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This Jeweler Says to Hide Nothing

Words of wisdom from a Maryland jeweler.

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Ira Kramer of The Diamond Exchange of Maryland.

Hide nothing; not from your staff, not from your customers, not from the government, and certainly not from your wife. —Ira Kramer, The Diamond Exchange of Maryland, Rockville, Md

Over the years, INSTORE has won 76 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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Gene the Jeweler

It Was Hawaii Day at Gene the Jeweler’s Store … Or Was It?

In this episode of Jimmy DeGroot’s satirical Gene the Jeweler series, Gene learns that it was Hawaii Day at his store. At least that’s what his employee, Jeremy, says. But Jeremy’s answers aren’t quite adding up. It’s hard to say what this “Hawaii Day” was really all about.

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Brainstorms

Sow Seeds of Disharmony In Your Customer’s Jewelry Box

A shiny, bright new thing can make everything else look dull and in need of replacement.

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The diderot effect refers to the way a newly purchased product fails to deliver on the happiness it promised, and instead causes our other possessions to suddenly look timeworn and in need of replacement. It takes its inspiration from an essay by the enlightenment philosopher Denis Diderot, in which he laments how a new dressing gown has made his other clothes look like rags and he suddenly feels “discordant.” How to put this psychological weakness into play? In much the same way Ikea or any home goods retailer does: through suggested add-ons. (“Now that you’re ordering that new dining table, shouldn’t you consider those glasses and plates, too?) Is it manipulative? We’d argue not. It’s not your fault that stylish new fashion ring is making her 20-year old engagement ring look a little dated and in need of an upgrade.

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Editor's Note

Why It’s Good To Remember Your Best Day Ever

Reliving your favorite memory in business could inspire you to even greater heights.

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IT’S HUMAN NATURE to remember one’s failures most vividly. In my senior year of high school, we finished our football season at 9-2. A record to be proud of, but it’s those two losses that stick with me most.

Maybe you’re the same way, and you’ve had failures that you can’t stop wondering “what if” about. But we’ve already done an issue on failure (go back and read our April issue if you missed it!). Now, it’s time to celebrate the good times! Remember those moments when you were on top of the world? The ones you would love to relive again? Those are the recollections that inspire us to make the next unbelievable memory.

As we roll into the second half of the year, it seems appropriate to recall those “best days ever” to motivate you to even greater heights. In our lead story, we’ve collected 33 reminiscences from your fellow jewelry store owners to remember their favorite days, from that occasion when one made his first sale, to the moment one met his future spouse, to that time one’s father gave her the advice that sticks with her to this day. (We had so many beautiful stories that we couldn’t fit them all in print, so visit instoremag.com to read the rest!)

So go ahead: invite the memory of your favorite day back into your mind right now. Smile. Read about the triumphs of your peers. Then get back into your business and set the stage for your next best. day. ever!

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

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Eileen McClelland

First JA Convention Tackles Weighty Issues

Focus of July event is on education and technology.

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JEWELRY RETAILERS, DESIGNERS and manufacturers looking for answers to burning questions about the state of the industry might do well to attend Jewelers of America’s first national convention, July 28-29 at the InterContinental New York Barclay in New York City.

Organizers have created an educational lineup with unique content as well as hands-on technological help. The event is also timed to coincide with Women’s Jewelry Association Awards for Excellence, July 29, and American Gem Society Circle of Distinction dinner, July 30.

“It’s designed to be a really focused, two-day, high-level educational forum for our members and potential members,” says David Bonaparte, president and CEO of Jewelers of America.

So if, for example, you’ve been lying awake at night, staring at the ceiling and wondering what to do about lab-grown diamonds that may infiltrate your inventory, visiting the Diamond Detection Lab during the Jewelers of America National Convention may ease your insomnia by demonstrating a variety of state-of-the-art solutions.

“With so much news and focus on lab-grown diamonds, with new technologies overseas and the ability for manufacturers to produce everything from man-made melee up to a carat and over, we’re seeing that there are issues of detection that present a real need in the industry,” says David Bonaparte.

“The worry is that some goods would pass through labs and go undetected.”

Over the years, however GIA, DeBeers and others have begun to produce ever more sophisticated desktop equipment that makes sending every diamond or potential diamond to an external lab unnecessary.

“There are now devices you can acquire and use to make sure that what you are buying is what the seller says it is,” Bonaparte says. “It’s a great way to see what’s the latest and greatest out there.” The goal of the Diamond Detection Lab is to introduce retailers and diamond dealers to the equipment that is available to them in a simple, user-friendly way.

JA has also curated a group of technology providers in a casual, interactive environment for a Retail Innovation Lab that includes a wide variety of tech options. “I think the most important issues are inventory management and omni-channel selling, so you don’t have your capital just sitting in a case,” Bonaparte says. “Inventory management is always a huge challenge for retailers, especially for the mom and pop retailer; and our demographic is 92 percent single store mom and pop retailers.”

Beyond technology, high-level discussions are planned on geopolitical finance, macroeconomics and legislative action.

“We have Charlie Cook of the Cook Political Report who is a one of the leading pollsters in the country who will talk about politics and what the election will mean to businesses,” Bonaparte says. “We also have the U.S. State Department coming to talk about the Kimberley process and responsible sourcing. It’s really unique content that we’re hoping is appealing not only to retailers but to manufacturers as well.”

Another unique aspect of the convention is that attendees won’t be distracted by making appointments with vendors between seminars. “There are great events out there, and they deliver a lot of content and value, but there are really not that many that don’t have a show attached to them,” Bonaparte says.

Retail Innovation Lab exhibitors include:

  • Abbott Jewelry Systems produces a comprehensive software solution to manage retail jewelry stores called the Edge.
  • Buyers Intelligence Group™ designs solutions for merchandising challenges facing retail jewelers and manufacturers. BIG’s online platform provides data analysis tools to help clients understand their business and strategically plan their profitability.
  • Fire Polish Diamonds has developed The Fire Polish cutting technique, which is protected by five U.S. and international patents. By cutting Nano Prisms™ (diffraction gratings) on the pavilion of a diamond, Fire Polish is able to increase the dispersion and scintillation of any diamond without affecting the diamond’s cut or brilliance.
  • GPShopper is a mobile app developer for retailers, empowering brands to improve the customer shopping experience through multiple touch points. Synchrony acquired GPShopper in 2017 to create new mobile solutions for its retail partners.
  • JewelTrace by Spacecode is an RFID-powered data analytics and inventory management solution for jewelers.
  • Podium is a rich communication platform for local businesses. It’s the simplest way to collect reviews, get found online, and talk to customers in real-time through text.
  • Outernets converts static walls, glass and displays into interactive, customizable digital experiences.
  • Smart Age Solutions is a digital marketing agency specializing in the fine jewelry industry partnered with Review Alert. Smart Age Solutions also advises, conducts webinars, and provides unpublished data from Google for its clients.
  • Virtual Diamond Boutique is an interactive app platform to source a diverse global inventory of diamonds, colored gemstones, jewelry and lab-grown diamonds. It’s designed to be easy to use on a desktop or on any mobile device.

For more information, visit here.

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