Published in the October 2014 edition of INSTORE.
Diamond ring sales rose above their long-term trend line in June and July, accounting for more than 9 percent of total store sales compared to their historical average of 8 percent. The higher diamond ring sales contributed to much improved sales figures in July 2014 over July 2013, with overall store revenue increasing from an average of $90,145 to $101,901, up 13 percent on a year-on-year basis.
If you’re not seeing such a strong performance from diamond rings at your store, we suggest you do the following:
Take a good look at your selection. Run a price-point report from within your system, which will allow you to see any obvious holes in your inventory. If you’ve been making sales in the $3,000-$3,500 range but have only two rings in this price point, then it’s an indication of where you need to restock. Similarly, if your system shows most of your diamond rings are over 12 months old, then you have a problem; it’s time to move those pieces on.
Review your staff sales reports. Chances are, the 80/20 rule is in action, with a small number of staff making the most diamond ring sales. Not everyone is a natural at selling diamonds, and there is no point giving your less-experienced staff a $4,000 sale to practice on. Make sure your best sellers get every opportunity to make the big sales.
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Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).
Ready to Relocate? Wilkerson Makes Your Move Seamless
When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time.
"We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them.
Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."
