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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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