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Padgett elected President of NC Jewelers Association

Padgett elected President of NC Jewelers Association

The North Carolina Jewelers Association (NCJA) ann...

Schnack’s Fine Jewelry turns 150

Schnack’s Fine Jewelry turns 150

Not many jewelry retailers can say their store ope...

From Vicenza with Love: At Oro International, Italian family values shine

From Vicenza with Love: At Oro International, Italian family values shine

Fifty years ago, Qurino Ruzza, with 20 years as a ...

Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade has been a leading fine jade jewelr...

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Ancient trade route shows gold's enduring power

Ancient trade route shows gold's enduring power

Researchers at the University of Southampton have found a prehistoric gold trade route between Ireland and southwest England. The route gives a glimps...

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Jewelers Mutual presents honors at National Sale Conference

Jewelers Mutual presents honors at National Sale Conference

(NEENAH, Wis.) - Jewelers Mutual Insurance Company recognized its top agencies and agents during the annual awards ceremony held at their National Sale...

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Ancient trade route shows gold's enduring power

7 DAYS AGO
Ancient trade route shows gold's enduring power

Researchers at the University of Southampton have found a prehistoric gold trade route between Ireland and southwest England. The route gives a glimpse into how ancient cultures regarded gold.

A new study has shed more light on how the value of gold has endured – and changed – since ancient times.

Arc...

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Colorado woman finds 8.52 carat diamond in Arkansas state park

7 DAYS AGO
Colorado woman finds 8.52 carat diamond in Arkansas state park

MURFREESBORO, Ark. –  An 8.52 carat diamond has been found by a Colorado woman at Arkansas' Crater of Diamonds State Park at Murfreesboro.

Park officials said Friday that the gem found by Bobbie Oskarson of Longmont, Colorado, is the fifth largest diamond found since the park was established in 1972....

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From Jewels to Tools: Ivan Levi to speak on enhancing business practices at RJO Show in August

7 DAYS AGO
From Jewels to Tools: Ivan Levi to speak on enhancing business practices at RJO Show in August

(HIGHLAND PARK, Ill.) - The jewelry industry has seen changes in the way business is being done since the advent of the Internet, and especially since the economic downturn began in 2007. Ivan Levi’s quest to find answers to questions about these changes led him to discover how one specific, yet easy...

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Rings of Strength collects over $60,000 for JFC

7 DAYS AGO
Rings of Strength collects over $60,000 for JFC

(NEW YORK) - Jewelers for Children (JFC) held the 3rd Annual Rings of Strength Tour on Thursday, May 28, at Mandalay Bay Resort Casino in Las Vegas, NV. More than 125 participants assembled at 5:30 a.m. to either walk or run 5K, or bike one of two courses, a leisurely 15K route or a challenging 50K r...

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Padgett elected President of NC Jewelers Association

7 DAYS AGO
Padgett elected President of NC Jewelers Association

The North Carolina Jewelers Association (NCJA) announced that Brad Padgett, an independent jeweler and native of Jacksonville, North Carolina, is the new president of the statewide association. His two-year term of office as the organization’s president began May 16.

Padgett graduated with a B.S.B.A....

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Two Houston jewelers named Distinction Winners in Houston Better Business Bureau Awards for Excellence

7 DAYS AGO
Two Houston jewelers named Distinction Winners in Houston Better Business Bureau Awards for Excellence

(HOUSTON, Tex.) - Houston Jewelry and Jewelry Judge Ben Gordon were among the businesses recognized at the annual Houston Better Business Bureau Awards of Excellence held in May. Both businesses were named Distinction Winners, a designation awarded to businesses that maintain a superior commitment to...

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In tune with the times? New Unisex Ring Collection keeps the beat

7 DAYS AGO
In tune with the times? New Unisex Ring Collection keeps the beat

Designed by Elaine of Esprit Creations

New to SJTA and the Atlanta Jewelry Show, family business Esprit Creations has been successfully manufacturing and wholesaling fine sterling silver jewelry with genuine gemstones for over 2 decades. Standing apart from the ordinary, their wide selection of exclu...

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Mason-Kay Jade to make Atlanta Jewelry Show debut

7 DAYS AGO
Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade has been a leading fine jade jewelry wholesaler/supplier/designer in the United States since 1976. The company specializes in all natural (type “A”) jadeite jade fine jewelry, designed in-house by their exclusive designer Kristina and MK design team. Mason-Kay Jade is excited to intro...

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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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