The JA Report: News, Tips & Trends from Jewelers of America

Royal Wedding: Royal Jewelry Heirlooms

Ever since Prince William presented Catherine Middleton with the 18-carat oval blue Ceylon sapphire and diamond engagement ring worn by his late mother, Diana, upon her engagement to Prince Charles, savvy jewelry manufacturers and retailers everywhere took notice -- and for good reason. Jewelers from London to New York have been reporting surging demand for blue sapphire bridal jewelry. 

The Royal Wedding also gives jewelers an opportunity to reiterate to customers the importance of jewelry as heirlooms that signify the meaningful moments in their lives. Royal Families have always understood the importance of jewelry as heirlooms. Prince William said giving Catherine his mother's engagement ring would ensure his mother was there in spirit for the special occasion.

 

Tell your customers about these famous jewelry heirlooms from the British Monarchy and look like a royal expert on the subject:

SEC Delays Rules for Conflict Minerals, What Jewelry Firms Should Know

The U.S. Securities and Exchange Commission (SEC) has delayed publication of its final rules for conflict minerals provisions within the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The rules -- originally scheduled to be published on April 15 -- are now expected to be published between August and December. Jewelers of America worked with other major jewelry associations to submit comments to the SEC as they developed the rules. Jewelers of America will continue to watch this issue closely and update members as needed.

Reap Rewards with Jewelers Mutual’s Platinum Points program

Now is the perfect time to get with the program, or more specifically, Jewelers Mutual Insurance Company’s Platinum Points program. Visit JMPlatinumPoints.com to enroll today so you’re ready for May.  In celebration of Mother’s Day, Platinum Points participants will earn DOUBLE POINTS on all new referrals* sent to jewelersmutualinfo.com throughout the entire month of May (effective May 1-31,2011). Take advantage of the increased Mother’s Day traffic to make more referrals, rack up more points, and cash in on those sought-after items on your wish list!

Understand Your Numbers

Jewelers of America is conducting its annual Cost of Doing Business survey, which helps retail jewelers gain valuable insight by looking back at their previous year's numbers for key performance measures.

The survey reveals key data points that help you run your business better:

• For instance, the 2009 survey indicated that the most profitable jewelers turn their inventory 1.2 times per year, versus low profit jewelers who only turn inventory once. If your numbers are closer to low profits, brainstorm with your team on ways to improve your inventory turn – our survey shows even a slight improvement could improve your bottom line.

Tips for improving inventory turn in your store:

Increase Profitability Through Benchmarking

Comparing your store’s financial performance to industry averages and/or standards can have a profound impact on your business. Jewelers of America’s Cost of Doing Business Report, published each summer, helps you find out where your store measures up across multiple operating-performance areas. That knowledge is a powerful tool, since even small adjustments can lead to better profits.

Jewelers of America is currently conducting its 2011 Cost of Doing Business survey, make sure you participate to benefit from the benchmarking analysis it reveals (Take the survey now! or learn about its benefits).

When you take the survey online, you’ll get an immediate calculation of your financial data and operating ratios. David Peters, Jewelers of America’s resident education and management expert, says that once you have this information you can increase profitability by:

Welcome March's New JA Members!

March was a busy month at Jewelers of America, with nearly 20 new jewelry firms joining our national fine jewelry retail network, from three countries and 12 states. We'd like to welcome the following new members: