EILEEN HOPMAN
Co-owner, Hopman Jewelers
Elkhart, IndianaWe sell a fair amount of estate jewelry; in fact, next to bridal, it is our number-one SKU [stock-keeping unit]. Because it is so popular, we currently have nine cases devoted to previously owned gold and silver items. We started offering estate jewelry around 2006 as the economy started to weaken and a large segment of the population was looking either to sell the jewelry to us for cash or sell the jewelry through us on consignment, especially the larger, more unique items.
About 75% to 80% of what we buy from customers just gets melted because it’s not attractive or needs too much reconditioning. We try not to offer items that are not going to wear well. Colored-gemstone jewelry is harder to stock than diamonds because diamond jewelry lasts better over time. And people are always trading in diamond jewelry. Diamond rings are probably our number-one selling item; next are diamond earrings and pendants. Diamond jewelry of any kind sells faster than any other category....
We rotate items in the case every few weeks. If an item has been in the case for a long time, we might put it on clearance to move it along, but still get a little more by selling it than melting it. And people like that they can purchase a piece at half price. Surprisingly, we sell a lot of estate bridal. We find very few people are hesitant to buy a pre-owned engagement ring. An estate ring can be the answer for someone on a limited budget. They might be able to find something really beautiful with a lot of bling for anywhere from $500 to $2,000.
JOHN MOORMAN
Manager, Carroll's Jewelers
Fort Lauderdale, FloridaWe have six showcases of estate jewelry. Not so much watches, because that’s a whole different monster. But we’ve been dealing with estate jewelry for decades. We put out whatever comes in the door. We don’t actively go to trunk shows or other shops to source. The majority of the inventory is what people sell to us; they come in off the street. People know us, and they know we buy estate pieces.... We don’t stock one particular category. It’s all over the board — we have a $300 fun little topaz ring, and then we have a top-of-the-line, $18,000 green tourmaline necklace, or there might be a silver candelabra. We’ve had engagement rings sold back to us.... So it’s everything.
Estate jewelry is something different, and stocking it does help bring in customers. Once they realize we have estate jewelry, they will stop by. We’re in southern Florida, and we have people who come down here once or twice a year, and they will make it a point to stop by and see what’s new and say hi. We don’t advertise it a lot, but we do put that we buy and sell estate jewelry in our tagline in print ads. As long as we’re able to agree on a price, we pretty much buy what comes in.
We do melt things that are broken or mismatched or too far gone. And while we prefer to buy items outright — it’s less of a headache — we do accept things on a consignment basis. If the customers want more money than we’re willing to give them, we do offer that. But we don’t necessarily go looking for it.
Estate business represents about 18% to 22% of our overall business. It’s something we are definitely going to continue stocking.
Article from the Rapaport Magazine - September 2018. To subscribe click here.