With online competition getting stronger all the time, offering competitive prices is more important than ever before. Our Brain Squad weighs in on when retailers may get the best deals from wholesalers.
- Right after Christmas or certainly when the economy has tanked. — Brenda Newman, The Jewelry Source, El Segundo, CA
- After Tucson. People from out of the country are looking to not take it back with them. — Marta Jones-Couch, Elements Ltd., Des Moines, IA
- Usually around the June JCK show. Seems like everyone is trying to get your business and is willing to negotiate. — Theresa Namie, Stephen Vincent Design, Minneapolis, MN
- The last day of JCK. — Gordon Lawrie, Eidos, Santa Fe, NM
- Early fall. — Mark A. Young, Mark A. Young Jewelers, Oxford, MI
- I don’t think that month exists on my calendar. — James Sickinger, Sickinger’s Jewelry, Lowell, IN
- Late winter (January, February, March). — Patty Wedemeier, Elegant Jewelers, Sugar Land, TX
- After Valentine’s Day. — Nathan George, Joshua’s Fine Jewelry, Russellville, AR
- It varies. One vendor I know needs cash when their line of credit comes due in February; others will discount to push end-of-year sales numbers. Summer can often be a good time to push for cash discounts. — Mark Clodius, Clodius & Co. Jewelers, Rockford, IL
- Never. — Nicholas Pronko, Steve Pronko Diamonds, Dickson City, PA
- We strive for the lowest prices every month. But most of my major vendors don’t negotiate prices. — Tom Duma, Thom Duma Fine Jewelers, Warren, OH
“Most prices stay consistent throughout the year, unless it is discontinued goods." — Teddie Gause, Gause and Son Jewelers, Ocala, FL
- Tax time. — Manuel Millman, Shelle Jewelers, Glencoe, IL
- I get the lowest prices all year long because I like to pay my vendors right away. If they bring items in to show me, I pay them on the spot and they will always cut me in for the better price. I also make deals with other vendors that if I pay them within the week, they will discount it anywhere from 5 percent and up. — Howard Jacobs, Toodies Fine Jewelry, Quincy, MA
- Early summer. — Emily and Matthew Clark, Spath Jewelers, Bartow, FL
- Mid-summer. — Garry Zimmerman, Windy City Diamonds, Chicago, IL
- Late summer. — Laura Sipe, J.C. Sipe, Indianapolis, IN
- I don’t know about time of year, but buying groups like RJO/IJO, working those terms, early paybacks and stock balancing are our shopping friends. — Elysia Demers, Barnhardt Jewelers, Spencer, NC
- When gold is down. — David Phelps, Precision Platinum, Durham, NC
- Christmas — they know we are scrambling and they have a limited time to get my attention just as I do my customers. After that, they are just as flush as we are and will be more tight. — Amber Gustafson, Amber’s Designs, Katy, TX
- When times are slow. — Bob Mullen Jr., Mullen Bros, Swansea, MA
- Any time of year. Just ask. — Stew Brandt, H. Brandt Jewelers, Natick, MA
- I don’t beat up my suppliers for a better price. I shop close-out companies for certain items. — Donnie Blanton, Brittany’s Fine Jewelry, Gainesville, FL
This article originally appeared in the May 2017 edition of INSTORE.
What's the Brain Squad?
If you're the owner or top manager of a U.S. jewelry store, you're invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.
Latest Know How Stories
- Is It Time to Pull the Plug on This Employee Recommended By a Close Friend?
- Are Jewelers Good Bluffers? The Brain Squad Responds
- What Time of Year Is Best to Get the Absolute Lowest Manufacturer Prices?
- Create the Habit of Loving Gems in Your Children's Library
- Can't Meet? Just Rephrase Your Availability in a More Positive Manner