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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!
(September 8, ’11, IDEX)
(IDEX Online News) – Traders, wholesalers and service providers reported good business at International Jewellery London, which closed Wednesday evening.
While the floor was not crowded with visitors – the numbers are up from last year by about 2 percent to over 9,000 visitors – and the mood among buyers was cautious, the show was able to attract buyers stocking up on items.
this man knows more about beer than you do about jewellery
Research shows that students working part-time in off-licences often know more about the beers and wine they are selling than retail staff working in the average jewellers know about the gems and other products they are selling.
It’s more than students just liking a drink!
You’ve got to wonder why this is so. You might suppose that the students working in off-licences already know a lot about the drinks they are selling because it’s well known that students can be very passionate about drinking. Joking aside, students working in off-licences are hardly going to be experienced sommeliers so there must be something else at play here.
They want to give their customers confidence.
The average consumer is still very intimidated when it comes to choosing a bottle of wine. If they cannot speak to someone who is knowledgeable about the different kinds of wine and their qualities at the point of sale, the chances are that they will go looking for better service at a different off-licence the next time they want a good bottle of wine. No doubt, off-licences rely on the repeat business to provide a steady flow of customers, especially in these economically straitened times, so if a customer doesn’t come back because of lack of product knowledge, it could spell the kiss of death for an off-licence.
Realising this, perhaps wine sellers go the extra distance to ensure that their staff is well versed in the tastes and needs of their local market. They understand the questions and concerns of their customers. They find out the ‘story’ behind the wine, the vineyard and the people who make it. Most likely they subscribe to monthly wine magazines to give them insight into trends that might open the door to new entrepreneurial opportunities. In turn, they communicate all of this to their staff so that they can convey this knowledge to the customer.
You might argue that learning about wine is a much easier prospect than learning about gemstones. Tasting wine is a big part of learning what makes a good wine so if bottles of wine are readily available in an off-licence, all you have to do is crack a bottle open and get tasting. But it’s worth bearing in mind that selling wine and selling gems have a lot in common, not least the word ‘clarity’.
Passion, commitment, salesmanship
If you want customers to value you, you need to value your customers. That might sound like an obvious thing to say but it’s surprising how many jewellery retailers ignore this basic tenet of business. How do you build value for customers, with its implicit assumptions of trust and quality of service? Surrounding yourself with the best people is key.
Hiring staff with the right background and experience is a good place to start but even more than that, making sure that your staff is well trained and motivated goes a long way towards helping to ensure that your business keeps making money. How do you motivate staff? By ensuring that your staff is passionate about the products it is selling.
Where do you find passion?
Passion comes from knowledge so there is a direct correlation between motivation and product knowledge, which in turn can impact on commitment to the business. A well-trained employee is therefore more likely to be confident about the sales process. If staff is more confident about the sales process then it is more likely to be effective in bringing extra revenues into the business.
What is a well-trained employee in a jewellery store?
Just like a good employee in an off-license, a well-trained employee in a jewellery store will know the proper way to handle, store and care for the products they are selling. They will know the differences between natural, treated and synthetic gemstones in the same way a well-trained student working in an off-license knows that champagne-style wines made outside the region of Champagne cannot be called champagne. They will have to master the language of gemstones and jewellery, the differences between different types of metals, stones and manufacturing techniques.
Where can you get this training?
In the alcohol business, it is up to the supplier to educate and to some extent motivate retail sales staff to understand and sell their product. There is no reason this can’t be rolled out by jewellery manufacturers and stone dealers who supply you. This should be part of service you receive and expect. We all expect our customers to part with serious money when it comes to making a purchase, the least we can do is give them the knowledge and confidence they need to make a sound purchase.
Ultimately, your staff are only as good as the effort you are willing to put into ensuring they are well-trained. Ignore that at your peril. In this fraught economy, people are reluctant to spend money on jewellery so will hunt for the best possible deals that they can get, or will buy with the retailer they have the most confidence in, even if the price is higher. Make sure that it’s you they turn to for value and confidence when making that purchase.
Swiss watchmaker Swatch
(February 9, ‘11, 2:33 IDEX Online Staff Reporter)
Swiss watchmaker Swatch reported record gross sales of CHF 6.44 billion ($6.69 billion) in 2010, rising 21.8 percent at constant exchange rates. The increase in revenues resulted in a record operating profit of CHF 1.436 billion ($1.49 billion) and a net profit of CHF 1.08 billion ($1.12 billion), representing an increase of 41.5 percent over 2009.
I went to week one of goldsmiths’ fair with a very fresh perspective. With everything that’s been going on with the economy and the impact it has had on luxury and jewelley, I now see events like goldsmiths’ along with their exhibitors as representing the future of the industry.
When you first walk in to the hall you get struck by a sense of history. The fact that they still have uniformed commissionaires sets the tone of the whole event. Very formal and grand, well on the outside anyway. Those very grand surroundings of the hall are quickly put into sharp contrast by the very contemporary designs on show.
