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By the Numbers: Diamonds Lead the Way Again

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May was another strong month for stores in our survey group, with sales surging 1.5 percent on a 12-month rolling basis to $131,947. It means store sales at the typical U.S. independent jeweler are up almost 20 percent from the same month in 2013.

What’s driving this improvement? In a word, diamonds.

Same-store diamond sales have surged since May 2011 from $450,000 a year to $800,000 in 2014, an increase of 77 percent in three years. Most stores in our survey have seen the contribution from diamonds increase significantly from a low of under 40 percent during the recession to over 50 percent now. If you’re not achieving such percentages, you need to ask yourself why. Start with these three questions:

1. Is your inventory saleable? If you haven’t checked your inventory recently then it’s time to pull out your old pieces and ask, how can we move these and find more fast sellers or better price points?

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2. Is your staff up to selling the product? Many employees hired during the recession have little diamond experience. Ensure they have the necessary training and knowledge of your product.

3. Are you in the right headspace to sell? If you’re still functioning in 2009 with the belief that diamond sales are hard to come by, then guess what? They will be. Knowing other jewelers are doing well in this area should be enough to get you rethinking your approach.

For the full story and more ideas to improve your store’s performance, visit instr.us/8141

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy(edgeretailacademy.com). To join the benchmarking panel, email inqu[email protected].

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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: Diamonds Lead the Way Again

Published

on

{loadposition davidbrownheader}

May was another strong month for stores in our survey group, with sales surging 1.5 percent on a 12-month rolling basis to $131,947. It means store sales at the typical U.S. independent jeweler are up almost 20 percent from the same month in 2013.

What’s driving this improvement? In a word, diamonds.

Same-store diamond sales have surged since May 2011 from $450,000 a year to $800,000 in 2014, an increase of 77 percent in three years. Most stores in our survey have seen the contribution from diamonds increase significantly from a low of under 40 percent during the recession to over 50 percent now. If you’re not achieving such percentages, you need to ask yourself why. Start with these three questions:

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1. Is your inventory saleable? If you haven’t checked your inventory recently then it’s time to pull out your old pieces and ask, how can we move these and find more fast sellers or better price points?

2. Is your staff up to selling the product? Many employees hired during the recession have little diamond experience. Ensure they have the necessary training and knowledge of your product.

3. Are you in the right headspace to sell? If you’re still functioning in 2009 with the belief that diamond sales are hard to come by, then guess what? They will be. Knowing other jewelers are doing well in this area should be enough to get you rethinking your approach.

For the full story and more ideas to improve your store’s performance, visit instr.us/8141

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy(edgeretailacademy.com). To join the benchmarking panel, email [email protected].

Advertisement

{loadposition xtra-browncolumn}

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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