How Warren Buffett Sells Jewelry

So famed billionaire Warren Buffett fulfilled his pledge to sell jewelry for
an hour
at Borsheims and by all accounts, he was a big hit …

In fact, according to the store’s
president Susan Jacques, the Omaha retailer—which is owned by Buffett’s holding
company, Berkshire Hathaway—had its best weekend ever.

“[Buffett] did an amazing job,” Jacques told me. “There was
a huge line of people. He is such an iconic figure to the shareholders. Where
else can they actually say: Warren Buffett sold this to me?”

Having a world-famous salesperson has certain advantages,
Jacques noted. 

“One gentlemen even handed me a credit card, and said, ‘I just
want to buy something from him,’” she recalled. 
Another buyer had been on the fence about an item for a while, but finally decided to buy
it from Buffett. 

Naturally, all this brought considerable publicity to the
store. CNBC’s Squawk Box broadcast live from Borsheims Monday morning.

But did Buffett actually sell?  “Yes, absolutely,” Jacques said, noting he
handled product and closed a few sales. 
While the press was generally kept away from his counter, this
account from a local newspaper
offers some tantalizing glimpses of his
sales technique: 

Buffett, chairman and CEO of
Berkshire Hathaway, sat on a chair behind the counter while Kovitz tried on the

“I think it’s absolutely
beautiful,” Buffett said. In an aside to her husband, he said, “She
doesn’t need much help.” To Kovitz he added: “You’re positively
dangerous.” ….

After Buffett closed the sale, [another
customer] said, “… He told us whenever he buys jewelry for his family he
has never regretted it. He thought it would be a good investment.”

Finally, we should also note that Borsheims can also lay
claim to being among the first U.S. retailers to carry the Forevermark. Jacques
says it’s doing “quite well.”

UPDATE: Here is video ..

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JCK News Director