-Joey Rafaeli -

A small 1.3% rise in sales at US jewelers in April. The increase in revenue was fully spurred by a 2.5% increase in the average consumer expenditure per unit purchased. A few of the figures: Natural diamond jewelry sales rose 1%, Prices of LGD-set DERs declined, Loose LGD was 57% of loose diamond sales, but just 25% of revenue. Here is an issue: LG prices are down, but gross margins and unit sales are up. What does it impact gross profits? We took a look at that and have some findings. https://lnkd.in/dDw4s8MQ

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𝗠𝘆𝘁𝗵 #2: "𝗕𝗲𝘀𝗽𝗼𝗸𝗲 𝗝𝗲𝘄𝗲𝗹𝗿𝘆 𝗜𝘀 𝗠𝗼𝗿𝗲 𝗘𝘅𝗽𝗲𝗻𝘀𝗶𝘃𝗲 𝗧𝗵𝗮𝗻 𝗕𝘂𝘆𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝗥𝗲𝘁𝗮𝗶𝗹" – 𝗙𝗮𝗹𝘀𝗲! Many people believe that designing custom jewelry is pricier than buying from a standard retail store. This, my friends, is a common misconception. High-street jewelers often have higher costs due to expensive retail space, large staff, and significant capital tied up in inventory, which can be held for long periods. To cover these expenses and ensure profitability, they must set higher prices. In contrast, bespoke jewelry designers, like Stanton Kingdom, benefit from lower overhead costs because they don’t operate from costly retail locations or hold large inventories. Instead, we work directly with manufacturers, eliminating middlemen - such as wholesalers - in the process. This streamlined approach allows bespoke designers to offer custom pieces at far more competitive prices while still maintaining a healthy margin of profit.

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Throughout history, jewelry appraising has evolved from informal assessments to a formalized profession, reflecting changes in society, technology, and commerce. In recent years, there has been an increased focus on consumer protection and transparency in the jewelry market. Appraisers are often required to adhere to specific regulations, ensuring that their evaluations are accurate and reliable. Knowing how to run a successful business is imperative to jewellery appraisers. Learn more at https://lnkd.in/gdDHMGmU

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I miss the good ‘ol’ days (olden times as my son likes to say) when this issue of National Jeweler was published on paper (or stone tablets as my son believes). We used to frame the page we were on and celebrated the day we got added to the Million Dollar“SuperSellers”with a really special frame that we showed off to landlords and vendors alike. Today, we don’t strive to be bigger, only better. Better at the customer experience (both before, during, and after purchase). Better at merchandising. And better at recruiting, hiring, training, and delighting our 700+ associates so they can delight our customers. And for the “better” metric, there’s unfortunately no magazine, paper or otherwise, to see the results. Sure, we have NPS and Yelp, Google and Glass Door. We have reviews and exit surveys. We have repeat purchase percentage and customer satisfaction scores. But truly, none of those (even combined) fully encapsulates what it means to be better. And when I figure out how to measure that, you can bet I’ll endow a new issue of National Jeweler to celebrate it. And hopefully we’ll be on top!

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The 2 Major Rules of Jewelry purchasing: 1. The quality of a diamond or gemstone is not equal to the quality of the overall piece of jewelry it's in. 2. Not all four C's are created equal. Lets discuss. You can have a Type 2A diamond and it can be exquisite. D flawless stones deserve to be set in the best, but that does not mean that they are. In fact I would venture to say that over 50% of the top diamonds or gemstones are set in jewelry that is subpar. That being said, I always encourage people to lean beyond the bubble that is the 4 C's. With the exception of weight, each one of the other C's have a range of what makes them better or worse. There are a hand full of other reasons why a stone is better or worse - if you see a 2ct round F VS2 that's drastically cheaper than another one - there is most likely a reason. Lastly, there are 2 main components that make up the price of the piece of jewelry itself, stones aside, those are labor rate of where they were made, and the quality requirements. Many consumers are tempted by price, while others are tempted by quality. If you are one of those people that are seeking quality, feel free to reach out to me.

