Editor's Note

In Uncertain Times, Keep a Weather Eye Out

The rising price of gold, falling prices of lab-grown diamonds and upcoming presidential election are causing trepidation among jewelry retailers.

Published

11 months ago

May 26, 2024

Trace Shelton Instore June 2024 Issue

“IF THERE’S ONE thing that’s certain in business, it’s uncertainty.” So said Stephen Covey, author of The 7 Habits of Highly Effective People. He wouldn’t be surprised, then, with how things currently stand in the jewelry sphere.

While North American jewelry retailers overall continue to do well from a sales perspective, a few key factors are causing some unrest among store owners.

First on the minds of many is the skyrocketing price of gold. As of this writing, gold is trading at $2,324 per ounce, an increase of nearly 15% year over year. And the price may rise even further. And yet, it seems even rising prices can’t stop consumer demand for gold jewelry.

The second factor is the plummeting price of lab-grown diamonds. According to jewelry analytics firm Tenoris, prices fell about 20% in 2023, and some believe they could fall another 50-80%. Many retailers are refocusing their efforts on promoting and selling mined diamonds as a result.

Lastly is the upcoming presidential election. Regardless of the victor, elections always cause trepidation in the markets. However, consumer spending isn’t affected as much as many believe, if at all.

We can’t yet know the upshot of all of this, but we do know that the business owners who monitor events closely and are prepared to react as needed are likely to be most successful.

So batten down the hatches, keep a weather eye out, and there’s every chance you’ll sail through this season of volatility unscathed.

Trace Shelton

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

Five Smart Tips You’ll Find in This Issue

Organize a community block party to generate traffic. (Manager’s To-Do, p. 34)
Place a few wedding bands in your engagement ring cases to remind associates to try to sell them at the same time. (Manager’s To-Do, p. 34)
Cross-train your staff more so that your business isn’t as affected when someone takes time off. (Ask INSTORE, p. 98)
Examine every area of your business with a goal of improving each one by a small percentage. (David Brown, p. 98)
Create a “Summer Clearance” showcase to clear out old inventory ahead of holiday buying. (Megan Crabtree, p. 104)

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.