The typical small jewelry store in America has seen its diamond sales grow 10 percent in the last two years — which is not bad except in comparison to big stores, which have enjoyed 30 percent growth. That’s a huge difference in what is the key sales category for most jewelers.
According to data collected by the Edge Retail Academy, diamond sales at smaller stores — defined as those doing less than $800,000 in sales per year — had grown to an average of $338,000 by March this year from $304,000 in January 2013, whereas larger stores (those with annual sales over $800,000) had seen their diamond sales leap from $948,000 to $1.26 million. For anyone trying to expand their business, there is a very large difference between achieving annual growth of 5 percent versus 15 percent, especially in a mature segment like diamonds. One is significant while the other barely keeps up with inflation.
Selection is a big reason for this widening gap; as we have said previously, you must have it to sell it. But there are other factors at play here as well, such as the competence and confidence of your sales associates, especially when it comes to bigger stones. If your diamond sales growth has been sluggish, get more ambitious with your merchandising, and get serious about training your staff.
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Ready to Relocate? Wilkerson Makes Your Move Seamless
When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time.
"We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them.
Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."
