Success in the diamond business comes from working close to the source. As stated in my recent posts, there is a huge supply of diamonds ready to be mined that is already above the ground – in the jewelry boxes of your customers, right in your own backyard.  The tricky part is going out of your ordinary way to get access.  

It is certainly déclassé and most likely counterproductive to put a big poster in your window that says WE BUY DIAMONDS.  Even more so, to have some clown spinning a cardboard arrow out on the street with that same type of message.  But, how about providing a unique and authentic in-store experience for your most valued guests?

You can start by bringing a diamond cutter to your store.  Hint: I know a guy.  He could bring a bench to demonstrate how diamonds are actually brought to life.  Hint: It’s not at all what most people think is done.  Or, he could give a presentation about the history of famous heirloom diamonds, showing that the difference between “old diamonds” and “new diamonds” is the way they are fashioned.  This event is what I affectionately call “the hook”.

Of course, the purpose is not just to attract window shoppers for a bit of show-and-tell.  We are in business to make a profit!!!  Here’s how that part works…

When prospecting for the show, tell your best clients that while the cutter is in your store he has graciously agreed to consult with them about what to do with any of their heirloom diamonds.  If they show interest, then set up an appointment!!

Now is when the fun begins.  There are at least six (6) ways that the conversation can go: 

- If nothing else you can get more appraisal work.

- Perhaps they will want their diamond remounted.

- Maybe you can design a new custom piece for them.

- Then again, their stone may need to be re-polished or recut.

- Or, you might accept the diamond as a trade-in or for store-credit.

- Finally, you may be able to purchase their diamond outright.

That is a lot of touch-points that can go directly to increasing your business.  This strategy for success provides truly professional service and lets your guests make their own choices in a low-key and high class environment.

I’m sure you can think of other strategies as well.  I’d love it, if you would share them with all of us.