Sell Big Diamonds

In an article regarding the July rebound in jewelry sales, I found the following quote. (Idex News).

“There is an old American adage that we’ve cited before: When the going gets tough, the tough go shopping. For all kinds of psychological reasons, Americans view shopping as a stress-relieving recreational and social activity.”

Now that we know that the people want to go shopping, the trick is where will they go?

What can you do in your store to fill the needs of those seeking stress-relief or social activity?

Could you host an afternoon tea? Bring in a Jazz trio? Turn a sales evening into a networking event?

There are probably many ways that you can make the shopping experience more then just shopping. Imagine the result if people came to your shop, just because they like being there.

Let’s try and start a list of the more interesting ways to encourage footfall into your store. I’ve thought of three. Your turn. Post your ideas in the comments section by pressing the ‘comment’ button.

Larry

Summer is over. School is back in session. The stretch drive to Christmas season is here.

I listen to the news, same as you. I hear about the credit market, the housing market, the stock market. One pundent says this, the other expert says that. Personally, I’m positive. I don’t know what is going to happen!

I do know what I have to do. I have to have a positive attitude. There will be a good Christmas season! Any other appraoch is counter-productive!

If you are not thinking positive, it will show in your business. I am buying diamonds for the season. I am advertising for the season. I am shipping goods to stores for the season. Only by positive action will sales take place.

If I don’t buy, I will have no inventory. With no inventory I garauntee myself a lousy season. It’s to late to buy when the customer is already at the door. Buying now, when business is soft gives me the chance to buy diamonds at the best possible prices.

We are fortunate in the diamond and jewelry business. Our inventory has no spoilage date. The markups from dealers and manufacturers is small percentage points. My absolute, drop dead, worst case scenario is to sell some goods at a few percent loss. Never enough to endanger my continued business.

So I say prepare for the GREAT season! That is the only way to have a GREAT season!

What are you doing to have a great season? _Please click on the comments button.

Larry

Please go to this link http://diamondsandgems.blogspot.com/ Wink Jones has written an excellent series of articles describing the differences between fine and poor quality jewelry work.

Larry

This is a true story that happend to a very reputable diamond dealer in the US.

He bought a piece of rough from another dealer. Paid $1000. While examing the stone, an Israeli dealer comes to his office, sees the stone and offers to cut it for him at his factory.

When entering back into Israel with the stone in his briefcase, he declares it at customs. Customs officials ask for the certificate of origin, as per the Kimberly Process.

Of course the thought had completely skipped the mind of both dealers. The stone was confiscated, and now the owner is out $1000.

I’ve heard it said that the only way to lose money on rough is by cutting it. Now it appears you can lose money by just “wanting ” to cut it.

Larry

How much should I pay…… Dealer vs. Public?

Should there be a difference in the buy price between buying from a dealer or buying from the public ? In my way of thinking, an item bought at the price I am willing to pay is basically the “right price” regardless of where it comes from……..right ?

Example:
A dealer comes into my office and offers to sell me a diamond. This is the weight, color, clarity and make I can always use. GIA certified. I end up buying this stone for $ 4000

The next day on a recommendation, a friend of a friend (the public) comes in to sell me the EXACT, EXACT, EXACT same type of stone as I bought the day before for $ 4000.

What is the most I should pay for THIS stone ?

For the sake of our discussion, let’s assume the following:
I am a consistent buyer of this particular type of stone and can never have too many in stock.
The stone is not stolen.
The “hold” period of between 10 to 30 days is not a problem.
My running out of money is not an issue.

Many dealers I know are of the opinion that they will not pay the public as much as they would pay a dealer for the same item. Their view is that when buying from the public, they must either “steal it” or get a great, great deal or they just won’t buy it.

Shouldn’t the item and its price stand alone no matter where it comes from? Because at the end of the day, when the dealer or the private leaves your office, you are ultimately left with the item at a price. Nothing more, nothing less.

Please let me know your thoughts on this. Click on the comments button. I would be very interested to hear what others think.

Stan