David Brown

Are You Getting the Diamond Business That You Should?

Monthly data comparison highlights a surprising trend.

Published

5 years ago

August 16, 2018

David Brown Instore September 2018 Issue

As part of our monthly data comparison, we offer a departmental review of performance across over 700 stores. The info has highlighted a surprising trend. The obvious assumption is that the largest stores get a greater percentage of their sales from diamond product. But the opposite is actually true. Within the diamond category, diamond rings are particularly interesting.

Are You Getting the Diamond Business That You Should?

So how does your data compare? Are you above or below this trend for your store size?

The first question to ask is, who is your target market? Are you chasing the bridal client, and if so, what is the demographic of the diamond customers you are currently getting? A jeweler I spoke to recently had pinpointed bridal as their ideal customer, but in fact a quick profile of their customer base showed that most of their diamond ring sales were coming from the older right-hand ring market – often single women purchasing diamonds for themselves.

If bridal is your target, then you need to look at three key areas: promotion, product mix and performance of staff. If you aren’t achieving the percentage of sales from bridal and diamonds that you feel you should, then it’s highly likely you are underperforming in one, two or all of these areas. So how do you know which one?

Promotion is about leads. If you aren’t attracting bridal prospects into your store, then your marketing may be lacking. Are you measuring this aspect of the business? How many diamond inquiries do you get per month?

Product mix is about offering the right selection for your clients. Does your range of product match the inquiries you are getting? Are your sales and your inventory out of balance (an inventory imbalance report can reveal this)? Are you carrying the right price points that your customers want to buy?

Performance is about sales. If you’re not converting leads, then either your inventory isn’t right or your staff isn’t completing the task. This may be about having the wrong staff, but it may also be a lack of training. How many hours per month do you spend training your staff about bridal and diamonds?

Making sales is not a passive process. Leaving it to chance is not an answer. If your bridal department is underperforming, then you need to identify the reason and take action to rectify the problem.

Time to Do What You've Always Wanted? Time to Call Wilkerson.

It was time. Teri Allen and her brother, Nick Pavlich, Jr., had been at the helm of Dearborn Jewelers of Plymouth in Plymouth, Mich., for decades. Their father, Nick Pavlich, Sr., had founded the store in 1950, but after so many wonderful years helping families around Michigan celebrate their most important moments, it was time to get some “moments” of their own. Teri says Wilkerson was the logical choice to run their retirement sale. “They’re the only company that specializes in closing jewelry stores,” she says. During the sale, Teri says a highlight was seeing so many generations of customers who wanted to buy “that one last piece of jewelry from us.” Would she recommend Wilkerson? Absolutely. “There is no way that I would have been able to do this by myself.”