacob Javits Center, to create a true, destination Jewelry Market Week in New York City. With JA New York’s emphasis on fine finished jewelry and MJSA Expo’s unique focus on supplies to the trade, atte...

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IGI North and South America achieves re-certification by RJC

1 DAY AGO
IGI North and South America achieves re-certification by RJC

(NEW YORK) - The International Gemological Institute (IGI) continues to promote the importance of upholding credibility and high industry standards through its submissions to independent external auditors. The Institute has announced that IGI - North & South America has been granted re-certificat...

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GIA to open laboratory in Surat, India, expand facility in Antwerp, Belgium

8 DAYS AGO
GIA to open laboratory in Surat, India, expand facility in Antwerp, Belgium

(CARLSBAD, Calif.) - GIA will open a new laboratory in Surat, India and expand its long-term presence in Antwerp, Belgium in the second quarter of 2018 to meet the needs of the global gem and jewelry industry.

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ASHI launches Valentine Sweepstakes

1 DAY AGO
ASHI launches Valentine Sweepstakes

(NEW YORK) - ASHI has announced the launch its Valentine Sweepstakes, to kickoff the Valentine Season for its retail partners. Retailers will be able to attract shoppers to their stores through various Social Media platforms.  The Sweepstakes provides ASHI retailers with a unique marketing opportunit...

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MJSA launches Jewelers Do It Better™

1 DAY AGO
MJSA launches Jewelers Do It Better™

Consumer marketing campaign to drive jewelry sales

MJSA, the trade alliance dedicated to professional excellence in jewelry making and design, has launched a new consumer marketing campaign, Jewelers Do It Better™, to generate enthusiasm for its members’ creations and drive retail sales. The campaign...

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Furry friends on the job: Chloe of Randall’s Jewelry in Oakland Park, Florida

1 DAY AGO
Furry friends on the job: Chloe of Randall’s Jewelry in Oakland Park, Florida

This adorable little pup is Chloe. Chloe has been on the job at Randall’s Jewelry in Oakland Park, Florida every day of her 8 years. The only exception is Saturdays when she likes to stay home and watch her favorite show, Animal Planet! “She is a very important part of our team in every way,” says h...

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Furry friends on the job: Dax Shepard - International Gemological Institute (IGI)

8 DAYS AGO
Furry friends on the job: Dax Shepard - International Gemological Institute (IGI)

This big ole dog is Dax Shepard (his legal name is Vom Eichen Antrieb). Dax, who turned 4 years-old earlier this week, is the furry friend of International Gemological Institute (IGI) President/Chief Executive Officer Jerry Ehrenwald. I’d say the 100 lb black German Shepard would be quite effective ...

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The Marketing Minute: Trend Spotting

3 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

3 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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