WHAT CAN YOU do to prepare for and mitigate the effects of the Trump administration’s recently announced tariffs and reciprocal tariffs around the world? While we don’t fully know how these policies might evolve and which goods will be most affected, we can take action.
1. Promote “Made in the USA” (or Canada, as the case may be) jewelry when possible. People are generally willing to pay more for goods produced domestically.
2. Create capsule collections using domestic and/or more affordable materials. Not only does this reduce your costs, but it can play into point No. 1 above. Plus, it’s never a bad plan to promote jewelry staples.
3. Buy more before tariffs hit. The 90-day pause on new tariffs (except those levied against China) ends on July 9. Imports rose substantially in Q1 as U.S. businesses stocked up on pre-tariff goods, and you would be wise to follow their lead if you haven’t already.
4. Promote your craftsmanship, high level of service and custom design capabilities. Mass-market retailers have an advantage over independents when it comes to negotiating prices with suppliers, but they can’t compete with you on service and quality.
At INSTORE, we’re monitoring the situation closely, and as soon as the tariff picture becomes clearer, we will bring you more advice. Until then, do what you can to be proactive, and hopefully, we’ll continue to see strong consumer demand for jewelry moving into the second half of 2025.
Trace Shelton
Editor-in-Chief, INSTORE
[email protected]
Five Smart Tips You’ll Find in This Issue
- Send out personalized videos of new jewelry to your best clients. Manager’s To-Do, p. 34
- Redo your receipts, order forms, job tickets and invoices to be cleaner, more easily understandable and in line with your store brand. Manager’s To-Do, p. 34
- Set up times at the Vegas shows to talk to other store owners and ask them who helped them solve the problems that are holding you back. Kyle Bullock, p. 86
- Have three of your salespeople interview any new sales candidates before you give them a second interview. Shane Decker, p. 87
- Promote aged inventory this summer with a dedicated sale page on your website and through social media posts using high-quality photos and engaging stories. Megan Crabtree, p. 88
