Keeping Up with the Joneses

Darrow Jones opened a retail jewelry store in a busy strip mall in Little Rock, Arkansas, back in 1986 and his son Jacob began to work in the store after school and on weekends while still in grade school. Today, Jacob, a 1997 Gemological Institute of America (GIA) graduate and the store’s vice president, has just passed his 30th birthday and says he understands what younger customers expect from a jeweler.

“Today, people shop on the internet and come in with an idea of what they want,” Jacob says. “We have 12 computers in the store that are networked together and we use CAD/CAM technology to design custom rings.” Jones & Son is also taking a high-tech approach to its business — keeping updated on Twitter is a daily part of Jacob’s work.

Engaging Clients
As one would expect for a retailer with a younger clientele, the diamond engagement ring business is pivotal, as is diamond business in general. In fact, the store’s full name is Jones & Son Diamond and Bridal Fine Jewelry. Sales growth has averaged an amazing 10 percent to 20 percent each year over the past three years, says Jacob. In 2009, a tough year for jewelry retailers everywhere, the Joneses even managed to set sales records for the month of September, during which time they enlarged and renovated their store.

When the next-door space first became available, the retailer had only about a month to design and construct the new side. The new layout more than doubles the size of the old one, with approximately 1,600 square feet for general selling space and another 900 for private showrooms. These private rooms, which were lacking before, are important for young couples making engagement ring decisions and allow the retailer to display a selection from its substantial inventory of loose diamonds. During the renovation, Jacob recalls running back and forth between the original store and the new area carrying diamonds in Rubbermaid boxes.

Doubling the size of the store, explains Jacob, “was in response to the steady growth of our Bridal Center.” The store, Darrow points out, offers  “one of the largest bridal jewelry selections in the Southwest. Due to our success with Tacori Bridal, we are one of eight fine jewelry stores in the country selected to feature a ‘Tacori Bridal Boutique.’” Other top-selling brands include Scott Kay and Ritani.

Most of the diamonds are sold loose, says Jacob, and shoppers can pick from 1,000 mountings and 500 men’s wedding bands. There is a large range of qualities to choose from, with clarities ranging from flawless to SI1 and colors from D to K. “We offer certified and uncertified goods and nine to 15 different brands of engagement rings,” says Jacob. Most certificates come from GIA, European Gemological Laboratory (EGL) and Gem Certification and Assurance Lab (GCAL).

Diamonds and diamond jewelry make up the majority of Jones & Son’s sales, contributing an estimated 70 percent to 80 percent to total volume, with average prices ranging from $4,000 to $6,000. In addition to the engagement ring brands, the store features collections from Pandora, Alwand Vahan, Baby Feet and has been the country’s top seller of Caerleon, a line of interchangeable jewelry with a Roman-inspired theme, for nine years in a row. Despite the numerous designer lines and brand names offered, trunk shows and sales are rare at Jones & Son, whose owners say they prefer to offer value to their customers in terms of price and service.

Working With Vintage
In addition to the typical cleaning, repairs, appraisals and guarantees provided by retail jewelers, Jones & Son offers restoration service of vintage jewelry. The store has two master jewelers on staff, and, with the aid of computer-operated equipment, is able to reconfigure damaged vintage pieces. “We don’t advertise this service and do it by appointment only,” says Jones. The store does about eight to ten of these projects per month.

To its advantage, Jones & Son is located in the high-traffic Market Place Shopping Center on Rodney Parham Road, a region known as the gateway to West Little Rock, the older, most developed part of town. Traffic at the mall can total 30,000 shoppers a day; the retailer itself maintains a flow of 50 to 100 walk-in clients daily.

In order to reach out to its existing customers and to attract new shoppers, Jones & Son makes effective use of print and radio ads. “Our radio ads have changed over the past few years and we are going after a ‘niche customer,’” says Jacob. “The ads are geared toward younger people.” Jones estimates that half of the engagement ring customers become long-term clients.

Getting Involved
To support its community and to remain involved with the lives of its customers, the retailer is committed to numerous local and international organizations. Among the organizations it supports are the Junior League of Little Rock’s Holiday House, Twentieth Century Club’s Hope Lodge, Greek Food Festival/Easter Seals, Arkansas Childrens Hospital’s Tiny Hands, Little Rock Symphony Orchestra, the Wolfe Street Foundation and dozens of other community service projects.

Taking community service to a unique level, Jones & Son established a “Diamonds for Ducks” program in 2003. Darrow is an avid duck hunter, so each year, the store donates a full four-year scholarship to a young person majoring in waterfowl and wildlife management at an Arkansas college.

Article from the Rapaport Magazine - January 2010. To subscribe click here.