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Thank you for your support
As the year comes to an end, I would like to make a personal thank you to our customers and suppliers alike, who have helped us over the last year. This year has seen my business grow as my team and me strive to service you better. While this may not have always gone as smoothly as we’d like, we are constantly working on improving.
Thank you. May 2012 bring us all a little more peace, prosperity and success!
Welcome to the December issue of the Gem Bank Newsletter.
Trading at the start of November in Europe was a little slow, as we saw with the recent auction results in Geneva. Which is unusual as November is normally the peak trading month of the season. Nevertheless, as in past years I am sure we will experience once again trade increasing within the next few weeks as we see the usual mad dash towards Christmas, thus hopefully ending the year on a high note!
Design News
Jewellery design using white, champagne and black coloured gemstones seems to once again be on the increase, so far this Christmas season we have seen the return to the 80’s style of animal inspired chunky jewellery, from jewel encrusted Cartier Panther brooch to gold and black diamond snake bangles and enamel tiger rings. This colourful animal design trend is expected to continue right through to the spring season.
Industry News
One of the major developments that took the world gem industry by surprise very recently was the ending of an era when the Oppenheimer family sold off its 40% stake ownership of De Beers in a deal to the Anglo American company reportedly for sum of 5.1 billion USD; thus closing the family’s nearly 80 year-ownership over the De Beers. Also in the news is that some investors are purchasing high end diamonds as an investment route. Also in the news is the increase in sale of large high end diamonds being snapped up at auction this November. The most notorious of these was the sale of the sun-drop diamond, the vivid yellow diamond broke records at a Sotheby’s auction in Geneva a few weeks ago when an anonymous telephone bidder paid a record-breaking $10.9 million for a 110.3-carat, including the buyer’s premium the total amount paid for the diamond was $12.4 million. There has also been a new record set for the sale of sapphires, when Christie’s sold a Kashmir sapphire for over $145,000 per carat!
Manufacturing News
In Manufacturing there has been a continued steady increase in the East for diamonds; experts are now predicting that by 2015 the total sum of diamond jewellery sold in China and India will exceed the US. So what does this mean? Well, if predictions are correct then consumption will be higher than the actual ability to manufacture the required amount of polished diamonds, which in turn will increase in the sale of rough diamonds. Therefore prices of rough diamonds are now expected to rise 5% a year until 2020. So it’s definitely time to invest!
Company News
To better aid our customers when shopping on line at www.thegembank.com we have now uploaded the prices for nearly all of our online stock. You will need to register to see them. Feel free to contact us directly in order to discover any discounts available on the stones you’re interested in!
BIG NEWS
I have been putting the finishing touches to my Creative Year Planner. This is a summary of the lessons I have learned since the economic downturn of 2008. Please take a look and get involved!
Luxury by definition is very hard to pin down, as luxury means different things to different people. In this industry however, luxury is the highest measure of quality.
So, how are you going to convince your customer that when they buy from you they are not just getting another piece of jewellery? That when they buy from you, what they get is a piece of luxury, that their purchase is a quality piece of jewellery that can last a lifetime.
Whether you are a modern, contemporary or traditional jeweller, the rules for proving that your jewellery is luxury are the same. Ask yourself, do you strive to meet every individual customers needs? Are you prepared to tailor the service to meet their requirements? Is every piece of jewellery you produce important to you?
In every business, customer satisfaction is the key to success. When selling your jewelry, it is important to deliver ‘the luxury experience’ to every customer. Try to make every customer feel special, individual and distinct from everybody else. There are many ways in which you can convey to your customer the quality and luxury of your products, by the piece of jewellery itself, and the experience of choosing and buying it. These factors will give them piece of mind and confidence in your product.
The luxury experience starts with the first point of contact, which is as soon as they walk through your door. Treat every client as an individual; give them a highly interactive and personal service. Whether the customer is choosing a piece from a collection or inquiring about a bespoke piece, show them that you care. By giving them a perceived personal connection it makes each potential buyer feel important to you. By indentifying their requirements and striving to achieve them, this ensures their confidence in the quality and therefore luxury of your jewellery.
Set yourself and your jewellery apart by showing your pride in each piece. Tell the customer what is it that you do that makes your jewellery special. Tell them about the quality of the materials you use, and give them the information on how they are sourced. If they are looking for a bespoke piece to be made, you could let them be part of the process, perhaps letting them choose the gemstones that will be used. This will make the experience of buying from you rewarding and fulfilling for the customer.
Where luxury products struggle is when they are sold on the price tag alone. The customer who buys solely on price is probably doing so just to be showy and to flaunt their wealth. When this occurs, the emotions between seller and customer are different. Instead of the customer feeling special and individual, the connection is not made, and the experience for both parties can be an empty cold one. By not connecting with your customer any chance of repeat business is very much reduced.