Firstly there is the silversmithing. If you are not familiar with the kind of work they show there, forget the stuffy dated image of candlesticks and goblets and feast your eyes on the craftsmanship on show. Designers like Jenny Edge, Ndidi Ekubia and Heather O’Connor, have taken this ancient craft and moved it right into the 21st century. Their pieces incorporate materials such as silver, wood and glass to truly amazing effect.
Then there are the Jewellers. There are the regulars such as Eric Smith, Paul Spurgeon, Mikala Djorup, Liz Tyler, Shaun Lean and David Marshall to name but a few. And there are the newcomers such as Maria Militsi and Jenny Deans, who collectively could teach the Bond Street set a thing or two. In fact they could teach the whole industry a thing or two as the principles that guide them – creativity, commitment, care for all materials used, skill in putting it all together and passion about their craft really shine through in the final product. It’s a shame more of industry doesn’t operate in this way.
It is definitely a must if you can get there. I’m looking forward to week two.
http://www.thegoldsmiths.co.uk/exhibitions-promotions/goldsmiths’-fair/
Fine jewellery is one of the most beautiful and emotional things in the world. Nothing makes a person feel special like a lovely piece of jewellery, and nothing evokes more feelings of love and happiness. A great deal of marketing and advertising effort is put into promoting traditional white/colourless diamonds as the preferred gemstone for fine jewellery, but more and more people are discovering that coloured gemstones and diamonds are just as beautiful and noteworthy.
You can increase your customer base and expand your business success by tapping into this rapidly growing fascination with coloured gemstones and diamonds. All it takes is a bit of creativity and some attention to detail to help your customers understand how much fun it is to be innovative with coloured gemstones.
Innovating with colour in many different ways
While it’s true that most people do not think of coloured gemstones as their first choice in fine jewellery, more and more people are beginning to look at using colour where they used to use white. You can take advantage of and encourage this trend by consistently finding ways to show coloured gemstones in a variety of looks, combinations, and settings.
Replace white with colour – A great way to start off with your innovative new approach is to start using coloured gemstones in places where you would otherwise use traditional white diamonds. Start promoting rings, necklaces, bracelets, and earrings that feature coloured stones as the central focal point. It is important to have a strong collection that can stand up on its own and not scatter pieces amongst your white diamond collection.
Pair colours in unique ways – Find unique ways to pair up different colours in different ways. Use coloured stones or diamonds, instead of white diamonds in a traditional. Or alternate white and coloured stones in an eternity ring. The list is truly endless.
Use colours in non-traditional ways – Think of situations where most people would normally choose white diamonds and show them what it looks like to use coloured gemstones instead. Some examples include using coloured gemstone jewellery with wedding gowns, cocktail dresses, and casual clothing.
Increase demand by increasing choice
Remember that when many people go searching for jewellery they look at what is displayed in the store and assume those are the latest trends. You can increase demand for coloured gemstones by increasing the number of them that you have on display.
Encourage customers to view coloured gemstones as a popular trend by offering numerous choices and options. Show engagement rings that include coloured gemstones, and display necklaces that combine colours in unique and attractive ways. Put coloured gemstone earrings right alongside and in the midst of traditional white diamond earrings as well.
Another excellent way to increase demand is to start wearing more coloured gemstones yourself. Give them as gifts to your family members so they will wear them more often as well. Get to know the people in your area who are fashion leaders and encourage them to try wearing coloured gemstones as well. Make coloured gemstones a popular new trend by treating them as if they already are a popular new trend. You’ll be amazed at how showing confidence in your product can help your customers feel relaxed about making their purchase, thereby increasing coloured gemstone sales and your profit!
What are your feelings about using coloured gemstones and diamonds and how have you brought these products to your customers’ attention?
Please leave your comment below or read other peoples’.
(February 2, ‘10, Edon Ophir)
More people indicated they will chose sweaters, winter accessories and other clothing options in place of jewelry when shopping for Valentine’s Day gifts this year, according to a survey released by the National Retail Federation (NRF) this week. 14.4 percent of consumers said they will choose personal and practical gifts, compared to 10.2 percent in 2009, while 15.5 percent will choose jewelry, compared to 16 percent last year.
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(January 29, ’10, Julia Neel)
Karl Lagerfeld’s mouth watering couture collection wasn’t the only Chanel delight that caught our eye this week. As part of Couture Week, the brand launched a new fine jewellery collection that takes its inspiration from the label’s iconic motifs: black and white, pearls, diamonds, pearls and camellias
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(January 28, ’10, Jessica Bumpus)
For those whose jewellery tastes lie in all things sleek, sculpted and silver, here’s somewhere you should check out, www.gaudionbowerbank.com.
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(January 27, ’10, Julia Neel)
The Papillons Printemps clipIn Japan, they are a symbol of ultimate feminity. In China, they represent eternal love. Among the Amazonian Indians, it is said that simply whispering your dearest wish to a butterfly will ensure that it comes true. And, given their incredible metamorphosis, they are also icons of mystery and intrigue.
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