Maybe you shouldn't be doing what you've always been taught what to do!
Whenever I speak to jewelers about their business, I get the same thing over and over:
Jewelers keep focusing on MARKUP!!!
Jewelers consistently want to get keystone on everything and are just unhappy if they make just a little money on selling a diamond. It is not about markup ALONE.
The automobile industry figured this one out years ago and I didn't know it in the early 1990's when I made my first repair and design price book, but my book mimics the repair department of the car industry. In their repair shop, the mechanics are on 100% commission and get about 40% of the labor charge, that's one reason why your car repair bill has labor broken out from the parts. My price book is based upon the same system, just different percentages. Findings has a markup and then a 4 time markup on jewelers wages
Last night we had 30+ people over for a casual dinner and I got to speak to the guy who is the parts manager of a very high end car brand here in Atlanta. Over he years I have found if you give people a lead in question, they love to open up. Tonight was no different. So I asked the parts manager this question:
"So, what kind of turn does a parts department have in a car dealership?"
Then the numbers just start dribbling out of his mouth like a baby drooling baby food:
"We have a turn of about 10."
(This means that 10 times a year the complete parts department is sold out. About every 5 weeks they sell at their cost the complete inventory. A good jewelry store has a turn of about 1. We sell everything once a year. ? while they sell everything in 5 weeks)...
In today's global market, business intelligence is vital to your company's success. These reports are just what you need to give you a strong feel for the market.
Over decades M. S. Gems has been in the diamond wholesale business and has a huge selection of melees as well as big stones in all shapes and sizes. We carry GIA and EGL certified stones and offer the best prices. We are located at 250 spring Street Ste # 6N 308A, Atlanta GA 30303. Apart from our Atlanta location, we also have offices in Mumbai-India & Tel Aviv Israel.
We exhibit at JCK-Las Vegas, JIS-Miami and the SJTA-Atlanta show. We also carry certified & non certified finished diamond jewelry & have a great selection of bridal sets. We are proud members of the Jewelers Board of Trade.
LIVE FROM POLYGON
Consumer Confidence
Today’s Wall Street journal (October 13th, 2010)
Intel up 59% for the third quarter amid positive economic comments and
allaying fears of a sharp downturn in computer sales.
Dow up on increased confidence.
The "Fear rating" (the VIX Volatility Index) at below historical average as
consumer confidence comes back.
Blue Chip Index poised to move even higher say analysts.
Our job? Sell stuff. Don't be afraid to upsell!
Start advertising again. Buy a tad more inventory. Replenish a bit.
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