Color is hot (and provides good margins), but are you doing enough to capitalize? In “Color: Price Points, Margin and Profitability,” a session held during the JCK Show in Las Vegas, Doug Hucker, CEO of the American Gem Trade Association (AGTA), shared strategies to help jewelers get the most out of their colored gemstone inventory.
Tips shared by Hucker included:
- Track Inventory: In order to increase your business, you first need to track and understand what’s moving.
- Market Color: Hucker notes that retailers can distinguish themselves from the competition with color and should integrate the color message into marketing.
- Add-On Color Sales: Don’t pass up opportunities to sell colored gemstone jewelry as an add-on purchase. For instance, when selling an engagement ring, be sure to stay connected to the bride with ideas for gemstone jewelry gifts for her bridal party.