“We’re open every day, but with a rotating staff.
It’s not only for safety measures; the reality is that
we don’t need more than a couple of people given
current demand,” he elaborated.
While he observed some demand for engagement
rings, he also noted that more and more people were
buying them— and other jewelry — online “without
walking [through] the front door of a jewelry store.”
Companies with a strong online presence may have
an “okay” year, he posited.
Levine pointed to dealers who were reluctant to
ship goods because they knew they wouldn’t be paid.
While he has not revised his memo policy for good
customers, he admitted to being “extra cautious” and
not taking new customers “unless they come highly
recommended.”
“My sense is that business is literally day-to-day.
People are scared. The recurrence of Covid- is still
very much present and keeping people out of stores,”
he said. “Until some comfort level returns, I think it
will be difficult to count on a vibrant jewelry business.
There are so many other things that are important —
like survival.”
LOS ANGELES: SAFETY FIRST
In Los Angeles, Christian Tse took a proactive stance.
The owner and president of Christian Tse Design
&Manufacturing closed operations even before
California Governor Gavin Newsommandated a
shutdown.
“The chief financial officer and I conducted a
risk/reward analysis,” explained Tse. “We took a
conservative approach to safety for our highly skilled
but older workforce.”
Recognizing the challenge of replacing these
talented craftsmen and wanting to protect them and
customers, Tse implemented an extensive safety
plan. The company had already been sanitizing its
jewelry-producing tools in UV ovens, and it expanded
that practice to sanitizing finished pieces before
shipping them to clients. It also mandated the daily
cleaning of employees’ cell phones on entry and exit.
For greater protection, Tse invested in an air-
purifying system, Air Scrubber Plus. First used in
the International Space Station, it cleans surfaces
and reduces indoor air-quality risks. During the
shutdown, Tse also reconfigured the factory floor
layout to allow for social distancing.
Tse counts many multinational brands among his
clients. While orders have “dipped down” in the US
for the winter holiday season, he anticipates that
orders for
will meet initial projections.
“Some of the ‘smarter brands’ reacted very quickly
with Instagram and Facebook ads that drove sales
to somewhat balance out lost in-store sales,” he
reported.
I
n regular times, wholesalers would have firmed up
fourth-quarter plans by September. While some
see a trickle of positive signs, many acknowledge
that business remains tough. And few can predict
what the end of the year will bring.
NEW YORK: RETAIL SUPPORT
Buoyed by a “pretty good July,” Nilesh Sheth
believes business is heading in the “right direction.”
The president of Nice Diamonds — a manufacturer
of fancy-colored and white diamonds in New
York — acknowledged that it would take time,
but pointed to positive signs of a market rebound.
He cited “good movement” in center stones for
engagement and wedding rings. Furthermore,
given the limited new production coming out of
India, prices are set to stay stable, which should also
encourage sales.
“We are working with customers to make it easier
for them to move merchandise,” Sheth pointed out.
He has digitized most of his inventory, enabling
retailers to sell without “having the product in their
hand to show customers.” As part of those efforts,
he has set up a server to share images and videos.
Given the economic climate, he advocates
flexibility regarding terms. “Fortunately, I haven’t
had to call anyone for payment. But I’ve also been
very understanding if they’ve been closed,” he
explained.
Sheth observed that independent retailers
were making more of an effort to sell, even if the
purchases occured online. But the majors are “still
trying to figure it out,” hampered by the fact that
some of their stores are in states hard hit by Covid-
, he said.
Attitude makes all the difference, according to
Sheth. “The industry has proven to be resilient.
There is always something positive to
get us through the rough times.”
CHICAGO: DAY-TO-DAY
“Unprecedented” is how David
Levine, owner of wholesaler William
Levine Fine Jewels in Chicago,
Illinois, succinctly described the
diamond market — and it describes
the overall economy as well.
While the diamond market inches forward, suppliers remain
wary about the next few months. By Joyce Kauf
WHOLESALERS STILL
FACE UNCERTAINTY
M A R K E T S
| U S WH O L E S A L E
SEPTEMBER
DIAMONDS.NET
“PEOPLE ARE SCARED.
THE RECURRENCE
OF COVID-19 IS STILL
VERY MUCH PRESENT
AND KEEPING PEOPLE
OUT OF STORES”
