Business Tips

At the JA National Convention, July 28-29, attendees heard from experts on the jewelry industry’s latest hot topic: lab-grown diamonds. Sessions covered the challenges and opportunities with this disruptive product category. In this 2-part article, we’ll share the expert advice culled from the Convention on how jewelers can navigate this new product and some of its challenges. First, let’s talk detection.

Many retailers envision lab-grown diamonds a threat to both industry standards and their own businesses. No matter where your opinions fall on the lab-grown diamonds subject, experts at the Convention expressed that retailers need to have the discussion of how to integrate diamond detection into their business.

The session, “Solving the Challenge of Lab-Grown Diamond Detection,” featured a panel of experts from companies spearheading diamond detection innovation including AGS Laboratories, De Beers and GIA, Gemological Science International (GSI) and Project Assure. Panelists shared solutions for retailers’ primary concerns: detection, transparency and consumer confidence when it comes to the diamonds they are buying.

It’s after hours and you have armed your alarm for the evening. Later you receive a system notification from your burglar alarm company, how would you respond?

The outlook is very positive . . . let silver lead the way! The Silver Promotion Service offers nine priceless tips to make your holiday jewelry sales shine.

The National Retail Federation reports that retail sales will rise between 3.8-4.4% this year over 2017 on the back of robust consumer confidence and low unemployment. If this projection is realized, it will be better than 2017’s retail sales, which rose 3.9%, to $3.53 trillion.

Inspiro Spiral Earrings, Martha Seely Design

Silver has many qualities that appeal to various consumer segments, and you are probably not maximizing its high margins and giftable price points. At the JA New York Show in July, Gloria Maccaroni of the Silver Promotion Service spoke on how jewelers can utilize silver jewelry to engage consumer segments that may be otherwise untapped – from the self-purchase to bridal accessories.

Yes, competition is everywhere for retailers, as we highlighted last month, but jewelry is still an in-person purchase for most consumers. JCK News Director Rob Bates discussed how to optimize both your online and instore experience in "State of Retail: Growing Segments," at the JCK Las Vegas Show. Let’s look at some of the best ideas to get customers from click to “brick.”

At the JCK Show, JCK News Director Rob Bates broke out data to paint a realistic picture of the state of retail jewelry industry in "State of Retail: Growing Segments." We’re highlighting some key takeaways from his presentation -- don't worry it's not as bad as you think.

Today’s consumers are extremely socially conscious, looking not just to make a purchase, but also to make a difference when they do buy. Research shows over 80% of millennial consumers believe it’s important for companies to publicize their social responsibility efforts, and they will go looking for that information online.

Alex Woo “Words” sterling silver Mom heart pendant; Gabriel & Co 925 silver and sapphire ring

Mother’s Day is just around the corner! According to the National Retail Federation’s annual survey, the amount that consumers spent on jewelry reached $5 billion for Mother’s Day in 2017. As a jeweler, there are an abundance of ways that you can capitalize on the large spend and high demand of jewelry this year.

Jewelers of America commissioned Provoke Insights, a consumer market research firm, to conduct an in-depth study to uncover industry challenges and understand consumer buying habits and attitudes towards fine jewelry. We’ve compiled the results from this study into Jewelers of America's 2017 Fine Jewelry Industry Consumer & Retail Market Report, a comprehensive white paper that includes survey results as well as customer buying habits and marketing opportunities.

To View the Report

• Jewelers of America Members: Download a digital version of the full Report for free. Login at the "Read More" link below to access the report.
• Not a JA Member? Join now to access the full report, or click here to download a report summary.

Martha Seely "Swing on a Star" sterling silver earrings (left); Drukker sterling silver earrings with cultured pearls and white cubic zirconia (right)
The outlook is very positive…. let silver lead the way with eight tips on how to maximize your holiday sales.