Apart from beauty, individuality and sheer style, coloured gemstones have one more asset that should be most attractive to the you the seller: Profitability! In our modern world, though, many people do not even think about choosing coloured gemstones because they are so focused on traditional white diamonds and retailers are missing a trick by not promoting them more.
Figuring out how to market coloured gemstones successfully is an excellent way to diversify your business and expand your customer base, and dramatically improve your bottom line.
The basic aspects of marketing coloured gemstones
There are a number of basic aspects to marketing coloured gemstones. These include:
Familiarisation – Most people are simply not familiar with coloured gemstones, and those who do know a little bit about them often have grave misconceptions about their variety, their beauty, and their value. Your task is to familiarise customers and potential customers with the huge variety of coloured gemstones available by consistently presenting them as a fine jewellery option.
Show examples – Even if people become familiar with coloured gemstones, they often need help visualising just how they can be used as attractive and interesting jewellery. Help this process by consistently showing examples of coloured gemstones in a variety of ways. Display them in striking combinations, show how they look with various styles of clothing, and generally help your customers see exactly how coloured gemstones might fit into their lifestyle and their overall look.
Increase demand – Your customers will want to buy more coloured gemstones if they view these stones as desirable and in demand. You can increase demand by creatively promoting coloured gemstones on a consistent basis, even going so far as to hold “limited quantity” types of promotions and sales.
These may be the basics of marketing coloured gemstones, but they are just the tip of the iceberg when it comes to successful promotion.
Creative ways to market coloured gemstones
Look for creative ways to market coloured gemstones as a desirable type of jewellery. There are plenty of ways to do this, limited only by your imagination. For instance:
Partner with a clothing retailer – Join forces with a clothing retailer to set up displays and examples in each other’s stores. You might provide them with a handful of coloured gemstone pieces to pair with certain outfits in their store, and they might provide you with a couple of mannequins with outfits on which you can display coloured gemstone pieces in your own store.
Supply pieces to fashion shows – Keep an eye out for any fashion shows that might take place in your area and volunteer to supply coloured gemstone pieces to accessorize the outfits in the show. Pay special attention to bridal shows because this is a huge untapped market for coloured gemstones. The right piece shown with the right wedding dress can really attract lots of new customers to your business.
Your call to action
What other ideas can you come up with to market your coloured gemstones? The best ideas are those that cost you little or no money and that show potential and existing customers the many practical applications for this kind of stunning jewellery. Try lots of different ways of promotion and keep track of which ones work the best. You just might be surprised at how easy it is to get potential customers to start flocking in to see the latest in coloured gemstone jewellery!
Please leave your comment below or read other peoples’.
For many decades, the utmost in glamour and beauty when it comes to gemstones has been the traditional white diamond. Much of this has been driven by large diamond companies actively promoting their gemstones, but in recent years there has been a resurgence in the popularity and demand for coloured gemstones as well.
The fact is that coloured gemstones are a thriving (and rapidly growing) part of the modern fashion world and you can take advantage of this terrific trend to further promote and expand your business opportunities.
The allure and attraction of coloured gemstones
Today’s modern fashion divas, celebrities, and movie stars are re-discovering what many people have known all along. That is, coloured gemstones are absolutely gorgeous and can be a stunning addition to any wardrobe. Take a look at any red carpet celebration and you’ll see plenty of well known people showing off their coloured gemstone accessories in prominent and beautiful ways.
For instance, at the 2008 Academy Awards we saw a very pregnant Cate Blanchett wearing a stunning combination of coloured stones in her necklace and earrings. The earrings were drop-shaped emeralds and the matching necklace combined emeralds, diamonds, and other textures. Another gorgeous star, Marion Cotillard, was noticeable with her fantastic cocktail ring that featured a large and beautiful yellow diamond. Even fashion icon Heidi Klum was wearing jewellery that featured coloured stones such as ruby, garnet, and pink sapphire.
The truth about coloured gemstones is that they are beautiful, attractive, and a wonderful fashion statement. You can use the modern trends of famous people wearing coloured gemstones as a way to introduce the idea to your customers and potential customers. Show them just how easy it is to combine coloured gemstones with just about any type of outfit. Create a style book to give them actual references so they’re not left trying to imagine what it might be like to mix things up a little. Younger buyers are especially interested in the fashion trends and statements of their favourite celebrities, so pay extra attention to what’s happening in that age range. It’s a great way to attract younger customers to your store and establish a relationship with them, greatly increasing the chances that they will keep coming back to you for their jewellery needs in the years to come.
Promoting coloured gemstones as a fashion statement
Nothing is ever going to replace the traditional white diamond in many people’s minds, but more and more people are finding coloured gemstones to be a beautiful and interesting addition to their jewellery choices. You can make the most of this trend by promoting coloured gemstones as both a fashion statement and an affordable way to bring some glamour into every person’s life.
