“There’s only one brand name in this industry that can demand concessions and purchasing requirements – that’s Rolex. No other brand in this industry has that type of loyal following on a global level. Given the way their company is structured, they can do whatever, whenever they want to. No other brand in this industry can say that. Also, I’ve been actively purchasing for 25 years and counting. A jewelry manufacturer can have a hot streak as the ‘it’ brand with their breaking designs, but there is such a thing as gravity. Tastes and trends change and the fall will come. And, right now it’s a buyers’ market. Fifty years ago jewelry manufacturers produced their goods domestically to sell locally and regionally. In recent decades it has changed to almost all overseas jewelry makers. I’ve seen the same piece of jewelry with the same mold markings from three different vendors come across my desk. Lastly, before COVID jewelers had too much inventory. They’re just now coming in to a better time to sell to consumers with the pandemic waning. But, now we have inflation and increases in commodity prices. Given all of these factors it’s definitely a buyers’ market for retail jewelers.”
Rex Solomon, owner
Houston Jewelry
Houston, TX
“I started in this industry by working with my father-in-law back in the day. About two years into working with him, I attended a trade show with him and was visiting one of our bridal/diamond vendors. The company spokesman who met with us at the trade show was literally standing over me, telling me that our three stores weren’t selling enough to justify the ‘website’ they made for us to sell their goods. It wasn’t even a website. It was their product page and their link with our store logo on it. I explained to this person that we have had a long-term relationship with a diamond supplier that we would contact first and we would use his company to fill in missing inventory gaps and special orders, not to mention any product sold from our website of his product. I also emphasized that although we have three stores, they serve very small markets – towns of around 6,000 people. That didn’t change a thing. I told my father-in-law about the entire incident and we dropped them the next day and never looked back. I’m glad this incident happened to me early on. Since then, my wife and I have opened our own store and recently purchased our own building. Over the years, I’ve worked with many vendors and learned that if it’s selling we will order more regardless of vendor.”
Henry Herron, owner
Tidwells of Greenwood
Greenwood, SC
“This is something that’s never happened to us before. But, if I was in this position where a vendor placed demands on me to purchase more merchandise or be dropped, I’d have to give careful consideration whether to keep the vendor or not. If customer sales would support such a move, I might consider it. With regards to this retailer/vendor situation I think people simply don’t like being told what to do, especially when it’s their own retail business. What retailers need to realize is the jewelry buying market for us is much like it is for our customers. We can find a unique product from a jewelry manufacturer. If you can no longer carry that product or line, take a look in any trade magazine. There are similar products in many of the magazines’ ads. It may not be the exact match, but it will be something close. Same for our customers. If the customer likes a ring at your store, chances are they can find something similar at another jeweler down the street. For retail jewelers it’s a buyers’ market. And, for the retail customers it’s a buyers’ market. Don’t be afraid to walk away from a vendor that makes too many demands.”
Mitchell Dought, manager
Armentor Jewelers
New Iberia, LA
“This happened to us very recently. When the vendor placed demands on us to sell more of their product or they’d stop selling to us, I had to drop the vendor. It’s not the first time this has happened. Some vendors gave us till the end of the month, some the end of the year. Either deadline doesn’t matter if you can’t meet their demands. We’re a small store in a small town in Florida. I met all of the commitments of buying product, displays and so forth. And, we promoted and sold their products as best we could. But again, we’re a small market. In looking back at the most recent vendor matter, I felt a little wronged by the whole incident. It shouldn’t matter if I sell $10 or $10,000 worth of their products. It was a shame because I really liked their jewelry. But, as much as I liked the company and their products I’ll have to replace them, which I think can be easily done. Summer for us and other jewelers is a slow time of the year so I’ll be on the lookout for a new vendor.”
Lynn Cumbie, owner
Cumbie Jewelers
Inverness, FL
