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The Lab-Grown Diamond Trend Might Have Just Plateaued

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Slower growth could lie ahead.

Fewer American jewelers are considering stocking lab-grown diamonds, with those actively weighing the man-made gemstones as an addition to their inventory falling from 21 percent in 2016 to 16 percent this year, according to INSTORE’s 2017 Big Survey.

Interestingly, the number of jewelers who answered “Already do” to the question of whether they would stock the gems increased by the same degree – five percentage points – from 10 percent to 15 percent over the same time period. With the other answer options “Never” and “Maybe” showing almost no change, the implication appears to be that those jewelers who were looking seriously at lab-grown diamonds last year followed through and ordered them this year. It also suggests slower growth lies ahead for the somewhat controversial product category.

At one in five, jewelers in the West were most likely to stock man-made diamonds, while the South was the least receptive market (fewer than one in 10 stores carry them). Bigger stores (those doing more than $1.5 million in sales per year) were more likely to offer the gems, although jewelers at the very top end (sales over $5 million a year) were also the most vehemently opposed to lab diamonds, with one in two saying they would never offer them to their customers.

The issue of man-made diamonds has divided jewelers, with some seeing them as having the potential to undermine the value of their most precious product category and others seeing them as a nature-friendly alternative that will appeal to younger consumers.

The 2017 Big Survey was conducted in July and attracted more than 700 responses from jewelry-store owners around country. Look out for all the results in the October issue of INSTORE.

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After 139 Years, A Family Legacy Finds Its Perfect Exit With Wilkerson.

When third-generation jeweler Sam Sipe and his wife Laura decided to close Indianapolis’ historic J.C. Sipe Jewelers, they turned to Wilkerson to handle their retirement sale. “The conditions were right,” Sam explains of their decision to close the 139-year-old business. Wilkerson managed the entire going-out-of-business sale process, from marketing strategy to sales floor operations. “Our goal was to convert our paid inventory into retirement funds,” notes Sam. “The results exceeded expectations.” The Sipes’ advice for jewelers considering retirement? “Contact Wilkerson,” Laura says. “They’ll help you transition into retirement with confidence and financial security.”

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The Lab-Grown Diamond Trend Might Have Just Plateaued

mm

Published

on

Slower growth could lie ahead.

Fewer American jewelers are considering stocking lab-grown diamonds, with those actively weighing the man-made gemstones as an addition to their inventory falling from 21 percent in 2016 to 16 percent this year, according to INSTORE’s 2017 Big Survey.

Interestingly, the number of jewelers who answered “Already do” to the question of whether they would stock the gems increased by the same degree – five percentage points – from 10 percent to 15 percent over the same time period. With the other answer options “Never” and “Maybe” showing almost no change, the implication appears to be that those jewelers who were looking seriously at lab-grown diamonds last year followed through and ordered them this year. It also suggests slower growth lies ahead for the somewhat controversial product category.

At one in five, jewelers in the West were most likely to stock man-made diamonds, while the South was the least receptive market (fewer than one in 10 stores carry them). Bigger stores (those doing more than $1.5 million in sales per year) were more likely to offer the gems, although jewelers at the very top end (sales over $5 million a year) were also the most vehemently opposed to lab diamonds, with one in two saying they would never offer them to their customers.

The issue of man-made diamonds has divided jewelers, with some seeing them as having the potential to undermine the value of their most precious product category and others seeing them as a nature-friendly alternative that will appeal to younger consumers.

The 2017 Big Survey was conducted in July and attracted more than 700 responses from jewelry-store owners around country. Look out for all the results in the October issue of INSTORE.

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Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

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