08242017Thu
Last updateWed, 23 Aug 2017 3pm
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

IDEX Online reports jewelry sales strengthen in June

IDEX Online reports jewelry sales strengthen in June

(IDEX Online) – Sales of fine jewelry and fine watches rose by 5.8 percent in the U.S. market in June 2017, when compared to the same month a year ago, as the graph below illustrates.

Sales were an estimated $6.5 billion, according to preliminary data...

Readmore

Loading...

Industry Events

RJO members buy with “Mile High Style”

RJO members buy with “Mile High Style”

Another successful Buying Show for RJO means big benefits for members

(DENVER) - In early August, the Retail Jewelers Organization (RJO) brought together over 1,200 members and vendors for their semi-annual buying show. This year’s theme was Mile High ...

Readmore

Loading...

On The Move

24 Karat Club SEUS inducts new members, awards scholarships at annual Banquet

24 Karat Club SEUS inducts new members, awards scholarships at annual Banquet

(ATLANTA) - The 24 Karat Club Southeastern United States, a prestigious organization of industry professionals representing leading members from the jewelry supplier sector, welcomed six new members and awarded eleven scholarships at their Forty-Third...

Readmore

Loading...

What's New

Featured Articles

Retailers treat customers to impressive Rolex inventories, thanks to Zimbals’ website link

Retailers treat customers to impressive Rolex inventories, thanks to Zimbals’ website link

With the launch this month of Zimbals’ SwissWatchWholesale.com - the merging of SwissWatchPricing.com and SwissWatchServiceCenter.com - retail jewelers are finding it easier than ever to display hundreds of pre-owned Rolex watches on their websites.

Readmore

Loading...

Latest News

IDEX Online reports jewelry sales strengthen in June

11 HOURS AGO
IDEX Online reports jewelry sales strengthen in June

(IDEX Online) – Sales of fine jewelry and fine watches rose by 5.8 percent in the U.S. market in June 2017, when compared to the same month a year ago, as the graph below illustrates.

Sales were an estimated $6.5 billion, according to preliminary data from the U.S. Commerce Department. The June sales...

Readmore

What can you realistically expect from your Going Out Of Business Sale?

11 HOURS AGO
What can you realistically expect from your Going Out Of Business Sale?

Of the many questions that come up when we initially meet with prospective clients, the one that we spend the most time - and analysis - answering is, “What can I expect from my sale?” After all, for many of our clients, the proceeds from their GOB represent the lion’s share of their retirement savi...

Readmore

RJO members buy with “Mile High Style”

11 HOURS AGO
RJO members buy with “Mile High Style”

Another successful Buying Show for RJO means big benefits for members

(DENVER) - In early August, the Retail Jewelers Organization (RJO) brought together over 1,200 members and vendors for their semi-annual buying show. This year’s theme was Mile High Style, and it was one to remember.

Readmore

Increased attendance and new elements spell success for the Fall 2017 Atlanta Jewelry Show

11 HOURS AGO
Increased attendance and new elements spell success for the Fall 2017 Atlanta Jewelry Show

(ATLANTA) - Attendees of the Fall 2017 Atlanta Jewelry Show enjoyed three days packed with new products, new inspirations and expert advice, and were introduced to new programs and services designed to keep attendees engaged and informed beyond the trade show experience.

Readmore

24 Karat Club SEUS inducts new members, awards scholarships at annual Banquet

11 HOURS AGO
24 Karat Club SEUS inducts new members, awards scholarships at annual Banquet

(ATLANTA) - The 24 Karat Club Southeastern United States, a prestigious organization of industry professionals representing leading members from the jewelry supplier sector, welcomed six new members and awarded eleven scholarships at their Forty-Third Annual Banquet held at the Atlanta Country Club o...

Readmore

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

8 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

Ed Levin Jewelry introduces the new Twilight Collection

11 HOURS AGO
Ed Levin Jewelry introduces the new Twilight Collection

(CAMBRIDGE, N.Y.) - Ed Levin Jewelry’s new design collection, Twilight, explores the wonder of nightfall.

Readmore

Kindred Keepsake personalized jewelry with 3D engraving

11 HOURS AGO
Kindred Keepsake personalized jewelry with 3D engraving

Kindred Keepsake is excited to introduce 3D engraved images to their line of personalized jewelry. This comes after months of testing to create a perfect raised image that has a precise, eye-catching appearance. The most distinguished difference between these 3D engravings and standard image engravi...

Readmore

Furry friends on the job: Harley, of JR Brushert Jewelers

11 HOURS AGO
Furry friends on the job: Harley, of JR Brushert Jewelers

This is Harley, a 4 lb. yorkie who works with Deb Brushert at JR Brushert Jewelers in Wausau, Wisconsin. Harley is loved by customers, who often call to make sure he will be there on days they plan to come in to pick up repair work or such. Sometimes they even bring family/friends to meet him. He lo...

Readmore

Furry friends on the job: Kozzi of Norridge Jewelers

8 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...

Readmore

Do you do appraisals?

