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$50,000 Is a Critically Important Number for Many Jewelers

Bad things happen beyond that amount.

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WE RECENTLY TOLD YOU about the unexpected expenses that really hurt jewelers.

Building and equipment maintenance turned out to be the most common source of unanticipated financial pain. Still, many other events also put a surprise dent in jewelers’ pocketbooks, from robberies to diamond breakage. 

But did you ever wonder how much financial damage your peers in the business are prepared to withstand?

For Big Survey 2016, we asked, “How large in dollar terms would an unexpected expense have to be to put a serious strain on your business?”

The most common answer was $50,000, and there were also clusters at $10,000 and $100,000.

A few jewelers said they wouldn’t be able to sustain any amount. As one told us: “We have only been open 2.5 years. Every penny is a serious strain on our business.”

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$50,000 Is a Critically Important Number for Many Jewelers

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Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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