Today’s brides tend to be older than in years past, and are more affluent, generally.  They also stay engaged far longer than decades ago.  Spending on engagement rings is up significantly in recent years, mainly because many of today’s bride’s are willing to sacrifice color and clarity in favor of size.  Bulletin to jewelers: SIZE MATTERS!  Add to all this the number of second marriages, and you have a situation that should make most jewelers salivate.  Unfortunately, they often don’t.

Jewelers who are held hostage by the prices listed on Blue Nile or other websites have already given away the margin they need to stay in business.  Which is why some may say that there is no longer any profit in fine diamond jewelry.  And if that is the case, why do 60% of the total sales of an average jewelry store consist of diamond jewelry?

I encourage jewelers to invest in large, fine diamonds, and to have them mounted in their showcase, ready to sell.  I also encourage consideration of slightly lesser qualities in color and clarity, in favor of well-made diamonds.  Cut is critical in masking color and clarity characteristics that would otherwise be more obvious, and there is really no excuse for any diamond manufacturer not to provide beautifully cut diamonds today.

Jewelers think nothing of opening a new line of jewelry for $35,000, but hesitate to buy a three or four carat diamond of a similar price.  You can’t sell what you don’t have.  And there is much more likelihood that your margins will improve when you have the goods in the showcase, mounted, and ready to sell.

Show that diamond to every customer who comes into the store.  Soon you will be known as the jeweler who has big diamonds.  If your customer doesn’t buy, chances are she’ll tell someone else about your store, and your big diamonds.

Tags: Advice, Business Development, Business Tips, Change, Customer Service, Knowledge, Learning, Reputation, Sales, Success, The Mind of a Leader