Stores that are doing things right: Schumacher Diamond
[componentheading]THE IDEA[/componentheading]
Give engagement-ring buyers a choice of different heads, and thus diamond shapes, for the same ring without having to build anything from scratch. Barney Schumacher, a diamond cutter by trade, serves as an informal adviser to his wife Catherine, who is president of Schumacher Diamond, a retail store in Bismarck, ND. Schumacher noticed that one of the most common problems for jewelry retailers involved their stock of rings. “Engagement rings were a major component of the business and also one of the most difficult to stock,” he says. “The business never had the right ring in the right size or shape for the customer.”
[componentheading]THE EXECUTION[/componentheading]
Schumacher’s solution was to develop more than 15 different patented head designs that are interchangeable with every ring style. Called the Enchanted Bridal Collection, this system enables salespeople to engage customers in the design process, while minimizing the store’s inventory cost. The heads, which range from low-profile bezel to a nice six-prong style, fit any of the 130 rings, which vary in look from vintage, to contemporary, to traditional. Round, oval, princess, marquis, pear and emerald/radiant diamonds can be accommodated in seven sizes ranging from .5 carat to 4 carats. “For every ring you stock, you have dozens of options to offer the customer,” says Schumacher. Crowns are available in white, yellow, or pink. “Traditionally, to create a custom piece like this, you’d see the solder joint. With the Enchanted pieces, the weld is hidden underneath,” he adds. “And, you can raise or lower the head depending on where you position the head on the bar.”
[componentheading]THE REWARDS[/componentheading]
Since introducing the line three years ago, Schumacher’s closing ratio has risen 35 percent, and bridal sales are up 25 percent.
[componentheading]DO IT YOURSELF[/componentheading]
Find them online at enchantedbridal.com or call (800) 654-4913 for information about the Enchanted Bridal line. Schumacher’s latest release includes a “petite series,” which includes 21 pieces at triple-key for less than $795. Radio and newspaper ads are available, Schumacher says.
[span class=note]This story is from the April 2007 edition of INSTORE[/span]