Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
WatchesMar 23, 2017
Ask the Watch Guy: Maximizing Your Backroom Bonanza
When it comes to watch and jewelry tools and supplies, the most important thing is to understand what you have, Jess Gendron says.
Jess Gendron is a seventh generation watchmaker, having learned by his father Dan Gendron’s side since childhood. He can be reached at talktothewatchguy@gmail.com.
We all know the importance of “turning” your inventory to increase profits.
It makes no difference if you think old, not-yet-sold inventory someday will become popular again; in the meantime, your money is sleeping.
If you have, for example, what was $5,000 in inventory at retail, and, let’s be kind and say it is 5 years old with keystone mark-up, you may look at this as only a loss of $2,500. But in real terms, your loss is much greater and becomes greater over time.
In addition to readily visible old retail inventory, almost every jewelry store I have visited has “sleeping” inventory most aren’t even aware of.
I was in a mom-and-pop store in the Midwest and asked them if they had any unclaimed repairs, watch or jewelry repair tools, or watch part assortments they would like to sell. The owner’s wife said she didn’t think so, but asked her husband if he still had his uncle’s watch repair “junk,” whereupon he said he wasn’t sure where it is. She then remembered: “All that stuff is under the gift wrap bench.” They asked me if I wanted to see it and, of course, I said yes.
After digging through gift wrap and ribbon remains, I found a 19th century watchmaker’s bench full of watch and jewelry repair tools. In the chair well of the bench were staking sets, a complete Boley lathe, a Tempo watch cleaning machine and lots of old American pocket watches.
I offered them $1,500 for all this equipment, and they accepted. They both said they had no idea that the stuff was worth anything.
In another buy, I found a Spiro Agnew watch from the 1960s that was owned by a jeweler who did not know who Spiro Agnew was. (He was Richard Nixon’s first vice president). These look like real junk, but they are worth a quite bit of money.
Here are some things that may be lurking in your back room and hidden under counters:
--Old inventory;
--Watch repair tools, such as cleaning machines, watch bands, staking sets, timing machines, lathes, watch part assortments and crystal assortments;
--Unclaimed repairs;
--Ring stretchers;
--Ring engravers;
--Tabletop engravers;
--Miscellaneous hand tools;
--Ultrasonics; and
--Old watches of all types.
Old inventory--jewelry items that did not move--sell very well on eBay in assortments. Let’s say that you have old stock earrings and bracelets. Make assortments of good, bad and ugly out of what you have.
When it
Editors' Picks
Sponsored by
comes to watch and jewelry tools and supplies, the most important thing is to understand what you have.
If you’re not sure what something really is, ask someone. Knowing what things are is especially important so that you know their value. Sure, you can post watch repair items for sale on eBay but if you don’t know what you are selling, you’ll leave money on the table.
For example, a Marshall lathe is worth $200 on average, but a Boley is worth $500. So if you are not sure what something really is, again, ask someone. We field calls like this from time to time, and we don’t mind. Feel free to contact us at talktothewatchguy@gmail.com.
There are many reputable buyers, but beware of “cherry pickers” who only want the cream of the crop and leave you with a hard-to-sell mess.
Think of what you could do with extra money from “sleeping items,” and try to avoid buying your future dead items with your proceeds.
Note: For those of you who have been asking for the free battery changing video, our low-tech staff has finally gotten the link to work.
Jess Gendron is a seventh generation watchmaker, having learned by his father Dan Gendron’s side since childhood. He is now the owner of Colorado Timeworks, a watch repair service center in Colorado Springs. Gendron can be reached at talktothewatchguy@gmail.com.
If you’re not sure what something really is, ask someone. Knowing what things are is especially important so that you know their value. Sure, you can post watch repair items for sale on eBay but if you don’t know what you are selling, you’ll leave money on the table.
For example, a Marshall lathe is worth $200 on average, but a Boley is worth $500. So if you are not sure what something really is, again, ask someone. We field calls like this from time to time, and we don’t mind. Feel free to contact us at talktothewatchguy@gmail.com.
There are many reputable buyers, but beware of “cherry pickers” who only want the cream of the crop and leave you with a hard-to-sell mess.
Think of what you could do with extra money from “sleeping items,” and try to avoid buying your future dead items with your proceeds.
Note: For those of you who have been asking for the free battery changing video, our low-tech staff has finally gotten the link to work.
Jess Gendron is a seventh generation watchmaker, having learned by his father Dan Gendron’s side since childhood. He is now the owner of Colorado Timeworks, a watch repair service center in Colorado Springs. Gendron can be reached at talktothewatchguy@gmail.com.
More on Watches
The Latest
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
