Editor's Note

If You Want to Learn What to Do About High Gold Prices, Read Our January Issue

We discuss buying off the street as well as pricing strategies.

Published

3 weeks ago

January 6, 2025

Trace Shelton Instore January 2025 Issue

HEY, HAVE YOU heard about this thing with gold prices? They’re, like, really high!

I jest, of course, but in all seriousness, jewelers can’t stop talking about the skyrocketing price of gold and how it’s affecting their businesses. Interestingly, many say that it hasn’t affected consumers — people still want gold and they’re willing to pay for it.

Nevertheless, retailers and wholesalers must perform a delicate dance to navigate pricing, margins and perceived value. We called on jewelry writer Beth Bernstein to investigate precisely how they’re doing that, and you can read about it in our special feature.

And then there are the advantages of buying gold “off the street.” Fifteen years ago, gold buying kept many retailers afloat during the Great Recession. Today, those same retailers know that they can earn good money and offer a nice amenity to clients by promoting their gold buying services. Read Jennifer Heebner’s article in this issue to see how stores are doing this successfully while maintaining their reputation as fine jewelers.

But all this gold coverage wouldn’t be complete without some jewelry designs! Check out some of the latest gold creations in New Arrivals this issue (and let us know how you like our new section layout — I think it really lets the pieces “breathe”).

So yes, the price of gold is high, but savvy retailers are using that fact to their advantage. We hope our stories in this issue help you to do the same!

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

Send press releases to local media outlets and influencers offering them a story with your “top 10 ideas for gifts” for Valentine’s Day. (Manager’s To-Do, p. 22)
Offer store credit in greater amounts than the cash you would pay to buy gold from clients. (The Big Story, p. 28)
Check gold prices at the time of a client’s inquiry, as even slightly less recent prices could cost you money. (The Big Story, p. 28)
Spend 30 minutes a week asking each member of your team for feedback and ideas to improve your business. (Kyle Bullock, p. 44)
Defer non-critical investments until later in the year when cash flow typically improves. (Sherry Smith, p. 46)

Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”