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Cover
Retail Rap
By Phyllis Schiller
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| Willow Company |
The 4Cs are not the only things that make a piece of diamond jewelry a sales winner. In an ongoing series, Rapaport Magazine explores the “3Ws” — what’s selling, what’s not and why — by going straight to the people who really know — jewelry retailers. Each month, we ask a sampling of retailers from across the country to comment on the important issues that are facing the industry today. Here is what they had to say when asked: “What was your impression of the Vegas shows?”
“We had a great time. We go to Luxury, Couture and JCK. We try to hit our vendors first and then we look around for something different in an area we don’t have. There were many beautiful things. We picked up a few new vendors and designers. Everywhere I went, the mood seemed upbeat and the vendors I spoke with were having a good show.”
“I attended some of the talks about new concepts, such as software that allows customers to try on virtual jewelry and a new ecommerce platform from Galatea called Paid2Post that would bridge retailers, vendors and consumers. I already carry their Momento Pearl. But this is a new way for us to hopefully sell more stuff online. I was looking for fill-ins and new vendors. I sell a lot of sea-life-themed jewelry because my store is located on the beach, in a resort area and nature-inspired jewelry is very popular. I also was looking to buy more gold product. From the people I spoke with, the show was a mixed bag. Some were disappointed and felt the show was expensive. Some people said they broke even or found a couple of new contacts. It wasn’t packed, in my estimation.
“I just do JCK and it can be overwhelming but you’re not going to discover new people or cutting-edge merchandise unless you go. It’s also about networking as much as finding new product and learning from the vendors what pieces sell and what marketing techniques are working for them.”
“I’ve been going to JCK since 1993 and this year it was very close to the way it was in 2009 or even earlier. Every jeweler I spoke to said business was down between 10 and 20 percent. We’re getting rid of a lot of our suppliers and making our own stuff. We’re not going to be able to make money on diamonds. The diamond business is ruined and synthetics are going to kill it.
“I spent about $10,000 on tools and equipment. Within five years, our business will be over half custom. You have to be able to manufacture and service your customers. Brands can advertise all they want but consumers don’t want the same ring their friends or their moms have. It’s a changing world.”
“We only attended Luxury this year. Since we were on a limited schedule, we had set appointments with core accounts that are important to us. In terms of people who we might have seen at Couture, which we’ve attended in the past, we felt we’d be able to see their collections either at the store or by having them send proposals online. We achieved our goals, primarily bread-and-butter pieces, a lot of diamond merchandise — rings, pendants, bracelets. Those seem to be the things that we’re selling well right now.”
“We went to Couture, Luxury, JCK and the watch area at Mandalay Bay. The vendors I met were upbeat and busy. It was a successful show for me. The big thing was the Y necklaces or lariat necklaces. I went with a shopping list of certain price points and some vendors whose lines I needed to replenish, so I definitely had an agenda. But if you go to these shows, you have to be open-minded. Sometimes you aren’t necessarily looking for a new vendor or new collection and then you’re surprised and find something you think you can do well with. That’s the whole idea of going to a show this large, being exposed to new designs and new collections.”
“Yes I did attend. Generally, when I go to Vegas I look at new technologies and some of the suppliers who I already have. But this year, more of our business has gone toward custom and repair, so instead of looking for a new line, I concentrated on buying loose gemstones, primarily sapphires from Sri Lanka, which I found. In my conversations with other jewelers, it seemed they were feeling pretty down about the industry. They feel like it has been really hurt by some of the changes, especially online sales. In diamonds, customers want something very specific — a diamond from a certain country, in a certain cut and color and clarity and size. And people are concerned about treatments.”
“I started at Continental Buying Group at Caesars, which had a lot of new vendors and variety — I did about 70 percent of my buying there. It was organized and easy to shop. We had 42 appointments scheduled at JCK/Luxury/Couture over three days. But we missed at least ten of them because the show was set up so strangely this year — a silver vendor was in an alcove with gemstone vendors, fashion and bridal and one bridal vendor was in the technological center. I ran into several vendors who told me they had a lot of no-show appointments, with clients texting that it was just too hard to get to them.
“We didn’t accomplish nearly what we had hoped and are going to the New York show for the first time this year in the hope we can play catch up on the inventory needed for the fall and holiday. I love the Vegas show and usually get so much done while I am there. This year, I came home exhausted and not feeling I accomplished anything and that was the first time I have ever felt that way.”Article from the Rapaport Magazine - July 2016. To subscribe click here.
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