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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.”




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

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When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”

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