12152017Fri
Last updateTue, 12 Dec 2017 7pm
Gem Star Imports offers cutting-edge concepts & loyal service to retailers

Gem Star Imports offers cutting-edge concepts & loyal service to retailers

Gem Star Imports, a leading diamond jewelry manufa...

Floyd & Green Jewelers celebrating 25th anniversary

Floyd & Green Jewelers celebrating 25th anniversary

For Steve Floyd & Tom Williams, it seems like ...

GA jeweler makes ‘Black Panther’ ring for Marvel movies

GA jeweler makes ‘Black Panther’ ring for Marvel movies

Hans and Lynn Allwicher, co-owners of Jewelry Expr...

Other News

Precious gems bear messages from Earth’s molten heart

Precious gems bear messages from Earth’s molten heart

New York Times article explores what gemstones tell scientists about the extreme forces at work deep underground 

Around 1920, Justo Daza, an experienced mine worker, and Fritz Klein, a mining engineer, were scrambling over the steep mountainside terr...

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Industry Events

GIA reports well attended Jewelry Career Fair and Open House

GIA reports well attended Jewelry Career Fair and Open House

(CARLSBAD, Calif.) - GIA’s (Gemological Institute of America) Jewelry Career Fair and Open House drew nearly 900 gem and jewelry professionals, job seekers and members of the local community to the event’s 26th anniversary on October 13. This annual e...

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On The Move

Responsible Jewellery Council expands into the silver supply chain

Responsible Jewellery Council expands into the silver supply chain

(LONDON, UK) - The Responsible Jewellery Council (RJC) has announced the expansion of its material scope to include silver. As the leading standards setting and certification organization for the fine jewelry and watch supply chain, this expansion add...

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What's New

GN Diamond unveils Diamond Hunt

GN Diamond unveils Diamond Hunt

Free in-store tool designed to help retailers sell more diamonds

Qualifying a customer’s budget is a common hurdle faced by jewelers and their sales associates on a daily basis. GN Diamond listens to the common pain points experienced by jewelers and ...

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Featured Articles

Latest News

Precious gems bear messages from Earth’s molten heart

2 DAYS AGO
Precious gems bear messages from Earth’s molten heart

New York Times article explores what gemstones tell scientists about the extreme forces at work deep underground 

Around 1920, Justo Daza, an experienced mine worker, and Fritz Klein, a mining engineer, were scrambling over the steep mountainside terraces of Chivor, a legendary emerald site in northe...

Readmore

2017 Jewels for Children raffle raises over $9,000 for the Children’s Hospital Foundation of Richmond

2 DAYS AGO
2017 Jewels for Children raffle raises over $9,000 for the Children’s Hospital Foundation of Richmond

(RICHMOND, Vir.) - Richmond’s independent jewelers are pleased to announce that their 2017 Jewels for Children raffle raised $9,450 for the Children’s Hospital Foundation of Richmond at the Children’s Hospital Foundation Ball held November 3 at the Country Club of Virginia. The annual raffle, organiz...

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GIA reports well attended Jewelry Career Fair and Open House

14 DAYS AGO
GIA reports well attended Jewelry Career Fair and Open House

(CARLSBAD, Calif.) - GIA’s (Gemological Institute of America) Jewelry Career Fair and Open House drew nearly 900 gem and jewelry professionals, job seekers and members of the local community to the event’s 26th anniversary on October 13. This annual event at GIA’s Carlsbad World Headquarters was bust...

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IGI presents at AliExpress event ahead of Major Chinese Ecommerce Day

14 DAYS AGO

(SHANGHAI, China) - The International Gemological Institute’s (IGI) Shanghai team delivered a lecture at the AliExpress “Double Eleven Jewelry Industry Gold Sellers Training Session” in Hangzhou, China. AliExpress is an ecommerce platform owned by Alibaba (currently the world’s largest retailer).

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Responsible Jewellery Council expands into the silver supply chain

2 DAYS AGO
Responsible Jewellery Council expands into the silver supply chain

(LONDON, UK) - The Responsible Jewellery Council (RJC) has announced the expansion of its material scope to include silver. As the leading standards setting and certification organization for the fine jewelry and watch supply chain, this expansion adds another key sector to the RJC’s remit, helping t...

Readmore

Jewelry writer Diana Jarrett nabs top notch kudos

2 DAYS AGO
Jewelry writer Diana Jarrett nabs top notch kudos

Popular gemologist-journalist earns Top Ten spot in 2017 national competition

(NEW YORK) - American Federation of Mineralogical Societies (AFMS) has announced the results of their annual Bulletin Editors Contest. Prolific journalist Diana Jarrett ranked in the Top Ten leaderboard among a hoard of Nort...

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GN Diamond unveils Diamond Hunt

9 DAYS AGO
GN Diamond unveils Diamond Hunt

Free in-store tool designed to help retailers sell more diamonds

Qualifying a customer’s budget is a common hurdle faced by jewelers and their sales associates on a daily basis. GN Diamond listens to the common pain points experienced by jewelers and has responded by now offering retailers the abilit...

Readmore

Brad Huisken introduces retail sales training app

14 DAYS AGO

(DENVER) – As retailers face more pressure from online competition, it’s important for brick-and-mortar stores to make the most of every sales opportunity they have. Brad Huisken’s IAS Training provides sales associates and managers with the tools to build customer relationships and increase sales, a...

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Furry friends on the job: Yoooo, Adrian! The greeter at The Diamondaire

2 DAYS AGO
Furry friends on the job: Yoooo, Adrian! The greeter at The Diamondaire

Yoooo, Adrian! This is Adrian, the greeter at The Diamondaire in Saint Charles, Illinois. Adrian is a rescue pup from the Animal Welfare League in Chicago Heights. Lauren & Billy Metzer took her in about a year and a half ago and she went right to work greeting customers, protecting the store an...

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Furry friends on the job: Otto from Kester Jewelry store

9 DAYS AGO
Furry friends on the job: Otto from Kester Jewelry store

Otto the laser welding cat is a 4 year old rescue kitty. The second feline featured in our Furry Friends, Otto is the 4th kitty in 45 years to grace the Kester Jewelry store in Craig, Colorado, where he works side-by-side with owner Richard Tyser. 

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The Marketing Minute: Trend Spotting

1 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

 

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The Marketing Minute: Pricing Strategy

2 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

Readmore

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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