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Last updateTue, 15 Aug 2017 9pm
Burglary crew nets $13 million over six years, and counting

Burglary crew nets $13 million over six years, and counting

If you are a jewelry store owner operating in a st...

Masters of Marketing - A century of sparkling insight - Part 3

Masters of Marketing - A century of sparkling insight - Part 3

Part III - Richter & Phillips, Cincinnati, OH

A...

Jewelers’ affidavit reduces selling scams

Jewelers’ affidavit reduces selling scams

More than six years ago, a former employee targete...

Other News

Is this the first coin ever minted by the U.S. government?

Is this the first coin ever minted by the U.S. government?

Historic coin experts say they have found the first silver piece minted by the US and believe it was likely held by Founding Father — and founder of The Post — Alexander Hamilton.

David McCarthy, a senior researcher for the coin and collectibles firm ...

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Industry Events

Rio Grande issues Saul Bell Design Award 2018 Call for Entries

Rio Grande issues Saul Bell Design Award 2018 Call for Entries

Rio Grande is pleased to announce its call for entries for the 2018 Saul Bell Design Award. Now in its 18th year, the international competition challenges designers to pick up their tools and make their mark on the jewelry industry.

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On The Move

John Ford continues award-winning streak with 2017 AGTA Spectrum Award

John Ford continues award-winning streak with 2017 AGTA Spectrum Award

(GALVESTON, Tex.) - John Ford triumphed again in two categories in the American Gem Trade Association’s 2017 Spectrum Awards. Ford won Platinum Honors in both the Evening Wear Division and the Business/Day Wear Division. The Spectrum Awards is said to...

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What's New

R Findings launches their latest “That Was Easy” website

R Findings launches their latest “That Was Easy” website

(ROCHESTER, N.Y.) - For 65 years R Findings has strived to provide the jewelry industry with products that save time and money, and to provide solutions. Their latest effort toward this goal is their new “That Was Easy” website.

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Featured Articles

Retailer Roundtable:  What are your biggest hiring challenges?

Retailer Roundtable: What are your biggest hiring challenges?

Q:    What are your biggest hiring challenges?

“I’ve been in business for 30 years and hiring challenges have remained pretty consistent throughout that time - finding a sales associate that has an understanding and love of jewelry. One of the most comm...

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Latest News

Is this the first coin ever minted by the U.S. government?

7 DAYS AGO
Is this the first coin ever minted by the U.S. government?

Historic coin experts say they have found the first silver piece minted by the US and believe it was likely held by Founding Father — and founder of The Post — Alexander Hamilton.

David McCarthy, a senior researcher for the coin and collectibles firm Kagin’s, figured the 1783 silver coin had to be on...

Readmore

Greene Family Jewelers featured on DIY Network’s “Treehouse Guys”

7 DAYS AGO
Greene Family Jewelers featured on DIY Network’s “Treehouse Guys”

(ASHEVILLE, N.C.) - It’s ok if you call Michael Greene a tree-hugger. While you might not find him with his arms wrapped around a maple, the vacation home he built in Weaverville, NC, is nestled in a tree (actually, three trees) and its massive deck was built around the trees’ branches and trunks.

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Rio Grande issues Saul Bell Design Award 2018 Call for Entries

7 DAYS AGO
Rio Grande issues Saul Bell Design Award 2018 Call for Entries

Rio Grande is pleased to announce its call for entries for the 2018 Saul Bell Design Award. Now in its 18th year, the international competition challenges designers to pick up their tools and make their mark on the jewelry industry.

Readmore

Dunkin’s Diamonds wins ASHI’s I DO Bridal Sweepstakes

7 DAYS AGO
Dunkin’s Diamonds wins ASHI’s I DO Bridal Sweepstakes

Announces launch of Lovebright Sweepstakes  

(NEW YORK) - ASHI announced the winner of their most recent I DO Bridal Sweepstakes. Among all participating retailers, Dunkin’s Diamonds in Ohio had the highest number of participant entries and the winner was randomly selected from their customer participa...

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John Ford continues award-winning streak with 2017 AGTA Spectrum Award

7 DAYS AGO
John Ford continues award-winning streak with 2017 AGTA Spectrum Award

(GALVESTON, Tex.) - John Ford triumphed again in two categories in the American Gem Trade Association’s 2017 Spectrum Awards. Ford won Platinum Honors in both the Evening Wear Division and the Business/Day Wear Division. The Spectrum Awards is said to be the Oscars of the jewelry industry - the most ...

Readmore

Darling Imports celebrates milestone anniversary

14 DAYS AGO
Darling Imports celebrates milestone anniversary

“Thanks for the last 25 years!”

For over the last two decades, Darling Imports has proudly supplied the gemstone community with gorgeous color. From humble beginnings of a basement in Hampton, Georgia ,“Mr. D,” Harold Darling, and Konrad Darling started this company focusing on top service and a pass...

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R Findings launches their latest “That Was Easy” website

14 DAYS AGO
R Findings launches their latest “That Was Easy” website

(ROCHESTER, N.Y.) - For 65 years R Findings has strived to provide the jewelry industry with products that save time and money, and to provide solutions. Their latest effort toward this goal is their new “That Was Easy” website.

