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City’s Iconic Jewelry District Faces Uncertain Future

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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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Maximize Every Sale with Wilkerson

When it’s time to run a sale, whether it’s a retirement, going-out-of-business, anniversary or “we’ve got too much merchandise” sale, let Wilkerson handle the details. The Diamond Galleria did just that when they selected Wilkerson to run its liquidation sale. According to Sharon, their CPA, it was the right choice. “We could have done a going-out-of-business sale ourselves and done 30 to 40 percent of what we actually sold with Wilkerson involved,” she says. Seeing the strategies that Wilkerson puts in place for every sale was something that convinced her they had made the right move. “I would highly recommend Wilkerson to anyone considering this type of sale.”

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City’s Iconic Jewelry District Faces Uncertain Future

mm

Published

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

Advertisement

SPONSORED VIDEO

Maximize Every Sale with Wilkerson

When it’s time to run a sale, whether it’s a retirement, going-out-of-business, anniversary or “we’ve got too much merchandise” sale, let Wilkerson handle the details. The Diamond Galleria did just that when they selected Wilkerson to run its liquidation sale. According to Sharon, their CPA, it was the right choice. “We could have done a going-out-of-business sale ourselves and done 30 to 40 percent of what we actually sold with Wilkerson involved,” she says. Seeing the strategies that Wilkerson puts in place for every sale was something that convinced her they had made the right move. “I would highly recommend Wilkerson to anyone considering this type of sale.”

Promoted Headlines

Most Popular