Old styles, new challenges

How did estate jewelers keep business going amid the setbacks of the pandemic? Three of them share their experiences.

By Phyllis Schiller

Jeff Cohen
owner, N. Green & Sons
Chicago, IllinoisCovid-19 led Jeff Cohen to change his business model from a five-day to a four-day week, “working remotely on the fifth day on online and email website business. While in-office appointments decreased, our regular clients still come. We had already been doing an online business, and it helped us establish a nice foothold. We’re getting clients through Instagram and social media.”

With no trade shows, Cohen makes use of dealer-only internet trade rooms to supplement stock. He says he’s seen a small increase in the public selling items, and he does get a lot of referrals. “But now, some customers would rather I come to their homes, and I will travel to a safe place. Without on-premise estate sales, people are turning to auction houses or finding dealers like me.”

Prices of luxury watches and luxury jewelry have gone up, he points out, and “anything with a name is always going to do well. In the first month or two of Covid-19, last April and May, we were contacted by people trying to take advantage of the situation, as if it were a fire sale and I would be desperate to sell. But we didn’t give in to that.”

With clients not having occasions to dress up, one type of jewelry he’s seen quiet down is vintage name-brand cufflinks and platinum and diamond tuxedo dress sets. Likewise, although they’re still selling, he’s “not getting as many calls for Art Deco bracelets or long platinum diamond pearl earrings.”

He does get requests from other dealers for specific items, even one from the UK looking for tiaras. “So people are still buying, whether to wear or collect, or just satisfy the need to have something nice, perhaps using money they would have spent on a vacation that didn’t happen in 2020.”

While he hasn’t seen “a lot of anything new trending,” signed designer pieces are selling, and “in vintage, even unsigned pieces, like a great bracelet with big gold links or something equally bold, are always in.” Also on his radar: good-style Victorian dangle earrings, festoon necklaces, and smaller antique pendants and rings to wear every day.

After this is all over, he says, “when we can go out again, make and spend money, shop and touch things, there will be an overwhelming response, and people will pay more attention to trends and fashion rather than dealing with Covid-19 news.”

Gus Davis
partner, Camilla Dietz
Bergeron, New YorkWith the coronavirus shutdown in New York from March to June 2020, “clients couldn’t come in to see us,” relates Gus Davis. “Once we opened again, our business changed tremendously. Many of our clients from out of town, who would see us when they traveled to New York, were no longer traveling.”

Camilla Dietz Bergeron didn’t have a big digital footprint previously, he says, but Covid-19 “forced us to put some of our inventory online. And while there is a fine line [that makes jewelry] a luxury, not a necessity, people still want to feel good about things, and they still have birthdays, anniversaries to celebrate. Our engagement ring business has really taken off tremendously because people are getting engaged.”

Davis launched a weekly news blast, which he says got a strong response. “Covid-19 made us all feel extraordinarily isolated. This new business model allows us to reach out and stay in touch with our clients. We also do a monthly newsletter and have our online shop. Word of mouth is still a big part of building our clientele, but now we are doing it through Instagram. We do virtual meetings and Zoom calls with clients.”

Although his business was previously by appointment, Davis found that reaching out to clients remotely and sending them jewelry to try was a good fit. “They didn’t have to risk leaving their homes, and yet could hold, touch and try on the piece. Then we’re able to discuss it with them over the phone. We’ve been selling bigger items this way to newer clients referred to us by existing customers, sending it to them insured and including a label for them to send it back if they don’t like it.”

In terms of sourcing, he buys primarily from private individuals. “But we miss not being able to see and discuss what’s the latest and greatest at the trade shows.”

He notes the popularity of “unique statement pieces, but the classics — diamond hoops, gold chunky pieces, diamond studs. They want jewelry they can wear every day right now, and also pieces to wear when they do go out again. In particular, I have found people are starting to love the 1970s and 1980s jewelry a lot.”

In the internet age, estate jewelry stands out “because it’s one of a kind,” he reflects. “Its growth potential is immense going into 2021. It’s a wonderful opportunity for us to capture a broader market.”

Patricia Faber
co-owner, Aaron Faber Gallery
New YorkFor Patricia Faber, shifting gears in the wake of the pandemic meant “stepping up [our] digital game.” Her company built on what it was already doing: Selling its vintage watches and jewelry on its website and through Instagram, texting photos of pieces, and upping its social media marketing. Faber found that retail clients who might not have considered making large purchases online were comfortable shopping for brand names they knew, like Tiffany & Co., Bulgari or Cartier. The gallery added Zoom events as well; for the first, it partnered with a California vintner to discuss wine and watches.

Without trade shows, Faber found new opportunities in dealer chat rooms. “We also buy from private clients, with very strong referrals through our Midtown neighborhood, which has been a wonderful source,” she says.

Regarding trends, she suggests that “not going out means people don’t have feedback on their jewelry, especially the more abstract pieces, which might be why the more natural jewelry is selling.” Flower rings and petal earrings by major brands are popular styles, she explains, as “people want something more personal that touches them, something colorful and joyful that takes them out of this bubble we’re all living in.”

Rings are strong, as are earrings, pendants and smaller necklaces that can be given as gifts, she reports. “In terms of self-purchases, it’s across the board. I think people are realizing that because they haven’t been going to restaurants or theaters or buying plane tickets, they do have, even with the economic distress, money to buy something special.”

The trends differ by price range, she adds. “At higher price points, people are still collecting, and what sells is the brand names and beautiful salon jewelry. Whether retro, Deco, 1960s or 1970s, it’s something sumptuous, with gold or gemstones. In the lower price points, more sentimental pieces sell, such as Roman coin rings, petal jewelry, things that are very personal.”

Faber foresees a strong 2021, “with pent-up demand breaking out. You can see it now in the dealer-to-dealer networks. Things at the high end are being snapped up. There’s increased demand and higher prices for vintage Rolex and Patek Philippe watches, driven by auction houses and collectors and [the fact] that new watches from Switzerland were basically cut off in 2020. That might change later in 2021, but it’s going to take time for new product to come through the supply chain. I think brands are going to remain incredibly strong.”

Several pandemic-related trends will continue in the coming year, she believes. “It’s going to take the vaccine and then at least six months after that for consumers to get back into the habit of shopping off the internet. The popularity of more personal kinds of tokens and amulets will carry over. Once we can all get together, the market will be really strong, but we have to get there first.”

Article from the Rapaport Magazine - January 2021. To subscribe click here.

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Tags: Phyllis Schiller