Jewelers’ generally bullish view of the business environment held into August, although once again these upbeat feelings didn’t translate into larger inventory orders – more than half of the jewelers surveyed said they are buying less product than a year ago.
The INSTORE Jewelers’ Confidence Index edged up to 54 in the first part of August, up from 53 in July. The latest result – which is the second highest reading this year – means the JCI has been in positive territory for six of the first seven months of 2017.
In our most recent survey, 39 percent of the 206 independent jewelers polled said the prospects for their businesses had improved compared to 12 percent who said they’d deteriorated, while the rest said they had remained the same. Despite this mostly positive assessment, 54 percent of the respondents said they had ordered less stock in July compared to the same month last year, while 25 percent had ordered more. Those two factors – outlook and actual orders – form the basis of our index.
As for actual sales performance in July, the news was mostly good. Forty-two percent of the Brain Squad said their numbers were Up or Way up compared to 31 percent who said they were Down or Way Down over the same period last year. Twenty-seven percent said they were about the same.
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.
