05242017Wed
Last updateTue, 16 May 2017 10pm
Voyager Brands up and running with bright ideas, creative new brands

Voyager Brands up and running with bright ideas, creative new brands

When Shreyansh Shah arrived from India, he was loo...

GIA’s M2M app helps retailers tell a diamond’s story

GIA’s M2M app helps retailers tell a diamond’s story

As the creator of the 4Cs, GIA (Gemological Instit...

JCK Vendor/Supplier Roundtable

JCK Vendor/Supplier Roundtable

This month rather than our usual Retailer Roundtab...

Other News

Southern Jewelers Guild reviews popular industry Facebook groups

Southern Jewelers Guild reviews popular industry Facebook groups

It’s been about 6 months since I first wrote about the industry-only, closed Facebook group named Jewelers Helping Jewelers. In the last 6 months, it has been my pleasure to watch this group continue to flourish, and grow from the 3500 members it had...

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Industry Events

GIA seminars on synthetic diamonds and diamond treatments announced for August Atlanta Jewelry Show

GIA seminars on synthetic diamonds and diamond treatments announced for August Atlanta Jewelry Show

(ATLANTA, Ga.) - For the first time at the Atlanta Jewelry Show, GIA (the Gemological Institute of America) will offer two seminars focused on identifying synthetic diamonds and diamond treatments. The seminars will be offered on Sunday, August 13 dur...

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On The Move

Finalists and judges announced for 2017 Saul Bell Design Awards

Finalists and judges announced for 2017 Saul Bell Design Awards

Rio Grande, the organizer of the Saul Bell Design Awards ( www.saulbellaward.com ), is pleased to announce the finalists of the 17th annual international jewelry-making and hollowware competition, as well as the two panels of experts tasked with judgin...

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What's New

Hoover & Strong introduces certified lab grown diamond selection

Hoover & Strong introduces certified lab grown diamond selection

Hoover & Strong has announced the addition of certified lab grown diamonds to their product selection.

“Hoover & Strong continues to lead the ethical jewelry movement with its newest addition of Harmony Lab Grown Diamonds. We have always felt ...

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Featured Articles

GA jeweler fosters, develops jewelry designing talent

GA jeweler fosters, develops jewelry designing talent

When Douglas Meadows was looking to phase out PANDORA last summer, his bench jeweler with jewelry designing skills and sales prowess stepped in to fill the inventory vacuum with in-house, hand-fabricated mainly sterling silver fashion jewelry. At sim...

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Latest News

Southern Jewelers Guild reviews popular industry Facebook groups

7 DAYS AGO
Southern Jewelers Guild reviews popular industry Facebook groups

It’s been about 6 months since I first wrote about the industry-only, closed Facebook group named Jewelers Helping Jewelers. In the last 6 months, it has been my pleasure to watch this group continue to flourish, and grow from the 3500 members it had when I first wrote about it, to where it stands n...

Readmore

Artist donates paintings to benefit Jewelers for Children

13 DAYS AGO
Artist donates paintings to benefit Jewelers for Children

Noted jewelry designer and artist Reena Ahluwalia has donated two original, museum quality paintings to be auctioned at the Jewelers for Children (JFC) Facets of Hope event in Las Vegas. The paintings, Portal of Empowerment and Brilliance Pink Diamond, show highly nuanced, hyper-realistic diamonds w...

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GIA seminars on synthetic diamonds and diamond treatments announced for August Atlanta Jewelry Show

7 DAYS AGO
GIA seminars on synthetic diamonds and diamond treatments announced for August Atlanta Jewelry Show

(ATLANTA, Ga.) - For the first time at the Atlanta Jewelry Show, GIA (the Gemological Institute of America) will offer two seminars focused on identifying synthetic diamonds and diamond treatments. The seminars will be offered on Sunday, August 13 during the Fall Show, held August 12 - 14, 2017 at th...

Readmore

JA to host events and Certification exams at JCK Las Vegas

7 DAYS AGO
JA to host events and Certification exams at JCK Las Vegas

Member-only cocktail party, JA Sales and Management Professional Certification exams included

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, is offering a variety of events, promotions and certification opportunities during La...

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Finalists and judges announced for 2017 Saul Bell Design Awards

13 DAYS AGO
Finalists and judges announced for 2017 Saul Bell Design Awards

Rio Grande, the organizer of the Saul Bell Design Awards ( www.saulbellaward.com ), is pleased to announce the finalists of the 17th annual international jewelry-making and hollowware competition, as well as the two panels of experts tasked with judging the finalists’ work.

Readmore

ASHI Diamonds appoints Al Minor as National Director of Sales

21 DAYS AGO
ASHI Diamonds appoints Al Minor as National Director of Sales

(NEW YORK) - ASHI Diamonds is pleased to announce the appointment of Al Minor as their National Director of Sales. Al’s appointment is part of ASHI’s marketing and expansion strategy that will enable it to better service independent jewelers in the United States.

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Hoover & Strong introduces certified lab grown diamond selection

7 DAYS AGO
Hoover & Strong introduces certified lab grown diamond selection

Hoover & Strong has announced the addition of certified lab grown diamonds to their product selection.

“Hoover & Strong continues to lead the ethical jewelry movement with its newest addition of Harmony Lab Grown Diamonds. We have always felt that lab grown diamonds are the ultimate ethical a...

Readmore

Stuller releases Tools, Equipment, and Metals 2017-2018 catalog

7 DAYS AGO
Stuller releases Tools, Equipment, and Metals 2017-2018 catalog

(LAFAYETTE, La.) - Prime manufacturer and global distributor, Stuller has announced the release of its newest tools catalog, Tools, Equipment, and Metals 2017-2018.

“This 600+ page catalog is the resour

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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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