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Reader Letters on Lab-Grown Diamonds, the Upcoming Holiday Season and More

One reader bemoans the lack of national advertising in the industry.

Published

1 year ago

October 24, 2023

INSTORE Staff Instore November 2023 Issue

On America’s Coolest Stores

There are so many Cool Stores nationwide and in Canada, I don’t know how you can choose! One of these years, we’ll enter! — Holly McHone, Holly McHone Jewelers, Astoria, OR
There are so many ways to touch the lives of our customers and so many unique ways to approach the jewelry industry. I love seeing how different leaders create special, one-of-a-kind environments that speak to different kinds of clients all over the world. There is no one-size-fits-all approach! I’m inspired by those in our industry making their own mark on the world with their special, one-of-a-kind voice. — Kyle Bullock, Bullock’s Jewelry, Roswell, NM

Lab-Grown Dialogue

The reality is setting in that lab-grown diamonds are still dropping in price and it takes a lot more sales to make your “nut.” Don’t start out by asking an engagement ring client, “Were you looking for lab-grown or natural diamonds?” Start with natural and show the better value. Otherwise, you are legitimizing the LGD as something special. And we all know it is not special. Just another anomaly that turned into an ugly must-have. Remember the bracelet bead craze? — David Blitt, Troy Shoppe Jewellers, Calgary, AB
What happens when the lab-grown diamond market becomes another commodity at a flat price per carat for all lab-grown diamonds? Prices are still dropping, and I can’t believe that we’re not too far from seeing the value of these manmade stones becoming virtually valueless. — Garry Zimmerman, Windy City Diamonds, Chicago, IL
Paradigm shift: Not too long ago, a customer would come in with a budget and leave with a mined diamond or a somewhat larger lab diamond, staying within their budget. But now, with the dramatic drop in lab diamond prices, that same customer is spending less when they select the lab diamond alternative. Nobody in our area is comfortable wearing a five- or six-carat diamond. Pretty soon, we may have to offer a free sling for every lab diamond ring purchased. — Bill Elliott, Ross Elliott Jewelers, Terre Haute, IN

Unfulfilled Promise

We are faced with tough economic trends, and De Beers and associated manufacturers are not putting out a message for consumers to get excited about. No “gotta have it” moment. — Jim Carroll, Rogers Jewelry, Modesto, CA
20 years ago, the industry needed 25,000 watchmakers to replace those dying/retiring. Never happened. — Eileen Eichhorn, Eichhorn Jewelry, Decatur, IN

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

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.