Buying

Buy low, sell high is the basis of successful retailing. But it’s not all about the price. The relationships are key, especially in jewelry.

Published

4 years ago

October 14, 2021

INSTORE Staff Instore November 2021 Issue

40. Do you stock…

The Big Survey 2021: Buying

Need some silver cutlery, glassware of other giftware? Your local jeweler is probably not the best place to look. The overall trend for such non-core goods is clearly headed down.

41. From how many vendors do you regularly order stock?

1-5
24%
5-10
35%
11-20
27%
21-30
6%
More than 30
4%
NA
4%

42. Has a vendor ever gone the extra mile to help you through a tough time? Please share your story.

“I was making a ring for my wife and wanted to give it to her in time for my son’s wedding. Two weeks before the wedding, I had a bad accident. Stuller heard about it and called my son and said to send it to them so they could finish it up for me. I was able to present it to my wife the day before the wedding. It meant the world to me.”
“A client of mine was going to die any day and her husband wanted to give her one last gift and he chose an Ostbye ring we didn’t have and wanted it engraved ‘Forever’ inside. I told Craig MacBean, the owner of Ostbye, and his jeweler and engraver volunteered to come in on a Saturday, size the ring and engrave it. Then Craig personally flew it to me that night. I was able to deliver the ring on Sunday before she passed away.”
“Many years ago, I was deep in debt. I was visiting a couple of vendors in NYC, one of whom I owed a ton. He said ‘I don’t care if you only send $10 a week. If you send me and all your other vendors just a little bit, we all know you’re trying.’ He then handed me a roll of stamps. He said let me know what your debt is when you get done with the roll. I took his advice. Never finished the roll before becoming debt free.”
“My shop manager accidently tossed a box with a new CAD model and the 1.08 carat matched princess cus that went with it. Deep sadness, but Gemco International, the company we bought the original diamonds from, replaced them for less money and with better quality.“
“Joseph of Empire Corporation is a great vendor for us, with a 20-plus year track record of quality product and superior customer service that started with his father. The Tsui family has supplied last-minute requests overnight, multiple times, resulting in not only sales but happy loyal customers!“
“Nine years ago, we had a very high-profile burglary. My phone blew up with calls from our suppliers asking what they could do to help. I had new merchandise sent on memo, terms for new purchases dated ‘pay upon insurance settlement,’ and offers to help clean up and staff the store so we could get up and running again.“

43. What’s more important in your dealings with (non-brand) vendors, the goods (1) or the relationship (10)?

The Big Survey 2021: Buying

44. What’s your biggest pet peeve in dealing with vendors?

The Big Survey 2021: Buying

Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson

When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren. For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish. "Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful." The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing." Smith's recommendation is emphatic: "I would never be able to do what they did by myself."