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End the Tyranny of the Term ‘Semi-Precious’

The stones this jeweler buys can easily compete with the big four.

Published

9 years ago

February 16, 2015

INSTORE Staff Instore March 2015 Issue

End the Reign of the Big Four

I agree the industry should get rid of “semi-precious” as a description for gemstones (The Business, INSTORE February). The stones I buy can easily compete with the big four. — Jeff Weintrop, The Silver Lady, University City, MO

The Case for the Slow Sales Movement

I just finished your story titled Dump Your Dogs! (INSTORE, February) and felt it important to add a different perspective. Not all of us want to sell jewelry like it’s widgets. As someone who designs and creates fine jewelry, I can say many of our pieces do not find a home within the one-year timeframe but they are far from being labeled as dogs or dead inventory. Those of us who make unique custom jewelry fully understand that the right person may not come along right away, and we are willing to wait. Does it impede cash flow? In some stores, yes. But stores with good cash flow that have little debt can afford to wait on the right buyer. —Gary Youngberg, Ames Silversmithing, Ames, IA

Donor Dogs

For lower-cost “dogs,” we use the items as donations for nonprofit live auctions. It helps drive brand recognition at events where people are paying $50 to $150 per plate to attend. (Disposable income = our target audience.) — Jennifer Farnes, Revolution Jewelry Works, Colorado Springs, CO

Forget Millennials

INSTORE (and other industry publications) spends a great deal of time telling us how to engage with the Millennials via social media, apps, etc. Unfortunately, this generation has made it clear it has no interest in fine jewelry. Frankly, I think that comes about because they (so far) do not have the money or taste. This generation has basically stonewalled us. No amount of hanging out with them will change that until their taste has changed. It’s sad that we may have to come to the conclusion that this generation needs to be skipped until we see some interest. I’m not sure pouring a lot of resources to create some interest works to our benefit when we are doing that into an empty-wallet client with no interest in our product. — Alex Weil, Martin’s Jewelry, Manhattan Beach, CA

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”