Readmore

Roseco offering moissanite with graded certificate

14 DAYS AGO
Roseco offering moissanite with graded certificate

Roseco Inc. has announced they are now offering Charles and Colvard® Forever One™ moissanite that is certified D, E or F and graded by Precision Gem Grading Laboratory, an independent third-party lab. This certificate, packaged with each stone, allows the retail jeweler to make the same professional...

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Furry friends on the job: Kozzi of Norridge Jewelers

7 DAYS AGO
Furry friends on the job: Kozzi of Norridge Jewelers

Meet the hostess of Norridge Jewelers in Norridge, Illinois.  Kozzi has been greeting customers for seven years. She has made such an impression on her customers that they return bearing gifts - dog treats! She loves her job and puts a smile on the face of everyone she meets - whether in person or o...

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Furry friends on the job: Snorkel Sam Botnick - Worthmore Jewelers

14 DAYS AGO
Furry friends on the job: Snorkel Sam Botnick - Worthmore Jewelers

Introducing Snorkel Sam Botnick. The fur baby of Harris and Geri Botnick, owners of Worthmore Jewelers in Atlanta. Snorkle Sam is the official greeter and general manager of human resources. Conquering the jewelry industry on four paws and with no thumbs, he assists with the all around well being of...

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Dealing with vendors in-store

The phone is ringing. A battery needs to be put into a watch for a customer and there is another repair to be done to a chain for a lady who will be back in five minutes. The insurance broker is due this afternoon, the registration is due to be paid on the car and the computer system hasn’t been updated from last week’s stock take. Then a diamond vendor that had called yesterday and said he was coming at 10:30 has arrived ten minutes early.

Sound familiar? Welcome to the real world for most jewelry store owners. For those who have systemized enough to avoid these sorts of situations then congratulations. For the rest, it’s time to take a deep breath, and start some planning.

Let’s talk about these encounters. When a vendor arrives, you wander out, have a look through the bags and spend more money than was intended to be spent. Buying a few items that look nice and will possibly sell. The retailer then receives the items a week later – and wonders why there is no money left at the end of the month. This may be a little simplistic, but hands up for those who admit they have had an encounter with a vendor that went like this at some point.

Failing to plan your buying is the single biggest contributor to the overstocked situation that most jewelry stores find themselves in. Trade fairs are a place of danger for those who can’t control their spending, but the silent assassin is the regular vendor visits where a few dollars spent here and there soon start to add up. The risk of this can be eliminated though with some sound planning prior to the visit and some good habits while the vendor is in-store (not to mention a couple of steps to follow up after they’ve gone).

Follow these steps to a more controlled buying experience:

1. Insist that the vendor makes an appointment. Time is precious for both parties. Vendors who arrive without an appointment need to be politely told that unless an appointment is made there will be no looking at the product.

2. The day the vendor comes, print a stock list of all products carried for this vendor including items no longer in stock. Determine the buying budget and STICK TO IT.

3. Using a highlighter mark those items which have sold in less than six months from date of purchase that haven’t been ordered back in. Ask why they didn’t get reordered. Remember an item that has sold quickly has four to five times the chance of selling again than an unproven item. These should be reconsidered first when looking for new inventory.

4. Now highlight those items that are aged inventory and have not moved off the shelf. These are stumbling blocks that are tying up cash that could be spent on new or proven items. Make a note to discuss these with the vendor.

5. If there is access to the AdvantEdge software program print a list of good sellers for this particular vendor. This will provide a list of this vendor’s inventory items that are selling well in other stores. This is the perfect starting point for choosing new product. If these items are selling well elsewhere there is a good chance they may sell well in your store.

6. When the vendor arrives, ask first what they can do to help clear the old product. If the items aren’t too old, many vendors will consider exchanging them for other pieces. Take the dollar value of what can be exchanged and add this amount to the existing budget to determine what can now be spent.

7. The AdvantEdge reports and list of previous fast sellers that haven’t been reordered should be the basis for choosing new pieces. Once they have been covered then its time to look at what else new is available.

8. Always ask if the items being bought are exchangeable and if anyone else in the area will be stocking them. Now is the time to set the ground rules.

9. Arrange delivery date for when the stock is needed. Deferring delivery to the first of the following month or the completion of a sale will provide an extra months credit to pay. Now is the time to negotiate any deferred settlement terms.

10. Get the  new items on the shelves as soon as they arrive and make sure items that are being exchanged are returned promptly.

So that’s it! The 10 simple steps to dealing with a vendor in-store. Follow these simple rules and much of that frustration of carrying too much inventory will start to disappear.

If you need help with your inventory control or would like to know more about the AdvantEdge system contact Carol Druan at This email address is being protected from spambots. You need JavaScript enabled to view it., Darci Aselage at This email address is being protected from spambots. You need JavaScript enabled to view it. or Lynn Baldwin at This email address is being protected from spambots. You need JavaScript enabled to view it..


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