THERE’S BEEN AN interesting shift in bridal retailing over the past several years: The center diamond no longer holds the same level of importance that it used to.
One factor that has contributed to this evolution is obviously lab-grown diamonds, which have driven down the price of all diamonds and made the cost of more intricate/expensive settings and custom design more accessible.
This dovetails into the second factor, which is the desire for uniqueness. Many millennial and Gen Z couples want to design a ring specific to them and their relationship. Thus, the market for those intricate settings and custom design have grown exponentially.
Advertisement
This presents a big opportunity for jewelry retailers, despite falling diamond prices. Consider that diamonds had some of the worst margins in jewelry retail as a result of commoditization and access (shoppers comparing pricing with online sellers). If shoppers spend the same amount of money, but the setting represents a greater percentage of that price than it used to, the retailer’s bottom line benefits.
Smart retailers are also increasing their average ticket via wedding band sales and wedding party jewelry. (Jonathan Geller wrote a fantastic column on this and other ways to increase your average ticket that you can read online at instoremag.com/geller0825.)
No matter what happens with diamond prices, people will always want to get married — and that means there will always be opportunities for you to capitalize on.
Trace Shelton
Editor-in-Chief, INSTORE
[email protected]
Five Smart Tips You’ll Find in This Issue
- Create curated collections that showcase different ring and band styles together to demonstrate how pieces can complement each other. (Manager’s To-Do, p. 30)
- On your online appointment booking form, ask about the preferred shape of the diamond, whether the customer has visited another jeweler, and any photos for inspiration. (The Big Story, p. 36)
- Encourage engagement shoppers to try on all diamond shapes so that they can see what shape looks best on their hand. (The Big Story, p. 36)
- Ask every engagement client if they are doing gifts for their wedding party. (Andrea Hill, p. 58)
- Give couples the challenge of coming up with ideas to link his ring to hers or to add emotional value to it in some other way. (Eric Laker, p. 54)
Advertisement
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."
