At mid-year, how has 2016 been so far and what’s ahead?
“So far 2016 has been very strong for us. I’m very happy how things are going with our strongest sales in bridal jewelry and custom. Bridal got a significant boost when we began advertising long-term financing for bridal jewelry. The campaign officially started in the fourth quarter of 2015, and we’ve been continuing that advertising message and methods this year with big results. Younger people don’t look at a lump sum and wonder if they can afford it. For them, they look at what a major purchase like an engagement ring will cost them in terms of monthly payments. Halo rings, especially those in more delicate designs, are still performing well for us and white metals are still strong. Our average diamond purchases range from three-quarters of a carat to one-carat. Most of that is in round brilliants and princess cuts to a lesser extent. We’re also doing well in custom work with Stuller’s CounterSketch and another vendor that is helping to create CAD renderings for customers. Also, we installed our Engagement Ring Rec Center, a standalone table with about 200 ring styles, secured to the custom-made case but still gives bridal customers the flexibility to try rings on. We sell a lot from this case. For the rest of 2016, we’re going to keep advancing the long-term financing message and add a couple of bridal events in the fall to keep up our momentum. I’m very optimistic for 2016.”
Jason Druxman, co-owner
Avenue Jewelers
Appleton, WI
“Last year was a crazy record year, so being flat against last year’s sales figures at mid-year is not doing too bad from what I can tell based on conference calls with other jewelers. We’ve recently moved into a larger store and showroom, which has definitely changed us from a mom-and-pop store to an event store with a 6,600 square-foot showroom. The change in store size has changed our game entirely. So far this year gross profits are up for our store. Core products are doing well, especially fine diamonds in sizes around 90 pointers. We’re finding that the Millennials are willing to sacrifice the size of their diamond for killer-good diamonds with white brightness and sparkle that high color excellent cut diamonds exhibit, whether it’s a GIA XXX or one of our Forevermark Diamonds. Our goal is to reach a 5 to 10 percent up from last year. But we’ve seen some craziness in the stock market and it’s an election year. There’s always some degree of edginess to an election year with uncertainty and change in the air. People sometimes use it as an excuse not to buy. But when the back to school months are over and the election draws nearer, things will most likely settle down and sales will happen with our core products. For us, Lagos has been a very good designer in addition to diamond sales and Rolex and Tudor have some exciting new designs announced at Basel.”
Jim Engelhorn, general manager, director of sales
Martin Binders Jewelers
Valparaiso, IN
“This year we’re doing much better than last year. Perhaps our advertising messages are finally sinking in. Bridal is up 20 to 25 percent, leading with round brilliants and cushions are performing well. Our bridal diamond sizes are doing very well in the half-, three-quarter carat sizes and the 90 pointers. Halo styles continue to do as well as prong-set bands with a center diamond. Silver fashion continues to perform well this year and we’re really killing it with Elle in every category, from solid silver to gem-set fashion. We’re also selling PANDORA, which continues to be the silver jewelry sales leader for us. For the remainder of 2016, I’m cautiously optimistic. I’m hoping the messaging and momentum of our advertising and marketing continues to work well for us. Also, at the Las Vegas Show I explored some other lines, but was only kicking some tires. For the most part, I filled in holes in bridal and diamond fashion. My plan is to stick with what’s working now, replenish inventory as needed, and ride out the election year.”
Will Doland, owner
Doland Jewelers
Davenport, IA
“So far, 2016 has been a very good year for us. We moved about a block and a half away from our previous location exactly one year ago. This decision has proven to be one of the best I have yet to make due to the increase in foot traffic and exposure to the growing market in our small town of Huntington. We are now located in a beautiful outdoor shopping center with a spacious and open store with large windows making for great natural light. Before we had old vacant buildings as neighbors, but now we are located near a Starbucks and Chico’s, which has really helped increase our exposure to the locals. Besides going from owning our previous building to renting our current location, our biggest change and obstacle has been adjusting our price points to meet the needs of a broader customer base. We quickly learned that couples these days aren’t spending as much on engagement rings and fine jewelry as once before. Ten years ago, the average diamond customer would purchase a one to two carat diamond whereas this newer generation is purchasing between three quarter carat diamonds to slightly below a carat. Due to the increase in foot traffic and exposure to a more diverse clientele, we decided to bring in Alex and Ani, a fun and affordable fashion line for all ages of women. The whole idea is to draw new people into our jewelry store so they can not only purchase Alex and Ani, but also see what else we have to offer, and eventually turning those smaller sales into larger ones – like engagement rings – down the road. Our focus for the remaining part of 2016, will be to continue what we have started and see it all the way through. Our shift towards more cost efficient and trendy jewelry has proven much success thus far. Our staff really strives to stay current on latest fashions while choosing affordable pieces that we feel confident we can sell. Between the keen observations of our staff and popular use of social media, we feel confident that our networking is stronger than ever and we are reaching more and more individuals every single day. I have a feeling 2016 is going to be our best year yet!”
T. K. Dodrill, owner
T. K. Dodrill Jewelers
Huntington, WV
