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.

Published

5 years ago

November 9, 2018

Eileen McClelland

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

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.

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”