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By the Numbers: Diamond Ring Sales Shine

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David Brown sales data diamond ring sales results

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).

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Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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David Brown

By the Numbers: Diamond Ring Sales Shine

Published

on

David Brown sales data diamond ring sales results

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.

Advertisement

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.

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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