Connect with us

Big Survey

Big Survey: These Jewelry Sales Pretty Much Sum Up the Past 3 Years

Retailers reveal their surprising sales feats and failures.

Published

on

Big Survey: These Jewelry Sales Pretty Much Sum Up the Past 3 Years

FOR BIG SURVEY 2018, we asked respondents to tell us about a sale that summed up the last three years for them.

Jewelers lamented shrinking diamond margins and celebrate unexpectedly large sales, and they revel in their customer-service skills when discussing defining moments. There were also big disappointments that seem to reflect the changing priorities of consumers: “A necklace we sold last week just came back for a refund because the customer told her husband she wanted a designer purse.”

The Metaverse and the Future of Marketing
Keepin' It Real

The Metaverse and the Future of Marketing

Podcast: So What’s So Special About Trade Shows?
JimmyCast

Podcast: So What’s So Special About Trade Shows?

Podcast: What’s Your Instagram Lifestyle?
Keepin' It Real

Podcast: What’s Your Instagram Lifestyle?

  • A customer wanted us to custom make her “death ring” — two penguins facing each other with a 1-carat heart-shaped diamond in the middle, set in platinum, to wear when she was buried. “No one in my family deserves it.” Now she wants to return it.
  • A guy drove over four hours to us to buy an engagement ring because he heard from a friend how well we treat customers.
  • A necklace we sold last week just came back for a refund because the customer told her husband she wanted a designer purse.
  • Return customer was ready to purchase high-ticket earrings but needed to get home to wire the funds (we are in a resort town), and when he got home, his wife was immediately hospitalized and he never finalized the sale. This has been our experience the last few years. I feel like I am in the twilight zone.
  • Spent three and a half hours with a couple looking for a custom set, educated them on the 4Cs. Drew sketches, calculated layaways and sold them a $70 silver set.
  • Sold two 2.5-carat diamond engagement rings. Made $2,000 on first sale and $4,000 on the second. The difference? Lab-grown diamond was the center of the second engagement ring.
  • Did eight CADs for a lady making her dream ring, and she decided against them all in the end and instead chose a ring in our case.
  • After three weeks the $10,000 diamond sale closed. We made $1,500. Can I do this and still make rent?
  • A client who had only bought batteries for her watches over the years decided she wanted 8-carat diamond studs.
  • A customer calling a Pandora CZ ring a diamond and after pointing out it was not, they said, “no difference.” Also, customers calling Alex and Ani silver-colored bracelets white gold.
  • We repaired simple items for a man who brought in his mother’s repairs. After five to 10 times, he said, “I live far but I’m here to buy an engagement ring because you never charged my mom and I want to give you the business.”
  • Just sold a 3.26-carat round brilliant diamond in a platinum mounting. To sum up my bridal business: Fewer, but more important sales.
  • A gentleman came in to check out engagement rings, looking at a quarter-carat max, but didn’t buy. He came in eight months later looking for a half-carat. Still unsure about marriage, he didn’t buy. He came in last spring and bought a nice 2.01-carat in a sweet platinum mount. He said it was kismet, that the perfect ring meant the time was right.
  • A customer told us he had been diagnosed with cancer and did not have long to live. Sad that he might not make it to his 55th anniversary, he ordered his wife a pearl necklace and asked if I could take it to her on their special day. He did die before their day, so I gave her the 55-pearl necklace and 55 roses. Sometimes I forget the only reason for our business is because someone loves someone. Nothing is better than that.

Eileen McClelland is the Managing Editor of INSTORE. She believes that every jewelry store has the power of cool within them.

Advertisement

SPONSORED VIDEO

Maximize Every Sale with Wilkerson

When it’s time to run a sale, whether it’s a retirement, going-out-of-business, anniversary or “we’ve got too much merchandise” sale, let Wilkerson handle the details. The Diamond Galleria did just that when they selected Wilkerson to run its liquidation sale. According to Sharon, their CPA, it was the right choice. “We could have done a going-out-of-business sale ourselves and done 30 to 40 percent of what we actually sold with Wilkerson involved,” she says. Seeing the strategies that Wilkerson puts in place for every sale was something that convinced her they had made the right move. “I would highly recommend Wilkerson to anyone considering this type of sale.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular