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

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

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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…

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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.

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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!

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If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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