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City’s Iconic Jewelry District Faces Uncertain Future

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Published

6 years ago

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‘I’m lucky to sell one piece a week.’

The Financial Times reports that some business owners in the jewelry district of Los Angeles are seeing their worst business slump in decades.

The district, which got its start in the 1970s, had trouble shaking off the effects of the Great Recession. And now it faces a variety of other challenges, including internet competition and rising raw-material prices.

“It was easy to conduct business before,” said Raymond Moutran, who operates a shop in the district. “I used to see people every day but now I’m lucky to sell one piece a week.”

At its peak about a decade ago the area had about 5,000 jewelry businesses operating in over 30 buildings. The article didn’t provide current figures.

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Local jewelry professionals say the district will survive, but likely on a smaller scale. The jewelers who thrive will be those who adapt to the times.

“If a jeweler who has been working the same way for years is unwilling to change his way of functioning, he needs to understand that it will be very challenging,” Diana Singer, president of the American Society of Jewelry Historians, told the Financial Times.

Read more at Financial Times

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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.”

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City’s Iconic Jewelry District Faces Uncertain Future

mm

Published

6 years ago

on

‘I’m lucky to sell one piece a week.’

The Financial Times reports that some business owners in the jewelry district of Los Angeles are seeing their worst business slump in decades.

The district, which got its start in the 1970s, had trouble shaking off the effects of the Great Recession. And now it faces a variety of other challenges, including internet competition and rising raw-material prices.

“It was easy to conduct business before,” said Raymond Moutran, who operates a shop in the district. “I used to see people every day but now I’m lucky to sell one piece a week.”

Advertisement

At its peak about a decade ago the area had about 5,000 jewelry businesses operating in over 30 buildings. The article didn’t provide current figures.

Local jewelry professionals say the district will survive, but likely on a smaller scale. The jewelers who thrive will be those who adapt to the times.

“If a jeweler who has been working the same way for years is unwilling to change his way of functioning, he needs to understand that it will be very challenging,” Diana Singer, president of the American Society of Jewelry Historians, told the Financial Times.

Read more at Financial Times

Advertisement

Related Topics:

click to Comment(Comment)
Advertisement

SPONSORED VIDEO

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.”

Promoted Headlines

Most Popular