SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
IndependentsMay 05, 2017
About Retail: The Ring of the Month Club
A Minnesota jeweler with a background in manufacturing has an idea to help grow his business--a custom ring club for other retailers.
The white and yellow gold diamond ring dubbed “The Wispy Bishop” will be the first design jeweler Brian Walters rolls out for his Ring of the Month Club.
Excelsior, Minn.--Minnesota jeweler Brian Walters is looking to move his jewelry business forward by reconnecting with his past.
Before he opened a retail location, the longtime jeweler worked in manufacturing, first at a Minneapolis jewelry factory and then out on his own as a designer who worked the trade show circuit and traveled around with this bench.
Now, as retail changes around him, Walters is looking to give his business a boost by making for other jewelers the same rings that he has had success with and presenting them in a different way--one at a time, as the featured Ring of the Month.
“No, I’ve got plenty to do,” he says when asked if this decision to return to manufacturing was due to struggles on the retail end of the business.
“But,” he allows, “I’d like to grow.”
Walters got his start in the jewelry business in the same way as so many others--his family.
His father, the late Lowell Walters, was vice president of jewelry manufacturer Jewelmont Corp., and Walters joined him there, working at the company’s Minneapolis facility.
After some time, he branched out on his own, leaving Jewelmont to design his own jewelry and exhibit at trade shows such as the American Craft Show and the long-defunct annual show organized by the Minnesota Jewelers Association, which also no longer exists.
He also used to travel around to different jewelry stores to do remount events, putting his bench on wheels and packing it up in the back of a van along with various mountings.
“I made more money in the wholesale end of the business,” Walters says. “But the road life gets old after a while, and I had a family and kids and that’s when I went into design and retail.”
Walters has owned and operated a retail business in Minnesota for years but, like so many, he had to downsize his operation in the last six or seven years, shrinking from two stores and a staff of six to one store and a staff of two, including himself.
He looks at the Ring of the Month Club as a way to grow again.
Walters, who’s branded himself as “The Ring Maker,” says he has this one design that he sells at least one of per month, a two-tone diamond ring internally called “The Wispy Bishop” but which customers call the “Wild Two-Tone Wrap.”
About a month
ago, he started thinking--what if he could sell 100 of these a month or week, instead of just one, by making them for other jewelers?
And that’s how he came up with the idea for the Ring of the Month Club.
The club will work like this.
Jewelers who pay the one-time $499 fee to become members will receive, as the name of the club indicates, a different mounting or semi-mount set with a cubic zirconia center every 30 days on memo.
About 80 percent of the rings will be bridal designs, some of which Walters will select from his portfolio of already copyrighted designs.
Jewelers will set their own diamond or other gemstone into the design (or Walters can do it for them.) He says while the mounting will be made to fit a 1-carat stone, the designs are done in CAD and therefore easily can be adjusted to fit up to a 3-carat stone.
There’s also flexibility with the metal. Although the delivered design will always be in 14- or 18-karat gold, it can be special ordered in platinum (add $1,000), or rose or green gold.
If they don’t sell the ring after a month, then they can keep it and pay Walters the wholesale price or return it, though he notes that if the program goes well, he’s hoping to be able to give jewelers more flexibility on the return dates.
“I can see it really going well, and a year from now, we’ll have enough turnover going (to be able to do that),” he says. “There will be no dogs in this line. Every design will be a good one.”
Walters said because the rings are not mass manufactured and can’t be shopped online, he says jewelers should be able to do a keystone markup.
So, for example, the first ring in the program--his bestseller, the aforementioned “Wispy Bishop”--retails for $2,900. If jewelers sell it, they keep half and then get the next ring in the program.
Walters also has worked up a display that can be used with the program that is in the shape of an artist’s palette.
While the design is still being finalized, he says he it will be about 8 inches by 6 inches, possibly white leatherette with “Ring of the Month” in gold, with spaces where jewelers can display alternate center stone choices if they want, much like a painter has various dabs of color on his or her palette.
The cost of the palette, as well as geographic exclusivity, are included in the $499 it costs to join the club.
Walters plans to support the jewelers who enroll in the program with marketing and training and already thinks that it gives jewelers’ salespeople a great opening line to use on people as they enter the store: “Have you seen our Ring of the Month?”
For more information or to join, visit RingoftheMonth.com or email moresales@ringofthemonth.com.
And that’s how he came up with the idea for the Ring of the Month Club.
The club will work like this.
Jewelers who pay the one-time $499 fee to become members will receive, as the name of the club indicates, a different mounting or semi-mount set with a cubic zirconia center every 30 days on memo.
About 80 percent of the rings will be bridal designs, some of which Walters will select from his portfolio of already copyrighted designs.
Jewelers will set their own diamond or other gemstone into the design (or Walters can do it for them.) He says while the mounting will be made to fit a 1-carat stone, the designs are done in CAD and therefore easily can be adjusted to fit up to a 3-carat stone.
There’s also flexibility with the metal. Although the delivered design will always be in 14- or 18-karat gold, it can be special ordered in platinum (add $1,000), or rose or green gold.
If they don’t sell the ring after a month, then they can keep it and pay Walters the wholesale price or return it, though he notes that if the program goes well, he’s hoping to be able to give jewelers more flexibility on the return dates.
“I can see it really going well, and a year from now, we’ll have enough turnover going (to be able to do that),” he says. “There will be no dogs in this line. Every design will be a good one.”
Walters said because the rings are not mass manufactured and can’t be shopped online, he says jewelers should be able to do a keystone markup.
So, for example, the first ring in the program--his bestseller, the aforementioned “Wispy Bishop”--retails for $2,900. If jewelers sell it, they keep half and then get the next ring in the program.
Walters also has worked up a display that can be used with the program that is in the shape of an artist’s palette.
While the design is still being finalized, he says he it will be about 8 inches by 6 inches, possibly white leatherette with “Ring of the Month” in gold, with spaces where jewelers can display alternate center stone choices if they want, much like a painter has various dabs of color on his or her palette.
The cost of the palette, as well as geographic exclusivity, are included in the $499 it costs to join the club.
Walters plans to support the jewelers who enroll in the program with marketing and training and already thinks that it gives jewelers’ salespeople a great opening line to use on people as they enter the store: “Have you seen our Ring of the Month?”
For more information or to join, visit RingoftheMonth.com or email moresales@ringofthemonth.com.
More on Independents
The Latest
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Weekly QuizApr 11, 2024
This Week’s QuizTest your jewelry news knowledge with this seven-question quiz.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Lab-GrownApr 11, 2024
AGTA Bans Lab-Grown Diamonds, Gemstones at GemFairMembers can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
MajorsApr 11, 2024
Macy’s Opens Books for Possible BuyoutThe retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
CollectionsApr 10, 2024
Sylvie Launches New Nature-Inspired Collection, ‘Tulira’The bridal collection consists of 35 engagement rings and seven wedding bands.
WatchesApr 10, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
IndependentsApr 10, 2024
Levy's Fine Jewelry Explores Diamond History The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.
