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Big Survey

Big Survey: Here’s What Jewelers Are Doing To Prepare for the Next Economic Downturn

‘Making hay while the sun shines,’ said one jeweler.

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WHILE SOME JEWELERS are just “rolling with it,” and others are doing their best to manage inventory, stay debt free and market consistently, others (you know who you are!) are holding your breath, praying or bingeing on comfort food to banish those negative thoughts.

Here are a range of additional comments on that topic:

    • We have chosen to ignore it, just like Wall Street has.
    • Just riding the wave until it crashes into the shore.
    • Investing in equipment.
    • Making hay while the sun shines.
    • Still trying to get to the upturn.
    • We are shrinking our stock with faster moving and better selling items.
    • By doing more for the client than they ask for.
    • Banking it will last 10 more years.
    • Ride this pony for all she has left.
    • Making new inventory from gems I own.
    • Purchasing more real estate and more diamonds.
    • Keeping on top of trends.
    • Pushing the fashion category because bridal will come on its own.
    • Downsizing.
    • Trying to create meaningful relationships with our customers so they remember us later.
    • Renovating, training and hiring more experienced people to maintain an edge.
    • Plan to own the building by then so our monthly expenses are minimum. And there’s an apartment upstairs so we have a place to live — just in case.

Eileen McClelland is the Managing Editor of INSTORE. She believes that every jewelry store has the power of cool within them.

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Big Survey

Big Survey: How Many Women Make More Than $150,000 in Retail Jewelry?

For the most part, men are the higher earners.

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FOUR IN 10 independent jewelry stores in America are now run by women according to the 2018 Big Survey. However, for the most part, it is the men who continue to be the highest earners, with 80 percent of the jewelers making $150,000 or more a year being male.

A part of this discrepancy can be explained by the fact that many of the women owners and managers are relatively new to the industry and their stores have yet to reach the scale that rewards their owners so handsomely. In 2009, the first time we specifically asked about gender, the split between male and female owners was 65/35.

It’s also undeniable that women face bigger hurdles in business, whether it’s accessing credit, being accepted in business networks or just operating in a still male-dominated field.

Having said that, the women jewelers in our survey are doing well. Forty-three percent of the jewelers who said they’d had their best year ever since 2016 were women, suggesting they are outperforming their male counterparts.

As the Store Owner, What Did You Earn (Salary + Share of Profit) Last Year?

What Is It Your Gender?

COMMENT: The number of women owners or managers has been steadily rising since we started doing these surveys more than a decade ago. The first time we specifically asked about gender, in 2009, the split was 65/35. For the record, 43% of the thriving jewelers were women, suggesting they are outperforming their male counterparts. That said, it should be noted that male-owned stores overall tend to be older and thus the owners are often comparing those last two years against a historical record that goes back decades.

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Big Survey

Manmade Diamond Legal Quiz: Can You Do Better Than the Jewelers in the 2018 Big Survey?

Test your knowledge.

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ON JULY 24, the Federal Trade Commission’s jewelry guidelines were revised to include laboratory-grown diamonds in the commission’s definition of diamonds.

The FTC’s previous definition of a diamond was: “A natural mineral consisting essentially of pure carbon crystallized in the isometric system.”

The new listing does not include the word “natural.” “When the commission first used this definition in 1956, there was only one type of diamond product on the market — natural stones mined from the earth,” the FTC said. “Since then, technological advances have made it possible to create diamonds in a laboratory. These stones have essentially the same optical, physical and chemical properties as mined diamonds. Thus, they are diamonds.”

Which of the following terms are you allowed to use to describe laboratory-grown diamonds, according to the FTC. (The figures in parentheses reflect the answers of your fellow jewelers who took the Big Survey)

Laboratory-grown
94%
Manmade
56%
Laboratory-created
47%
Synthetic
35%
(Manufacturer-name)-created
34%
Cultured
20%
Simulant
7%
Imitation
6%

 

The descriptions in orange are fine, based on the FTC guidelines, while those in red are not. How did you do?

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Big Survey

Big Survey: How Many Hours Do Jewelers Work Per Week?

More time at work doesn’t always spell success.

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CONVENTIONAL WISDOM SAYS there should be a direct correlation between hours worked and performance. But the 2018 Big Survey failed to find such a clear link. The takeaway? Working smart and other variables like being in an economically strong part of the economy matter more, because when you look at the numbers, just about all jewelers work hard.

To be sure, the strugglers in our survey (defined by those who said one of the last two years had been their worst in business) tended to be over-represented at the “fewer hours” end of the band, but they were also among the jewelers putting in the longest hours at the other end of the spectrum (16 percent of the strugglers were working more than 60 hours a week compared to 12 percent for the thrivers). Overall, just about everyone was working hard: 58 percent of the respondents to the 2018 Big Survey, which attracted the participation of more than 700 independent jewelers, reported working more than 45 hours a week.

Average / Thrivers / Strugglers

Less than 30 3% / 3% / 5%

30­-39 15% / 15% / 22%

40­-45 23% / 25% / 12%

46­-50 23% / 20% / 22%

51­-60 22% / 24% /22%

61­-70 9% / 8% /12%

More than 70 3% / 4% /4%

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