Boost Your Jewelry Profits

As the economy starts its slow recovery, businesses still need to be cautious when it comes to spending. However, there are opportunities out there to grow.

David Peters, Jewelers of America’s resident education and management expert, offers the following action items to increase your profitability:

• Go Corporate: Expand into the corporate-gift and corporate-incentive business, selling directly to professional and service firms.
• Refine Inventory: Focus inventory on best sellers and drop slow moving items.
• Customize Product: Stock or make unique items that you can’t find anywhere else.
• Think Vintage: Sell estate jewelry.
• Improve Contracts: Renegotiate supplier agreements (stock balancing, returns, terms, etc.).