What a lovely day, 85 degrees, low humidity, slight breeze out of the north, (my store is south of the Krispy Kreme) a squirrel has a nut in it's mouth digging a hole. I'm sitting on the bench in front of my store taking a break when an old car pulls up and something told me my bliss was about to end.

The driver gets out of the car wearing a 20 year old shirt with a 19 year old food stain on it, and he was looking right at me kinda funny. Maybe he thought I was goofier looking than him with my optivisor, my store phone, my cell phone, my pager, my blue tooth, my 7 pairs of tweezers, my 6 pens and 2 pencils all clipped to my ears or my apron. Wait... maybe I was goofier looking than him?

Anyway, he comes walking up and asked if I was the jeweler. Now, normally I'd be thinking, "what do you think?" But since I'm next door to a gun store, most people think I'm a gunsmith so I had to give him a break on that one. I told him I was and asked him how I could help... like maybe buying him a new shirt or something.

I know. I've heard the same story about the old guy that walked into a jewelry store in old coveralls and no one would help him because of how he was dressed so he drove to the competition and pulled $10,000 in cash out and bought something on the spot. Yeah right. That didn't happen. If it did, someone needs to give me solid proof because in my 30 years experience if they look like this guy, they don't have $10,000... or a wife to spend it on.

The guy asked me if I did appraisals. I told him I did. He stuck his hand in front of my face and showed me a diamond nugget ring that was dirtier than his shirt. YUCK!

"Is that a Diamond?"

I realized now that I was going to have to get up from my comfy resting spot if only to try and get away from that smelly thing under my nose. We walked in the store and I didn't see any big round bulges in his pockets (the kind that $10,000 in cash makes) so I'm back to my original theory by now. I asked him why he needed an appraisal and he told me someone wanted to sell him that ring and he wanted to know if it was real. (I wanted to know what the guy looked like that he was buying that nasty thing from) I told him that a written appraisal was $75, but it wouldn't help him much unless he was going to insure it which didn't seem likely.

"I don't need nuthin' written down, just tell me what it's worth."

Okay class, here's your lesson for the day. When people started buying diamonds off of the Internet, they would bring them to a jewelry store to validate their purchase. They wanted to know if the bright shiny rock in their left hand matched the overwhelming amount of paperwork in their right hand. In the beginning, most of us didn't think anything about it and would spend 60-90 seconds looking at it and say yes or no. Then, the inevitable happened.

Someone bought an expensive diamond off the Internet and took it to their local jeweler who verified it was what the paperwork said it was. The guy buying the diamond decided to keep it and got married. A few years later the marriage didn't work out and one of them went to sell the ring only to find out after all that it wasn't what the paperwork said.

Uh Oh! That Internet company is in big trouble now. Nope. Out of business. Gone. Vanished.

The only person in the entire chain of events that was still approachable was the home town jeweler and he got sued by the guy who bought the diamond off the Internet. Why you ask? Because the guy claimed that he made his buying decision based upon the professional opinion of the home town jeweler... even though the jeweler didn't charge him a dime and only spent about 60 seconds looking at it. I don't remember the outcome of the case, but I do know one thing. It forever changed the way I approach appraisals.

I, like many thousands of you out there, carry appraisal liability insurance. I made a decision that I will never again do a verbal appraisal as long as I live (or until my policy is no longer in force, whichever comes first). I can glance at a cert paper and a diamond and in 2 seconds tell you if they match with about a 75% certainty. But I'm not willing to get sued just because someone "didn't need nuthin' written down." If you want my professional opinion, you'll have to pay for it. If I'm charging you $75 - $100 then I'm doing due diligence to the situation and signing my name to a legal document that is covered under my appraisal liability policy. If I'm wrong, I've got insurance to protect myself. Me saying, "Yep, it's a diamond" is not covered in most instances and leaves me wide open legally. Why would I do that when I pay a lot of money to be protected legally?

As a matter of fact, if a person is not going to hire me to do a full blown written appraisal, I won't even so much as hold the object in my hand. Because it starts that game of: "Just look at it, I won't sue you or nuthin'. Just look at it and tell me if it's real." If I'm not holding it, I can't see it and I can't render a professional opinion on it. I know a lot of people think I carry that a little too far (and I probably do), but when I explain the situation to my customer, they understand. They don't always like it, but they understand... even though they would never sue me.

A lot of people I've found are more than willing to spend the money to find out if they got what they paid for while they're still in that ‘30 day refund window,' so it's not all bad. Selling appraisal services is one of my profit centers so why would I give it away? But today it worked out better than I could have ever imagined.

Old dirty shirt guy with the nastiest ring I think I've ever seen (made nasty by someone else mind you) decided he was going to hand it to me anyway and make me take a look. The ring was way too small for his finger and when he tried to take it off it wouldn't budge. He tugged once. He tugged twice. And everyone knows what happened next. He started licking the ring like it was an ice cream cone and I thought I was gonna throw up. Through my gags I told him not to bother... cough cough... I'm not going... cough cough... to look at it.

So... what do you think of my policy now?

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..


Columnist


×