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INSTORE Readers Talk Lab-Grown Diamonds, Plans for the Fall and More

Plus their thoughts on our August issue lead story, “Jump on the Band Wagon.”

Published

1 year ago

September 21, 2023

INSTORE Staff Instore October 2023 Issue

On “Jump on the Band Wagon”

A great article on selling wedding bands, and always a great magazine for valuable information. — Annette K., Stillwater, OK
It was a great reminder, don’t forget the bridal sale is not complete until the wedding bands are sold, whether at the time or later. — Holly M., Astoria, OR
Love that capturing the wedding band should be part of the engagement process. We still are batting almost 100%. Doing memo on lab-grown diamonds has been a savior. Looking forward to growing our staff for this amazing holdiay coming up. — Karen H., Batavia, IL

On Lab-Grown Diamonds

I’m so curious why jewelers are still selling lab-grown diamonds when they clearly know the value is plummeting and they won’t even offer buy-backs or trade-ins. Why are you intentionally screwing over your customers instead of educating them? — Marc M., Midland, TX
We’ve been blown away at the number of 3- to 5-carat lab-grown diamond sales we’ve closed this year. Can the prices get any lower than they are now? I’d like a consensus from jewelers as to how they are establishing an appraised value for labs? — Mark K., Pittsfield, MA
One aspect of lab-grown diamonds that does not seem to be discussed much is the cost of handling as compared to natural diamonds. Meaning, how nervous are stores showing a $20,000 natural diamond as opposed to a $3,000 lab-grown in the same size and quality? How nervous is the customer wearing a $20,000 diamond as opposed to the same in lab at $3,000? How much does it cost to insure, ship, etc. the $20,000 diamond as opposed to the $3,000 diamond? And how nervous are diamond dealers sending a $20,000 diamond instead of a $3,000 diamond on memo to a store? It seems to me the level of the cost of handling and the level of comfort are significantly different between the two. One would think that insurance companies would agree with that as well. — Alex W., Torrance, CA

Market Musings

Hunker down, do not let the bad news from networks and news sources allow you to become sad. Keep your enthusiasm, lead, do not follow!! — Mark R., Ottawa, ON
I wish the price of gold would go down so I could buy more efficiently and pass on the savings to my customers, but when it goes up, my inventory is worth more. So it’s a toss-up and we will wait and see what happens! — Susan E., El Paso, TX

Share your thoughts with INSTORE. Email us at editor@instoremag.com

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”