De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
50 Jewelers/50 States: Wisconsin
A downtown location attracts millennials to Goodman’s Jewelers in Madison.
Madison, Wis.--In 50 Jewelers/50 States, National Jeweler interviews one retailer in each of the 50 U.S. states to find out how they are meeting the challenges of the changing retail environment.
Goodman’s Jewelers has seen a lot change over its nearly 85 years in business in Madison, Wisconsin.
Through economic ups and downs, its central location downtown has helped keep it relevant, and solid customer service keeps customers coming back.
Owner John Hayes spoke with National Jeweler about what his millennial clients are buying and his approach to updating with the times.
John Hayes: Smaller tickets. Our average ticket has gone down considerably over the last eight years. People are still buying, they’re still getting engaged and celebrating birthdays and anniversaries every day, it’s just that they’re spending lower. We’ve actually had more traffic and tickets but it’s lower per ticket, though having more helps.
Madison is the capital city, and it’s relatively liberal in a conservative state. People are much more cautious about what they spend. Their spending habits over time have changed but it takes a while for that to revert back to the pre-recession spending.
The town is growing, but people don’t feel that they are benefiting from it.
NJ: What’s the top-selling category and brand at your stores?
JH: Bridal--engagement rings and wedding rings.
Our top-selling brand is Naledi. It’s a brand that uses South African gems, and it does real well for us.
NJ: Tell me about your regional customer.
JH: It’s complicated because we’ve been here for 85 years. We have older clients who have been coming for quite a few years.
We have a strong number of millennials who shop with us. We’re a downtown store, and they like living in downtown Madison. There’s a medical records company and they have a lot of employees who live in downtown Madison, and they’re all in that prime age for us for engagement so that’s a very strong category.
The breakdown of men and women is pretty even. Most of the time it’s couples who come together to shop. They tend to have researched, very much so, for a few months before walking in the door, so they’re well-informed consumers and
With older couples who come in, it’s more the males who do the spending.
JH: Halo is still quite popular. Round is the most popular center stone, followed by cushions and some radiant cuts--occasionally oval and pear shapes. The metal of choice is still white gold, but rose gold and yellow gold are gaining a lot of popularity so we stock all three colors.
NJ: Which social media accounts are important to your stores?
JH: All of them. Facebook, Twitter, Instagram. A couple of my staff make sure that every week we post things that are current and relevant, not only specifics about us but other interesting things as well. We’ve been working hard on trying to build our followers on Twitter and Facebook. I’m not as well-versed as the younger people who work for me; they do a good job.
NJ: Do you have e-commerce?
JH: We made a conscious decision not to have e-commerce. A lot of our inventory is visible on the website, but we prefer to have people come here to the store rather than buy through e-commerce.
NJ: What’s the best piece of advice you’d offer to a fellow independent jeweler?
JH: I would say treat every person that comes in the door the same exact way you would want to be treated. Give them attention, don’t try to sell them, listen to what they want and help them find that so that they become your fans.
NJ: What’s a fun fact about you we can share with our readers?
JH: I have a large collection of ties. I wear a different holiday tie every day between Thanksgiving and the New Year.
I could wear a different tie for about six months straight.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.