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Reluctant to cut the price of a slow seller? Offer it on memo to a friendly jeweler in another market. If they can sell it, they get to keep the profit and pay you back your cost.

WHY? What may be soil in your store might just be pay dirt at another jeweler.

HOW? You'd be surprised how often the very product you want to get rid of turns out to be a fast seller elsewhere. If the item is already a good turner for your fellow jeweler, he may decide to “reorder" the item from you (this could be especially appealing to him now due to the surge in metals prices in recent years as your old item might be more affordable for him than buying directly from the vendor).

SOURCE: David Brown


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