Connect with us

Columns

Here Are 4 Characteristics of Successful Jewelers, According to Bill Warren

The jeweler and business coach notices what makes money for his clients.

mm

Published

on

OVER THE LAST several years, I’ve seen a lot of my independent jewelry store owner friends leave the business. With this comes what I must admit is a bit of sadness for an industry that I love so much. A lot of these folks were very good jewelers, but they just couldn’t quite make the leap into today’s way of doing things, including new technologies, marketing, etc.

Being a jeweler’s business coach as well as a jewelry store owner myself, I tend to notice a lot of things from those who are successful as well as those who are not. What are those things you might say? I am so glad you asked…

Smith and DeGroot Release ‘A Vendor Perspective’ Podcast Episode
Jimmy Degroot

Smith and DeGroot Release ‘A Vendor Perspective’ Podcast Episode

Video: Split Sales Require Effort
Jimmy Degroot

Video: Split Sales Require Effort

The Business of Jewelry Podcast Special Edition (Part 2)
Jimmy Degroot

The Business of Jewelry Podcast Special Edition (Part 2)

In increasing numbers, I’m noticing that today’s successful and relevant jeweler is adopting CAD/CAM technology. Simply put, the customers coming in your door are looking for a more customized experience and they don’t want something out of the case like their parents did. I’m not saying all are like this, but they are growing in increasing numbers!

Six out of ten engagement rings now sold in my own jewelry store are born in my store’s “Custom Design Center.” You do have one, don’t you? If not, visit Stuller Settings during one of their “Bridge Events” to get an idea, or simply visit a fellow jeweler that has a center like this.

Next on my hit list would be that jewelers need a strong repair department. This is something else that can’t be shopped online. I’m seeing that good quality jewelry repair work is increasingly in demand. Pay close attention to how you’re pricing it as well! David Geller’s book is right on the money … you are using it, aren’t you?

If you don’t already own a computerized engraver of the rotary or laser variety, I’d rush out and get one today! Why? These mechanical wonders open up a whole new market for jewelers in doing pet paw jewelry, fingerprints, baby handprints or engraving a loved one’s handwriting on a jewelry memento. Might I also add that because of the “very custom nature” of this, you may price accordingly.

Advertisement

These are just a few of the things I see successful jewelers doing. The main thing is, are you willing to adapt and think differently, or will you go the way of the dinosaur like so many of our other jeweler friends have? The choice is absolutely yours!

Advertisement

SPONSORED VIDEO

Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration

After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years." Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations. The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular