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Big Survey

$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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Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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