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By the Numbers: Big Stores Taking More Diamond Sales

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The typical small jewelry store in America has seen its diamond sales grow 10 percent in the last two years — which is not bad except in comparison to big stores, which have enjoyed 30 percent growth. That’s a huge difference in what is the key sales category for most jewelers.

According to data collected by the Edge Retail Academy, diamond sales at smaller stores — defined as those doing less than $800,000 in sales per year — had grown to an average of $338,000 by March this year from $304,000 in January 2013, whereas larger stores (those with annual sales over $800,000) had seen their diamond sales leap from $948,000 to $1.26 million. For anyone trying to expand their business, there is a very large difference between achieving annual growth of 5 percent versus 15 percent, especially in a mature segment like diamonds. One is significant while the other barely keeps up with inflation.

Graphic showing success of big stores in making diamond sales

Selection is a big reason for this widening gap; as we have said previously, you must have it to sell it. But there are other factors at play here as well, such as the competence and confidence of your sales associates, especially when it comes to bigger stones. If your diamond sales growth has been sluggish, get more ambitious with your merchandising, and get serious about training your staff.

This article originally appeared in the June 2015 edition of INSTORE.

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Celebrate Your Retirement with Wilkerson

For nearly three decades, Suzanne and Tom Arnold ran a successful business at Facets Fine Jewelry in Arlington, Va. But the time came when the Arnolds wanted to do some of the things you put off while you’ve got a business to run. “We decided it was time to retire,” says Suzanne, who claims the couple knew how to open a store, how to run a store but “didn’t know how to close a store.” So, they hired Wilkerson to do it for them. When she called, Suzanne says Wilkerson offered every option for the sale she could have hoped for. Better still, “the sale exceeded our financial goals like crazy,” she says. And customers came, not only to take advantage of the going-out-of-business buys and mark-downs, but to wish a bon voyage to the beloved proprietors of a neighborhood institution. “People were celebrating our retirement, and that was so special,” says says.

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David Brown

By the Numbers: Big Stores Taking More Diamond Sales

mm

Published

on

The typical small jewelry store in America has seen its diamond sales grow 10 percent in the last two years — which is not bad except in comparison to big stores, which have enjoyed 30 percent growth. That’s a huge difference in what is the key sales category for most jewelers.

According to data collected by the Edge Retail Academy, diamond sales at smaller stores — defined as those doing less than $800,000 in sales per year — had grown to an average of $338,000 by March this year from $304,000 in January 2013, whereas larger stores (those with annual sales over $800,000) had seen their diamond sales leap from $948,000 to $1.26 million. For anyone trying to expand their business, there is a very large difference between achieving annual growth of 5 percent versus 15 percent, especially in a mature segment like diamonds. One is significant while the other barely keeps up with inflation.

Graphic showing success of big stores in making diamond sales

Selection is a big reason for this widening gap; as we have said previously, you must have it to sell it. But there are other factors at play here as well, such as the competence and confidence of your sales associates, especially when it comes to bigger stones. If your diamond sales growth has been sluggish, get more ambitious with your merchandising, and get serious about training your staff.

This article originally appeared in the June 2015 edition of INSTORE.

Advertisement

Advertisement

SPONSORED VIDEO

Celebrate Your Retirement with Wilkerson

For nearly three decades, Suzanne and Tom Arnold ran a successful business at Facets Fine Jewelry in Arlington, Va. But the time came when the Arnolds wanted to do some of the things you put off while you’ve got a business to run. “We decided it was time to retire,” says Suzanne, who claims the couple knew how to open a store, how to run a store but “didn’t know how to close a store.” So, they hired Wilkerson to do it for them. When she called, Suzanne says Wilkerson offered every option for the sale she could have hoped for. Better still, “the sale exceeded our financial goals like crazy,” she says. And customers came, not only to take advantage of the going-out-of-business buys and mark-downs, but to wish a bon voyage to the beloved proprietors of a neighborhood institution. “People were celebrating our retirement, and that was so special,” says says.

Promoted Headlines

Most Popular