“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.
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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)