06182018Mon
Last updateWed, 13 Jun 2018 12am

Featured Articles

GN Diamond offers independents advanced tools to maximize sales

GN Diamond offers independents advanced tools to maximize sales

GN Diamond continues to expand the offerings it brings to more than 3,500 independent jewelers. Along with supplying loose diamonds and finished jewelry, the wholesaler provides so much more - marketing materials, advertising strategies and other too...

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What's New

ASHI launches 2018 Holiday Marketing Program

ASHI launches 2018 Holiday Marketing Program

ASHI is excited to announce the launch of it’s 2018 Holiday Wish Book. This year ASHI has included exclusive jewelry from its Fusion Diamond Collection, the newest additions from its Lovebright and I DO Bridal Collections and the hottest trends in di...

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On The Move

Time Delay marks 40 years of crafting custom enhancements for one-of-a-kind watches

Time Delay marks 40 years of crafting custom enhancements for one-of-a-kind watches

(DALLAS) - Time Delay Corporation is celebrating 40 years in the time-honored tradition of offering its independent jewelers exactly what they need: the latest and finest in custom dials, bezels and bracelets at competitive prices, along with custom d...

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Industry Events

Biggest group yet for RJO Next Gen Experience

Biggest group yet for RJO Next Gen Experience

(OAK BROOK, Ill.) - Setting aside time to continually learn about the industry and invest in yourself as an employee is not an easy task. It takes planning and drive. Last month, almost 40 members of RJO spent a weekend retreat at RJO Next Gen 2018. T...

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Other News

Everything Old is New Again

Everything Old is New Again

Retailers discover antique & period jewelry resonates with today’s shoppers  

Jewelers operating in a fiercely competitive climate must get creative when connecting with their core customers. Now the demographic of jewelry consumers and the re...

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Latest News

Everything Old is New Again

12 DAYS AGO
Everything Old is New Again

Retailers discover antique & period jewelry resonates with today’s shoppers  

Jewelers operating in a fiercely competitive climate must get creative when connecting with their core customers. Now the demographic of jewelry consumers and the reasons they buy are light years away from those in ...

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Chance meeting leads to a unique bank/jeweler appraisal partners

12 DAYS AGO
Chance meeting leads to a unique bank/jeweler appraisal partners

Terry Kahn, GG, president of Jewelry Appraisers of North Carolina.

(GREENSBORO, N.C.) - A happenstance meeting between an established independent jewelry appraiser and innovative trust banking executive in Greensboro, NC led the bank (First Citizens Bank) to establish a unique system, centralizing in ...

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Biggest group yet for RJO Next Gen Experience

5 DAYS AGO
Biggest group yet for RJO Next Gen Experience

(OAK BROOK, Ill.) - Setting aside time to continually learn about the industry and invest in yourself as an employee is not an easy task. It takes planning and drive. Last month, almost 40 members of RJO spent a weekend retreat at RJO Next Gen 2018. These three days were full of networking, idea shar...

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Jewelers for Children celebrates 20 years

5 DAYS AGO
Jewelers for Children celebrates 20 years

Honors Bill Luth and Jeffrey Cohen

(NEW YORK)  - Jewelers for Children held their 20th annual Facets of Hope event on June 3, in Las Vegas at the Mandalay Bay Resort and Casino. The charity announced that $1.95 million had been raised to support their charity partners in the year ahead bringing t...

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Time Delay marks 40 years of crafting custom enhancements for one-of-a-kind watches

5 DAYS AGO
Time Delay marks 40 years of crafting custom enhancements for one-of-a-kind watches

(DALLAS) - Time Delay Corporation is celebrating 40 years in the time-honored tradition of offering its independent jewelers exactly what they need: the latest and finest in custom dials, bezels and bracelets at competitive prices, along with custom diamond enhancements for most pre-owned, precious t...

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Sissy’s Log Cabin names Lamar McCubbin new president

5 DAYS AGO
Sissy’s Log Cabin names Lamar McCubbin new president

Arkansas’s largest independently owned jewelry store promotes new president from within

(LITTLE ROCK, Ark.)  - Sissy’s Log Cabin has announced the promotion of Lamar McCubbin to president. An industry veteran with more than 25 years experience, McCubbin has worked with the brand since 2014. With ...

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ASHI launches 2018 Holiday Marketing Program

5 DAYS AGO
ASHI launches 2018 Holiday Marketing Program

ASHI is excited to announce the launch of it’s 2018 Holiday Wish Book. This year ASHI has included exclusive jewelry from its Fusion Diamond Collection, the newest additions from its Lovebright and I DO Bridal Collections and the hottest trends in diamond and gemstone jewelry. For over 34 years, ASH...

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GIA launches Proprietary Cut Program for diamond grading reports

5 DAYS AGO
GIA launches Proprietary Cut Program for diamond grading reports

Branded cut names may now be included on select reports

(CARLSBAD, Calif.)  - GIA (Gemological Institute of America) laboratory clients can now participate in GIA’s Proprietary Cut Program for diamonds with branded cut names. GIA grading reports for diamonds submitted as part of this program will...

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The Marketing Minute: Trend Spotting

8 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

 

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The Marketing Minute: Pricing Strategy

8 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

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Do you do appraisals?

