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

6 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.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”