Watch the news, go online or look at twitter for examples of celebrities wearing coloured gemstones and use that information as you promote your own coloured gemstones. Display pictures of famous people wearing coloured gemstone jewellery right next to your own examples of similar colours and jewellery combinations.
Have you used these kinds of strategies before? How have they worked?
Please leave your comment below or read other peoples’.
The previous email I mentioned about how to use colour to protect your margins. In this email, I will talk about an important aspect to promoting healthy margins.
Promoting colour to promote healthy margins
Coloured gemstones give you a promotional edge when it comes to attracting customers, closing the sale, and ensuring healthy margins for your business. Be bold about showing plenty of colours in creative ways in order to attract and keep the attention of your customers. Remember, because coloured gemstones provide you with higher profit margins, the more you can entice customers to buy them (either separately or in combination with each other coloured stones or traditional white diamonds) the better you will be at protecting your margins at a healthy level for your business.
Some retail experts will tell you to keep coloured gemstones entirely separate from traditional white diamonds in your displays, but this is outdated advice that really doesn’t work. Yes, you’ll still want to have your gemstones laid out in general categories, but it’s a great idea to mix some coloured gemstones in with your traditional white diamonds. This serves a number of purposes:
However take care when doing this as customers can be turned off by your display if it comes across as too mixed up.
Once you have captured your customers’ attention by showing them the beauty, attractiveness, and flexible use of coloured gemstones, you are that much closer to closing the sale. What they see is interesting jewellery that is beautiful, unique, and extremely desirable. What you have accomplished is to capture their interest and convince them to include coloured gemstones in their purchase, which in turn means you are ensured of a healthier profit margin. Of course this takes more effort to market, but the days of easy sales are long gone. You need to know your product and gain your customers’ confidence, if you’re going to sell them something they wouldn’t ordinarily consider. The bottom line is -It’s worth it!
Let us know what strategies work for you. How have you succeeded in selling coloured stones over diamonds?
Please leave your comment below or read other peoples’.
I recently read an interesting discussion thread on LinkedIn (which I recommend you join by the way) in which people were answering the simple question: What is branding?
It was interesting to see the range of answers. They touched on the issues around price, design and availability. Others seemed to think it was generated from the customers rather than the organisation. Some seemed to suggest that it was a much more emotional connection with people’s heart. Some talk about adding value to your product and how it differentiates you from your competitors. Others see it as something that will you will pay you a premium for, while other questioned why you’d ever want to do it with something cheap (I guess Asda, Wall Mart, Tesco et al have also missed the point).
Lots of people seemed to write about what brands do and don’t do, but most people failed to answer the question ‘what is branding?’
Now I’m not saying I’m a master marketer or brander, I’m not the brand evangelist and I am not the last word in defining all things conceptual. What I do know is that I didn’t get a clear understanding of what people thought branding actually was.
Ok the easy part is to pick apart other people’s thoughts and definitions. Time to state my position: Put simply, branding is the identity you give your organisation and the voice you use to communicate with your customers.
From this everything else comes: Price, position, marketing channels, logo, usp you name it, sometime your product. Once you have your identity and your voice then you bring your product into alignment.
In the luxury field, perception is everything and everything is perception. The brand should stem from the core of who you are (your identity), transcend everything you do (your inner voice) and represent you in the way you want to be seen (your outer voice). Think about your identity (inner and outer) and ask yourself what am I trying to say and what are my customers (inner and outer) hearing. Somewhere in between the 2 are your brand values. Once you’ve defined them align your products, sales strategy and marketing message to this and you’re on your way to fulfilling your brands potential.
Please let me know where you stand on the subject and post your thoughts.
Diamonds are forever, or at least that’s what the major diamond companies continually try to hammer into the consumer’s mind. In the face of this kind of constant promotion, how can you successfully promote the beauty, value, and desirability of coloured gemstones?
Read more
Grabbing the attention of customers and potential customers is a big part of your overall success. After all, if you can’t get them to notice your gemstones and your jewellery pieces you are not going to get them to actually make a purchase. Coloured gemstones can be a huge benefit in grabbing customer attention Read more
Making money in the fine jewellery business can be tough, especially in these days of online and large scale retail competitors. For a small to medium sized business it might seem impossible to compete and make any money. With coloured gemstones, however, you have a great opportunity to protect your profit margins and be successful. Read more
Colour in its element is the gateway to TheGemBank.com (where you can search my stock of Gemstones and Coloured Diamonds) and Gemrunner the Concierge service where I look for stones not found in my stock). It is somewhere to read an article about the trade, or other business matters and comment on them if you wish. You can even visit the free picture gallery and send a friend a postcard form there.
In time you’ll be able to do a lot more from this site. Please let me know how I can improve the site and your experience of it. Feel free to let me know what topics you are interested in or even write one yourself for posting. You can do all that by leaving a comment below or emailing me
Thank you and enjoy
Richard
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