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What a lovely day, 85 degrees, low humidity, slight breeze out of the north, (my store is south of the Krispy Kreme) a squirrel has a nut in it's mouth digging a hole. I'm sitting on the bench in front of my store taking a break when an old car pulls up and something told me my bliss was about to end.

The driver gets out of the car wearing a 20 year old shirt with a 19 year old food stain on it, and he was looking right at me kinda funny. Maybe he thought I was goofier looking than him with my optivisor, my store phone, my cell phone, my pager, my blue tooth, my 7 pairs of tweezers, my 6 pens and 2 pencils all clipped to my ears or my apron. Wait... maybe I was goofier looking than him?

Anyway, he comes walking up and asked if I was the jeweler. Now, normally I'd be thinking, "what do you think?" But since I'm next door to a gun store, most people think I'm a gunsmith so I had to give him a break on that one. I told him I was and asked him how I could help... like maybe buying him a new shirt or something.

I know. I've heard the same story about the old guy that walked into a jewelry store in old coveralls and no one would help him because of how he was dressed so he drove to the competition and pulled $10,000 in cash out and bought something on the spot. Yeah right. That didn't happen. If it did, someone needs to give me solid proof because in my 30 years experience if they look like this guy, they don't have $10,000... or a wife to spend it on.

The guy asked me if I did appraisals. I told him I did. He stuck his hand in front of my face and showed me a diamond nugget ring that was dirtier than his shirt. YUCK!

"Is that a Diamond?"

I realized now that I was going to have to get up from my comfy resting spot if only to try and get away from that smelly thing under my nose. We walked in the store and I didn't see any big round bulges in his pockets (the kind that $10,000 in cash makes) so I'm back to my original theory by now. I asked him why he needed an appraisal and he told me someone wanted to sell him that ring and he wanted to know if it was real. (I wanted to know what the guy looked like that he was buying that nasty thing from) I told him that a written appraisal was $75, but it wouldn't help him much unless he was going to insure it which didn't seem likely.

"I don't need nuthin' written down, just tell me what it's worth."

Okay class, here's your lesson for the day. When people started buying diamonds off of the Internet, they would bring them to a jewelry store to validate their purchase. They wanted to know if the bright shiny rock in their left hand matched the overwhelming amount of paperwork in their right hand. In the beginning, most of us didn't think anything about it and would spend 60-90 seconds looking at it and say yes or no. Then, the inevitable happened.

Someone bought an expensive diamond off the Internet and took it to their local jeweler who verified it was what the paperwork said it was. The guy buying the diamond decided to keep it and got married. A few years later the marriage didn't work out and one of them went to sell the ring only to find out after all that it wasn't what the paperwork said.

Uh Oh! That Internet company is in big trouble now. Nope. Out of business. Gone. Vanished.

The only person in the entire chain of events that was still approachable was the home town jeweler and he got sued by the guy who bought the diamond off the Internet. Why you ask? Because the guy claimed that he made his buying decision based upon the professional opinion of the home town jeweler... even though the jeweler didn't charge him a dime and only spent about 60 seconds looking at it. I don't remember the outcome of the case, but I do know one thing. It forever changed the way I approach appraisals.

I, like many thousands of you out there, carry appraisal liability insurance. I made a decision that I will never again do a verbal appraisal as long as I live (or until my policy is no longer in force, whichever comes first). I can glance at a cert paper and a diamond and in 2 seconds tell you if they match with about a 75% certainty. But I'm not willing to get sued just because someone "didn't need nuthin' written down." If you want my professional opinion, you'll have to pay for it. If I'm charging you $75 - $100 then I'm doing due diligence to the situation and signing my name to a legal document that is covered under my appraisal liability policy. If I'm wrong, I've got insurance to protect myself. Me saying, "Yep, it's a diamond" is not covered in most instances and leaves me wide open legally. Why would I do that when I pay a lot of money to be protected legally?

As a matter of fact, if a person is not going to hire me to do a full blown written appraisal, I won't even so much as hold the object in my hand. Because it starts that game of: "Just look at it, I won't sue you or nuthin'. Just look at it and tell me if it's real." If I'm not holding it, I can't see it and I can't render a professional opinion on it. I know a lot of people think I carry that a little too far (and I probably do), but when I explain the situation to my customer, they understand. They don't always like it, but they understand... even though they would never sue me.

A lot of people I've found are more than willing to spend the money to find out if they got what they paid for while they're still in that ‘30 day refund window,' so it's not all bad. Selling appraisal services is one of my profit centers so why would I give it away? But today it worked out better than I could have ever imagined.

Old dirty shirt guy with the nastiest ring I think I've ever seen (made nasty by someone else mind you) decided he was going to hand it to me anyway and make me take a look. The ring was way too small for his finger and when he tried to take it off it wouldn't budge. He tugged once. He tugged twice. And everyone knows what happened next. He started licking the ring like it was an ice cream cone and I thought I was gonna throw up. Through my gags I told him not to bother... cough cough... I'm not going... cough cough... to look at it.

So... what do you think of my policy now?

Chuck is the owner of Anthony Jewelers in Nashville, TN. Chuck also owns CMK Co., a wholesale trade shop that specializes in custom jewelry and repair services to the jewelry industry nationwide. You can contact him at 615-354-6361, www.CMKcompany.com or send e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it..


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