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David Brown

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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A Liquidation Sale during a Pandemic? Wilkerson Showed Them the Way

For 25 years, Stafford Jewelers of Cincinnati, Ohio, was THE place to go for special gifts, engagement diamonds, high-end Swiss watch brands — in other words, the crème de la crème of fine jewelry. But this summer, the Stafford family was ready to retire. So, they chose Wilkerson to help them close up shop. “One of the biggest concerns was having the sale in the middle of COVID,” says Director of Stores Michelle Randle. Wilkerson gave the Stafford team plenty of ideas as well as safety guidelines, which they closely followed. “All of the employees felt safe, the customers coming in the door felt safe and we did a lot of business,” says Randle. How much business? “The inventory flew,” she says. Translation: They sold millions and millions of dollars-worth of merchandise. Randle calls it, “an incredible experience.” Would she recommend Wilkerson to other retailers who are thinking of thinning their inventories or retiring? “Everyone got more than what they expected out of the sale. You have to hire Wilkerson. They’re amazing.”

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