In contrast to the wider U.S. economy, which has seen productivity dip in recent years, independent jewelers report they are getting more done with less. Across the production and sales pipelines, a combination of innovation, technology and — crucially — a shortage of skilled workers are driving productivity gains as fewer hands do more work. In this year’s Big Survey, we dig deep into the issue of productivity, as well as a range of other issues that touch the lives of jewelers, from their best-performing brands, to crime, to pay scales and the most “hard core jewelry thing” they’ve ever done. Dive in! THE MINE The sourcing of diamonds, the product at the heart of American jewelers’ operations, has seen dramatic innovation with the arrival of lab-grown diamonds, which are now being stocked by 63% of jewelers. The margins on LGD remain better than for natural diamonds even as their prices have fallen. THE SHOP The shop is the engine room of jewelers’ productivity gains with 36% of jewelers rating their bench area as “extremely productive” in recent years compared to the 22% who rated their overall store so highly. THE SALES FLOOR The sales floor apparently has little to fear from online sales. People still want to come in and see and touch merchandise up close. Indeed, online was the one area where the overwhelming share of jewelers said they were seeing disappointing returns on their efforts, given the regular upgrades and constant attentio that are required. THE BOSS’S OFFICE Many jewelry store owners are making more money than ever, with almost one in three taking home $150,000 or more a year. But they are also working harder. 64% said their main strategy to cope with staff shortages was to do more of the work themselves. Share of jewelers who say they are “rarely” asked about ESG issues such as ethical sourcing or the environmental impact of mining. Share of jewelers who said training was the best way to boost the productivity of their workers, much higher than the 13% who said “carrots.” That’s the percentage of owners who listed “unhappy customers” as the thing most likely to torpedo their productivity on a given day. Portion of jewelers who said e-commerce made a “substantial contribution” to their earnings. Jewelers are divided on what lies ahead, with their predictions ranging from a recession to a new boom. One thing they seem basically agreed on, though, is that it won’t be business as usual. Only 18% of jewelers foresee a return to normalcy. READ EACH SECTION OF THE BIG SURVEY AT THE LINKS BELOW Productivity Performance Buying & Selling Lab-Grown Diamonds You, the Jeweler Management & Staff The Basics
