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Big Survey

Jewelers Studied These Topics In-Depth … And Decided They Weren’t Worth It

They’d rather spend their time pursuing other things.

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ONE QUESTION WE asked in Big Survey 2019 was this: “In recent years, is there anything that you studied deeply and decided wasn’t worth pursuing?”

In-house CAD/CAM capabilities were the overwhelming winner here, as many jewelers studied it but decided that outsourcing was a better option for them.

Interestingly, e-commerce was next-most mentioned (tied with “new lines of product”). Most experts and top jewelry stores have concluded that e-commerce is a must-have for selling to today’s consumer, who likes to shop via mobile device.

  • CAD/CAM (19)
  • E-commerce (12)
  • New lines of product (12)
  • Laser welder/engraver (9)
  • Lab-grown diamonds (7)
  • Pandora (7)

Some other interesting answers included buying rough diamonds, joint ventures, hiring an IT person, cloud-based appraisals, and “cutting debt.”

Many of our readers have researched, and then decided against, doing things that may seem valuable to other jewelry stores. Here were some of the things that just didn’t work for them.

  • We have tried a few “new and exciting” lines over the past few years, only to find that they were overhyped and complete duds!
  • CAD design … too long to get proficient.
  • Researched Pandora and charm jewelry and decided against it.
  • Buying a 3D printer. Just pay for the file instead.
  • Laser welder. I have wanted one for years, but have realized that at 60-plus, I simply do not have the TIME during the day, week or year to learn this new skill to the level that I would require of myself.
  • Brand name lies and fads. Our market is just too small.
  • Several online review subscription services, those that would help to build reviews. Most are overpriced and inefficient.
  • Photography of jewelry … I have had to delegate it.
  • Manmade diamonds; I learned a lot, but my clients want “real” ones.
  • CAD/CAM in-house. I spent time and money into something that I can now outsource much more cost effectively. The more CAD/CAM business that comes online, the less expensive the services become. My time is better spent designing than going through the mechanics of computer operation.
  • Online marketing: You buy these expensive websites with the hopes of boosting your bottom line as a mom-and-pop shop. Customers may look online before they buy, but still do the touchy-feely in the store.
  • Constantly looking at new small US designer lines and knowing with our weak dollar, it won’t sell at a profit.
  • Geo-fencing … actually pursued it and found it to be a total waste of money and time.
  • But our favorite answer was this one:
  • I don’t believe anything you study isn’t worth a try.

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Trace Shelton is the editor-in-chief of INSTORE magazine. He can be reached at [email protected].

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When Sales Beat Projections, You Know Wilkerson Did Its Job

There are no crystal balls when it comes to sales projections. But when Thomasville, Georgia jeweler Fran Lewis chose Wilkerson to run the retirement/going-out-of-business sale for Lewis Jewelers and More, she was pleasantly surprised to learn that even Wilkerson could one-up its own sales numbers. “Not only did we meet our goal, but we exceeded the goal that Wilkerson had given us by about 134%,” she says. After more than 40 years in the business, Lewis says she decided a few years ago to “move towards retirement.” And she was impressed by Wilkerson’s tenure in the industry. Overall, she’d recommend the company to anyone else who may be thinking it’s time to hang up their loupe. “As a full package, they’ve done a very good job and I’d definitely recommend Wilkerson.”

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