The jewelry trade includes wholesalers, manufacturers, and retail jewelers that provide high-quality products and services to customers. They must also stay on top of current trends in order to attract and retain customers, and offer a unique, differentiated experience. Whether the trend is for sleek, Scandinavian designs or vintage-inspired pieces with a bohemian flair, the right marketing strategy can help jewelry stores stand out from the competition and grow their businesses.
Jewelers can get their inventory from a variety of sources, including buyer groups and individual designers. Purchasing from a buyer group typically results in lower wholesale prices, as the group uses its buying power to negotiate with suppliers. This type of arrangement also helps jewelry stores keep their cash reserves free for other business expenses.
Purchasing directly from a manufacturer is another option for jewelry stores. Some manufacturers send representatives to visit stores to showcase their latest collections, while others have e-commerce platforms that allow jewelry buyers to browse and shop directly. Having long-term relationships with reliable manufacturers is important for jewelry stores, as it ensures consistent supply and access to new product lines.
Some jewelers may choose to sell stones that they buy from independent gem dealers. Typically, these dealers focus on “commercial gems,” or stones that are primarily used for manufacturing and not sold at retail prices. The primary factors that determine the value of a gemstone are its rarity, size, color, and clarity. Adding to the value of a gem is its provenance, or its history. Original sales receipts, photographs of the stone in use, and appraisals with verifiable documentation can all support a gem’s authenticity.
For some types of jewelry, such as engagement rings, a loose stone can be repurposed by having it set in a different style. However, it is important to remember that the labor of resetting a diamond does not add much to its overall value. Depending on the setting and the quality of the diamond, it is possible that the mounting could even detract from its value.
In general, it is advisable for jewelers to avoid bottomfishing. While a customer may be willing to try price matching at a big-box store, it is best for smaller jewelers to remain true to their brand and not compromise on quality or integrity in order to compete with low-end competitors. Bottomfishing can cause customers to lose confidence in the retailer’s service and can ultimately damage its reputation.
One of the most popular ways for jewelry stores to market their product is by attending trade shows and events. These are typically held twice a year in the fall and spring, and offer opportunities for jewelry retailers to showcase their merchandise to a larger audience. In addition to generating new leads, these events can also provide valuable education on a variety of topics, such as industry trends and marketing techniques. In addition, they can offer an opportunity for independent jewelers to connect with other members of the jewelry trade community and share best practices.
