By the Numbers: Big Stores Taking More Diamond Sales

Published

9 years ago

May 15, 2015

David Brown

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.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”