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Last updateSun, 01 Mar 2015 8pm
From flea markets to estate jewelry market leader

From flea markets to estate jewelry market leader

With Millennials marrying in record numbers, “some...

Take a proactive approach to jewelry retailing

OJA seminar to offer sales techniques, JA certific...

Dorothy Burke, co-founder of Burkes Fine Jewelers in Kilmarnock, VA dies at 90

Dorothy Burke, co-founder of Burkes Fine Jewelers in Kilmarnock, VA dies at 90

Dorothy Lee Thrift Burke, 90, co-founder of Burkes...

AJA, GJA to co-host annual Convention April 10 – 12

AJA, GJA to co-host annual Convention April 10 – 12

The Alabama Jewelers Association (AJA) and Georgia...

Jewelers of America names 2015 GEM Awards winners

Jewelers of America names 2015 GEM Awards winners

(NEW YORK) - Jewelers of America (JA), the national...

Elisa Ilana’s Lollies Collection has something for everyone

Elisa Ilana’s Lollies Collection has something for everyone

(OMAHA, Neb.) - The Elisa Ilana Collection offers d...

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AISociety AiCertify-2015 debuts with a Global Valuation Standard

The AISociety - Appraisers International Society (AIS) began live and self-study global, online, offerings of AiCertification™2015 at the start of Feb...

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Cas-Ker Company releases 8th edition catalog

(CINCINNATI) - The Cas-ker Company has released the eighth edition of its Tools and Supplies for Jewelers and Watchmakers. The new edition comes with a...

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Dorothy Burke, co-founder of Burkes Fine Jewelers in Kilmarnock, VA dies at 90

3 DAYS AGO
Dorothy Burke, co-founder of Burkes Fine Jewelers in Kilmarnock, VA dies at 90

Dorothy Lee Thrift Burke, 90, co-founder of Burkes Fine Jewelers in Kilmarnock, Virginia - a family owned and operated fine jewelry and repair store - died on December 31, 2014.

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AISociety AiCertify-2015 debuts with a Global Valuation Standard

3 DAYS AGO

The AISociety - Appraisers International Society (AIS) began live and self-study global, online, offerings of AiCertification™2015 at the start of February with the live, AiResidence sessions of its 5-course series of Valuation Appraisal courses to AIStandard v4.0 for gems, jewelry, watches and othe...

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AJA, GJA to co-host annual Convention April 10 – 12

3 DAYS AGO
AJA, GJA to co-host annual Convention April 10 – 12

The Alabama Jewelers Association (AJA) and Georgia Jewelers Association (GJA) wish to invite all retail jewelers and vendors to the 2015 annual co-hosted Convention at Marriott’s Grand National Resort & Robert Trent Jones Golf Trail in Opelika, Alabama.

The educational program features industry s...

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Take a proactive approach to jewelry retailing

3 DAYS AGO

OJA seminar to offer sales techniques, JA certification opportunity

The Oklahoma Jewelers Association (OJA) invites retail jewelers in Oklahoma and surrounding states to attend a seminar developed to enhance sales techniques targeting today’s multiple generations of jewelry buyers.

Lynn Baldwin and Darc...

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Bulova celebrating 140th anniversary in 2015

3 DAYS AGO

Esteemed watchmaker commemorates 140 years of consistent creativity and innovation

(NEW YORK) - Since 1875, Bulova has been renowned as a force for innovation in timekeeping, known for its dedication to creativity, artistry and craftsmanship. In 2015, to mark 140 years of impressive achievements and a...

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Jewelers Mutual Insurance Company earns 28 consecutive A+ Superior Ratings from A.M. Best Company

3 DAYS AGO

(NEENAH, Wis.) - Jewelers Mutual Insurance Company has earned 28 consecutive A+ Superior financial strength ratings from A.M. Best Company, a highly respected insurance rating and information source. Founded in 1913, Jewelers Mutual is an insurer dedicated solely to serving the jewelry industry in th...

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Cas-Ker Company releases 8th edition catalog

3 DAYS AGO

(CINCINNATI) - The Cas-ker Company has released the eighth edition of its Tools and Supplies for Jewelers and Watchmakers. The new edition comes with an expanded collection of equipment from it’s seventh edition release in 2013, and contains new reference material for watchmakers and jewelers to make...

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GIA to issue revised Colored Stone and Pearl Reports

3 DAYS AGO

(CARLSBAD, Calif.) - GIA has announced, effective Feb. 1, they began issuing revised Colored Stone and Pearl Reports and launched Report Check enhancements. The revised reports feature improved gemstone images and language that reflects the most current gemological terminology. Report Check for color...

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Make the best of a slowdown

Economic downturns are particularly tough on retailers; however these are the times that a retailer needs to move quickly to make changes and adjustments to minimize the impact of the economic downturn on their business. There are many options the retailer has from cutting costs, shutting stores, to refreshing their inventory and reviewing their promotional and advertising activities.

A good place to start is to examine your financial position and to determine whether or not you are going to approach the downturn offensively or defensively.

If you decide that you are in a more defensive position and need to make reductions in your operating costs, you need to see where you can eliminate waste. Is your payroll inflated? Have you been putting off making reductions to your work force? Now is the time to make those tough decisions.

Do you have certain costs that you incur on a monthly basis that can be outsourced such as accounting and advertising costs? Is there any chance of renegotiating certain contract costs such as leases or software costs? Do you have shop costs that can be done on a by piece cost instead of guaranteed salary?

You also need to review other areas that can help reduce your operating costs. Do you have clearance goods or obsolete goods sitting in the showcases that you can sell off to help reduce bank lines and reduce interest expenses? Do you have under performing store locations that by closing you can concentrate on improving ongoing strong performers? You can also utilize the under performing store that you close as an opportunity to sell off some of your dated, slow moving inventory.

A slowdown is also an opportune time to retrain your staff and to insure that they are using the best possible selling techniques. Is your mailing list up to date? Do your employees track your best customers anniversaries and birthdays? Make sure your mailing list is current and contains as much information as possible.

Is your store set up to make your customers shopping experience as comfortable as possible? Can you make some simple changes to make your store more customer friendly? Are there local organizations and clubs in your area that you have put off joining because you just haven’t had enough time? These organizations are great for networking opportunities and can lead to future business opportunities.

If you can be in a more offensive position because your cash position is strong then there are several options available to you as well. This is a good time to increase some of your investments to gain an advantage on the competition. Refresh the look of your store with some remodeling. If you have been looking to expand there will be some excellent potential acquisitions available.

It is also a good time to re-evaluate your current staff. Your competitors that are struggling may have some strong sales talent that you may be able to recruit to your team. Review your inventory and improve the availability of your fast selling SKU’s and feature poorer selling SKU’s at deeper discounts. Experiment with different local markets such as local cable stations or radio.

The least effective thing you can do during a slowdown is nothing. Whether your cash position is weak or strong there are actions you can take to help improve your business when economic times shift. Moving quickly to improve performance can help to reduce the odds of a deep dip in sales revenues and put you in a stronger position when the inevitable upturn occurs.

Bob Epstein is CEO of Silverman Jewelers Consultants. Since 1945, Silverman has been considered one of the premier sales consulting firms to the jewelry industry, specializing in improving cash flow and maximizing the recovery on distressed inventory through professionally conducted sale events. Bob can be reached at 800-347-1500 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..


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