The Big Survey 2024: You, the Jeweler

Our favorite section every year, as we get to know our readers a little better.

Published

7 months ago

October 28, 2024

INSTORE Staff

What’s your net worth? (All assets minus liabilities)

It’s negative
1%
Less than $100,000
3%
$100,000 to $499,000
17%
$500,000 to $1 million
19%
$1 million to $2.5 million
27%
$2.5 million to $5 million
20%
Over $5 million
13%

19% of the owners who had a net worth in excess of $2.5 million had more than one store. That compares to 12% for our overall survey pool. The implication? Adding stores doesn’t necessarily lead to building wealth.

What is the single most important factor that determines your job satisfaction?

Relationships with customers
35%
The feeling of being on top of things and in control
21%
Chance to learn new things and grow as a jeweler
7%
State of my bank account
10%
Relationships with staff
13%
Being able to just sit at the bench and create or repair jewelry
4%
The chance to work on an exciting order or challenging job
3%
Other
4%

How many days did you take off last year?

0
1%
1-5
7%
6-10
17%
11-15
25%
16-29
27%
A month or more jewelry
22%

You need your R&R — not only for your mental and physical health, but for the well-being of your bank account. 56% of the Strugglers took 10 or fewer days off last year. That compares to 23% of the Thrivers. The other 77% of our Outperformers took 11 or more days and 20% of the Thrivers took a month or more.

Do you feel you are flourishing in a holistic (not just financial) sense?

Life seems a whole lot better when business is going well, with 73% of Thrivers selecting the two most positive options, compared to 44% for the Strugglers.

What is your gender and how old are you?

What worry keeps you up at night?

A Trump or Harris presidency
23%
That I can never retire because no one wants to buy my store
14%
Day to day operational issues, keeping customers happy
6%
Encroaching online shopping
4%
Meeting payroll
3%
Staffing issues
4%
That I forgot to lock the store
4%
That the engagement ring might lose its cultural relevance
3%
Gen Z
2%
Nothing. I have few worries.
23%
Other
12%

“Others” included the store’s legacy, a move to a new location, financial pressures, the declining value of natural diamonds, crime & security, family issues, the economy and “my golf swing.”

What was the last thing — no matter how small — that brought a smile to your face in the store?

Being thanked by a groom during his wedding speech.
A customer from 25 years ago who now lives out of state brought their son back to me to purchase the next-generation engagement ring.
I love seeing my team having a good time together, especially when they are laughing. I also love visiting with my customers. I may not be the wealthiest person in this industry, but I’m rich in peace.
I loved seeing my kids (ages 6 to 10) help set up our new store. They all chipped in and worked hard to assemble chairs, move boxes, and sweep.
Helping an older customer divide her jewelry up for her grandchildren.
Dog visitors.
An elderly couple, both widowed, met less than five months before and were getting married because they didn’t want to waste any more time.
A new hire and her tech-savvy ways.
My son joining the business. e A small child came in with her mom and chose a shiny piece of tumbled hematite from the young collector’s box.
A 12-year-old old boy bought his sister a birthday present and left on a skateboard with our branded bag.
I found an AI app called Suno that allows you to create songs based on the criteria you input. My staff and I had a lot of fun creating songs about each other and other topics. The songs are all fun and relate to our work.
Every day, we share our customers’ most intimate moments — their achievements, losses, and love. Nothing is better than knowing we made a difference in someone’s day, year, or life.
A happy customer brought in a vase of flowers from her garden to make us happy. Another customer insisted on tipping the jeweler for a great job, and the jeweler bought lunch for the staff.
Big checks always put a smile on my face!
Seeing the pride on a goldsmith’s face when completing a new challenge. e Restyling a family item that made a customer cry. She was thrilled.

What’s your view of your work?

In our Skills Test question, the Strugglers rated their bench skills much more highly than the Thrivers did and that carried through to this question, with more than three times as many Strugglers viewing their work as akin to making “art”. The Thrivers were much more likely to view work as “play” or a “duty” to serve their customers.

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Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration

After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years." Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations. The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.