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🔥 Hot Off the Press! 🔥 Dive into my latest column in TJC's Summer Issue! "9 Strategies to Elevate Your Customers' In-Store Experience." Running a successful jewelry retail business requires continuous innovation and strategic approaches to attract and retain customers. Here are effective ways to expand your business by enhancing your overall customer experience: 1. EMBRACE VIRTUAL SELLING: Explore virtual selling options by offering virtual appointments and creating sales videos. Even post-COVID, virtual selling remains a successful method to connect with customers. 2. PROVIDE FREE WATCH BATTERIES WITH A TWIST: Offer free watch battery replacements while customers wait. This low-cost service allows customers to explore other items in your store while their watch is being serviced. This simple gesture can lead to additional sales. 3. COLLABORATE WITH INFLUENCERS: Partner with social media influencers or local celebrities who align with your brand. Hosting influencer events generates free content for your store and expands your reach to their followers. Influencers can help promote your products authentically and engagingly. 4. HOST EVENTS STRATEGICALLY: Hosting events can contribute up to 10% of your annual sales. Collaborate with local businesses, offer targeted marketing based on past purchases, and invite vendors to showcase their full lines or pieces created exclusively for your store. 5. DEVELOP A LOYALTY PROGRAM: Implement a loyalty program to reward customers for their ongoing support. Exclusive discounts, early access to collections, and special perks create incentives for repeat purchases and build long-term customer relationships. 6. EXPAND INTO CUSTOM JEWELRY DESIGN: Differentiate your store by expanding into custom jewelry design. Find a supplier that offers unique customization options and set yourself apart in the market. 7. PARTNER WITH WEDDING AND EVENT PLANNERS: Establish partnerships with wedding and event planners to become their preferred jewelry provider. Offer promotional discounts for their clients, provide custom jewelry for special occasions, and collaborate with florists to display fresh flowers in your store. 8. COLLABORATE WITH LOCAL PHOTOGRAPHERS: Partner with local photographers to offer free or discounted engagement sessions. This collaboration not only attracts potential customers but also positions your store as the go-to destination for wedding-related jewelry. 9. ENHANCE THE IN-STORE EXPERIENCE: Focus on personalized service, knowledgeable staff, and aesthetically pleasing displays. A positive in-store experience encourages customer loyalty and word-of-mouth referrals. Stay innovative and adapt to your target audience’s evolving needs and preferences. Creating memorable experiences will contribute to building a strong and loyal customer base. Ready to take your jewelry retail business to the next level? Let's elevate your customer experience together! 🌟

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The US jewelry market was on a roller coaster ride in 2024. While overall sales rose, key components under-performed. Natural diamonds lost some of their sparkle, but those that did opt for them were willing to dig deep into their pockets and pay more.   That was not the only departure from Econ 101 mainstays. Demand for lab-grown diamonds continued to soar; however, prices sank even lower as consumers regard them as the low-cost option and expect to see prices decline even further.   Total jewelry sales inched up 1.4% in 2024, and unit sales eased down 1.4%. The modest performance was mainly due to declining revenue from natural diamonds.   In recent years, retailers have kept pushing up their gross margins, and in 2024 they climbed to an average of 49.6%.   Memo goods remained at 7% of sales, and inventory levels were unchanged from 2023, indicating that retailers are more actively managing their costs and reducing risks. All these are components of the industry’s realignment.   And the answer to the question on many industry members minds: lab grown held a 14% market share in 2024. That and more in Tenoris' market report. https://lnkd.in/dxaj9hgi

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The deeper I get into the jewelry supply chain, the more I’m going to campaign for the need to further defragment and connect it. E-commerce standards are still an absolute mess. There’s no universal ethics/sustainability standard, yet. Data structures and ERPs…my goodness. Diamond manufacturer APIs…😑 (I still love you guys though - at least you’re trying) So much to solve. I’ve heard recent horror stories from customers thinking they’re buying one thing and get another…this is a real concern out there still. Customers are STILL afraid of getting duped or misled. The middle market still has to reckon with this. It seems like top end of the supply chain does all of this incredible work to be transparent, ethical and sustainable…then by the time it reaches some of the B2B supply chain, that value gets thrown out the window and lost. Forget about it reaching the consumer accurately. No wonder the consumer is confused!

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I’m excited to announce that Hill & Co. is launching its first-ever industry report - The Business of Jewelry. This report marks the beginning of a unique series exploring the most significant themes shaping the future of the diamond, gemstone, and jewelry industry. We all know how challenging the market landscape is at the moment: supply chains are consolidating, consumer demands are evolving and technology is transforming how we do business. Generational brands are disappearing from our malls and main streets. With every challenge, there lies a golden opportunity. This is a pivotal moment for you to reflect on the future direction of your business, and we are here to support you in this journey of growth and adaptation. Demand for fine jewelry isn’t changing, but businesses must work harder to capture their customers' attention. That may mean fine-tuning your approach or transforming your business altogether. With our market changing rapidly, we wanted to produce a report that shares our insights and gives a platform to leading business thinkers in our industry and beyond. The first edition is all about the supply chain consolidation we’re witnessing and how you should respond in your business. We normally reserve our frameworks and strategic thinking for some of the fastest-growing businesses in our industry that we’re privileged to call our clients. But today, we’re providing it to you. Download your copy at the link below, I’d love to hear what you think in the comments. Breaking the Chain — Hill & Co. https://bit.ly/3XXmtTa

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Knowing what you don’t know and getting help are importsnt steps to success.

