Share Tweet The Big Survey 2018: Buying Thriving jewelers buy more aggressively ... and re-order hot sellers more promptly. Published 2 years ago on November 2, 2018 By INSTORE Staff Instore November 2018 Issue From laboratory-created diamonds to trade show buying to purchasing off the street, there are lots of options these days for jewelers to acquire their goods. Thriving jewelers are more apt than struggling ones to buy more aggressively regardless of avenue, including a higher frequency of reorders when selling through product. 20. Is your buying at trade shows … INCREASING Overall 14% Thrivers 20% Strugglers 6% STAYING THE SAME Overall 40% Thrivers 45% Strugglers 29% DECREASING Overall 36% Thrivers 25% Strugglers 53% I NEVER BOUGHT AT SHOWS Overall 11% Thrivers 11% Strugglers 12% COMMENT: There has been much talk in recent years about waning participation at trade shows from Vegas to Basel. But our numbers seem to suggest jewelers doing well still see value in show attendance. Meanwhile, more than half the Strugglers said they were cutting back on their showgoing. 21. What jewelry or watch brand would you most like to add to your cases? 1. Rolex 2. Tag Heuer 3. David Yurman 4. Michele 5. Gabriel & Co. 6. Bulova 7. Movado 8. Patek Phillippe 9. Omega 10. Tie: Tacori and Kendra Scott COMMENT: Swiss watch brands dominated the list, which is at once surprising, given that many of the mid-range brands haven’t done all that well in recent years and because so few jewelers cite watches as a key category, and perhaps not so strange — the big watch brands are much better known by the general public and arguably more prestigious than jewelry brands. Advertisement 21. Which category is your store’s point of “differentiation”? COMMENT: Strugglers were much less likely to say their point of differentiation was custom design, with just 23% selecting this service compared to 38% for the thriving stores. Strugglers were also more likely to pick silver as their strong point (3% vs. 0.4%) as well as watches (4% vs. 2%) and colored gemstones (6% vs. 4%). 22. What do you buy off the street? COMMENT: There’s gold to be found out there in the drawers and jewelry boxes of your customers. Thriving jewelers were more likely than Strugglers to be buyers in every category — except silver. 23. How often do you place re-orders? COMMENT: The takeaway is clear: The stores doing best are those that order most quickly. Nearly half the stores experiencing great numbers in 2016 and 2017 reorder on a weekly basis. Advertisement Related Topics: click to Comment(Comment) Up Next Big Survey 2018: Store Performance is Still All About Your Reputation Don't Miss Big Survey 2018: What Were Jewelers’ Top Sellers for the Year, and What’s the Next Big Thing? INSTORE Staff Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected]. Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.” You may like Promoted Headlines Digital Warrior: A Conversation with GemFind’s Alex Fetanat GemFind A Sales Meeting Platform for The 21st Century The Plumb Club With Average Retails of $250, This Is One Brand You Won’t Want to Miss! 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