The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Business Pulse: Keeping Tabs on Inventory, Or Not
More than a quarter of jewelers said in a recent survey that they don’t have a point-of-sale system for tracking inventory in their store.
New York--Jewelers of America/National Jeweler’s latest poll shows that despite the fact that we live in an age where a pocket-sized device can handle almost all of our computing needs, there are still jewelers who keep track of their inventory manually.
In the Business Pulse poll for March/April, completed by 182 respondents, retailers were asked if they use a point-of-sale system to track inventory in their store. Seventy-three percent of survey-takers answered yes while the remaining 27 percent said no.
(Percentages may not equal 100 due to rounding.)
When those without an inventory tracking system were asked how they kept tabs on all the jewelry in their store, many noted they did so the “old-fashioned way,” meaning by hand, while others were a little bit more specific.
“Unfortunately, just my brain,” wrote one respondent.
Another noted simply that they kept track of their inventory “badly.”
Among those who do have a point-of-sale system for inventory tracking, The Edge was the one the majority of poll-takers said they used. Others systems that received multiple mentions included Jewelry Shopkeeper, QuickBooks and WinJewel.
The survey also showed that inventory turn remains a problem, and that many jewelers are carrying as much aged inventory as they are buying new stock every year.
The greatest percentage of respondents (25 percent) reported spending $50,000 to $100,000 a year on inventory, and that same range also was the most-picked answer when survey-takers were asked how much aged inventory is in their store.
When it comes to inventory turn, the greatest percentage of respondents (31 percent) reported that their inventory turn ratio was less than 1.
Love was in the air?
The survey, conducted March 28 to April 13, also asked respondents about their jewelry store’s performance in February, which would include Valentine’s Day sales.
Nearly half (47 percent) of respondents said that sales were up as compared with February 2015, while 29 percent reported a year-over-year drop in sales.
National Jeweler and Jewelers of America conduct their joint Business and Product Pulse poll monthly, asking jewelers about sales in specific categories as well as other aspects of their business. A total of 182 jewelers completed the Business Pulse poll.
This month’s Product Pulse, of which all of these questions were a part, focused on bridal jewelry.
National Jeweler is a for-profit subsidiary of Jewelers of America, though the two organizations act independently of each other.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.