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My latest article in The Jeweler’s Collective is all about helping jewelry retailers achieve holiday success through customer retention. 🔑 Key Takeaways: ✔️ Retaining customers costs less than acquiring new ones. 💸 ✔️ A 5% boost in customer retention can increase profits by 25-95%! 📈 In the article, I cover strategies to help you go the extra mile for your existing customers during the holidays. 💡 It’s not just about making a sale—it’s about building long-lasting relationships. Your loyal customers are your greatest asset! Ready to learn more? Head over to TJC and check it out >> https://ow.ly/Ob3p50U2lvG #JewelryRetail #CustomerRetention #MeganTellsAll

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The jewelry industry appears to be in a curious phase of cautious stability as we approach the latter part of 2024. Yet beneath this stability, subtle currents suggest an impending shift. While mined diamonds continue to captivate, their market dynamics have plateaued, pushing retailers towards more flexible consignment models to mitigate financial risks. Simultaneously, lab-grown diamonds, though popular, are experiencing a compression in prices and margins, indicating a gradual normalization in consumer acceptance. This backdrop sets the stage for a unique and innovative approach to jewelry acquisition, poised to redefine ownership and accessibility in ways that align with contemporary consumer demands. Without revealing too much, this novel model promises to blend the allure of luxury with the pragmatism of affordability and appetite for consumption. As we edge closer to the holiday season, this shift could reshape purchasing patterns, sparking curiosity and a desire for a deeper understanding among jewelry enthusiasts. The stage is set for significant change in industry practices and consumer behavior. This holiday season may not bring dramatic growth, but it could very well unveil a new chapter in how we subscribe to and engage with the timeless beauty of jewelry. #jewelry #diamonds #gemstones #finejewelry #jewelryindustry #labgrowndimoands #change #fashion #workfromhome #innovation #leadership #marketing #luxury

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Go big or go small? How much experience before you lose sight of the reason for its existence? That's the question for luxury retail stores as they clamor for business from finicky affluent consumers from Gens Y and Z, and by 2030, the first adult Gen Alpha's. Some brands such as Gucci and BALENCIAGA have pulled out all stops and gone humongous in their new store formats. The downside? The stores look empty from the outside. So that's the risk. And it's a fine balance. ewald damen, our Luxury Roundtable columnist from Virgile + Partners, has some thoughts on how luxury brands and retailers should adapt their stores to evolving shopper behavior. It's worth a read. We'll also be discussing this topic at our #Luxury Retail Forum New York Sept. 12, if you'd like to join us (registration link in article). #luxury #luxuryretail #luxuryretailing #retail #retailers #LuxuryRetailForum #luxurymarketing #luxuryrealestate https://lnkd.in/ddS5DSeS

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Everyone is talking about diamond prices CRUSHING ARE THEY ??? A few points to remember – PUT THINGS IN CONTEXT!!! 1.      Went down, yes, but they also peaked around the year 2023 2.      We should stop talking about diamonds like it’s ONE product. There are many size groups, color groups, fancy color diamonds, so many types of diamonds that you cannot treat them all the same. While some items went down, some remained stable, with minor declines.   Will you say, “watch prices went down” ? You can, and it’s true that from 2022 peak, it went down, but still, on stainless steel Rolex, you end up paying 50% up to double the retail price.   So, all I’m saying is let’s put things into the proper context.   HATIMA TOVA & SHANA TOVA Follow me on IG Roi_Sheinfeld #diamondprices #Hongkong #shanatova

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DiamondPower Business Card™: Reimagine Loyalty in the Jewelry Industry Ditch the ordinary, unlock extraordinary. The DiamondPower Credit/Debit Business Card™ isn't your average rewards program. It's a game-changing hybrid that combines the buying power of trade groups with the lead generation muscle of a consumer program. Launching at JCK 2024, it empowers both retailers and consumers with unparalleled benefits. This is the future of loyalty in the jewelry industry.

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I am incredibly excited to share with you a groundbreaking tool that is set to revolutionize the jewelry industry! Introducing, the "Ringo" - a virtual ring fitting experience like no other. Imagine being able to try on a two-carat diamond ring, bathed in the mesmerizing hue of rose gold, right from the comfort of your couch. Sounds surreal, right? Well, not anymore! With Ringo, you can experience the thrill of personalizing and trying on your dream ring virtually! In the attached video , you can see how our cutting-edge technology brings the ring to life through an iPad. The video demonstrates how the digital visualization of the ring matches the physical details with impressive accuracy. From the intricate design to the glow of the rose gold, every detail is replicated to deliver a true-to-life experience. 📱👀 What sets Ringo apart is its ability to provide a complete personalization experience. Our clients can now see how the ring looks on their hand, make real-time adjustments and create a piece that truly resonates with their style and personality. No more guessing or imagining - with Ringo, what you see is what you get! And the best part? You can do all this without stepping out of your house. In these trying times, Ringo is our way of bringing the joy of jewelry shopping to your doorstep. We are redefining the way people choose and buy jewelry, one ring at a time. 💗🏠 So, why wait? Experience the future of ring shopping with Ringo today! #VirtualReality #JewelryTech #Innovation #Ringo #RingFitting #Personalization #DigitalTransformation #FutureOfRetail #RoseGoldRing #ExperienceRingo Remember, the future of jewelry shopping is not just about buying, it's about experiencing. And with Ringo, your experience is just a click away! Stay safe, stay stylish! *The Ringo team is here to answer any questions or queries you might have. Please feel free to comment below or drop us a message.*

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Sabina jewelry tray Enhance the classy beauty of your jewelry collection...

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