Loose Versus Mounted

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Monty, Its funny, I didn't read Brad's comments as blindly 'copy
the big boys' but rather to look at successes and determine what
may be useful for your own operation. He's suggesting image is
crucial for an upscale store. I assume Shanu is at least trying to
be upscale because she sells carat-plus stones and does seem to
value her customers. Displaying your semis with CZs set in place
may cast doubt in the mind of today's savvy shoppers, many of whom
can spot a CZ. They may wonder, "if you're trying to sell diamonds
why are you showing me CZs? If I pay for a diamond will I get a CZ
instead?". That kind of thought process is insidious, you may never
counter it. You wouldn't try to sell a Rolex by showing a $25
knockoff. People want the real deal. If you don't have a large
enough inventory of loose goods, develop a relationship with a
diamond dealer who will supply you with revolving memo and fast
delivery of calls in exchange for loyalty. But getting back to the
original question of loose versus mounted...why not do both? Have
an assortment of popular styles mounted, ready to go for the
impulse shopper and some loose stones and semis for the more
discriminating client, who usually doesn't mind a few days extra to
get 'something special'.

In Regards to Brad Brown's comments, I can not understand where you
are coming from. Shanu's contribution to this forum is relevant and
informative; I personally have many of the same questions. Your
main argument is to look at how the largest outfits operate and
copy them; however this may not always be relevant for all
business. Further, I believe that there are many intelligent
individuals, including your self, when it comes to innovative ways
of bettering our operations. Shanu, keep up your rousing work and I
look forward to reading and learning from your operational
betterment.

I have been looking at these blogs for about 2 weeks now and have
come to one conclusion about you and your business Shanu and I am
going to give you some constructive critisism. Please take no
offense as I am only trying to help and not trying to sound like a
know-it-all. The problem you have is identity. Simply put Shanu you
need to decide (and soon) whether you are trying to run just
another run of the mill jewelry store or whether you are striving
to be the best. Judging by your picture you are young like myself
and that is a huge advantage to choosing the latter. You have such
a good head start on some competition and could down the road have
your own lines of jewelry or have stores all over the country. Of
course it all comes with much sacrifice and hard work. Start
comparing yourself with jewelry stores that are known for being the
best and do things to include yourself in that category. Billybob
jeweler down the street will always be clueless and never see his
business grow but so much. Don't be the billybob jewelry store,
start separating yourself from run of the mill dime a dozen places,
and throw your CZ's in a gumball machine. If you get in the mindset
of thinking every minute how you can get better and better and
better then you will answer a lot of your own questions and you
will in turn be much more successful.

Putting CZ's in semi-mounts is the right move up to the point where
the semi-mount represents 30%-50% of the sale. When the price of
the semi-mount becomes a minor portion of the overall price (less
than 30%; i.e., a buyer shopping for a larger stone), the shopper
typically wants to see That Stone on their finger. Hard to do when
its loose. Mounting a larger stone also gives you the chance to
create an in-store on-the-hand experience that the consumer can
mentally take away and reflect on. Too often, I’ve seen store
owners tweeze and compare diamonds with analytical precision in an
effort to sell a stone and lose the customer who is there to make a
purchase that reflects an emotional need. Try mounting some of your
larger diamonds in simple settings so your customers can try them
on for effect.