THE PRICE OF GOLD is at a record high, which means gold buying can (and should) be a significant source of ongoing revenue for your store. Here are three strategies to make more money on gold.
1. Build a relationship with your local nursing home or assisted living facility. Print up brochures and signage to establish yourself as the go-to expert for any residents or their families who have unwanted gold or jewelry they would like to sell. Set a date about 30 days in advance to allow everyone to plan for your arrival, and ask if a member of their staff could be with you that day to introduce you to everybody. Pay that person $25-30 an hour for their time and also make a donation to the facility itself. I would recommend 20-30% of your gross profit — and don’t forget to hand out business cards for any repair or design work in the future they might need you for.
2. Contact each of your top 50 clients and see if they would be interested in hosting a one-night event for themselves and their friend group. Have a catering company deliver to their house high-end wine, a charcuterie platter and a variety of cupcakes for dessert. Have an agreement in place with your host to receive a percentage of what you buy (usually 10% or double that in a gift card), and don’t be surprised if you pick up some new affluent clients by offering them a gift card amount that’s 30-50% higher than your cash offer for their unwanted gold. As a bonus, almost everyone has jewelry they want to repair or repurpose; this is a hidden benefit of having a gold party.
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3. Partner with the largest funeral home in your town or city to become their expert affiliated jeweler. I would recommend a very tasteful non-sales-oriented sign in their lobby, along with your business cards, simply stating that you’re always available for a no-obligation consultation to purchase or appraise their loved ones’ unwanted jewelry. Pay the funeral home a reasonable monthly fee for that advertising privilege. You will be the store they remember down the road when it’s time to make those selling decisions.
With tariffs, high insurance costs, rising crime and declining consumer confidence, some days it seems like jewelry retailers are being attacked on all sides. Maximize every advantage available to you in order to stay in business and remain profitable. Who knows, one of these strategies might just help you strike gold and turn your store into a gold mine!
