Diamonds and Rubies and Pearls, Oh My

“Toto, I don't think we're in Kansas anymore!” Those prophetic words from Dorothy Gale in TheWizard of Oz should resonate with jewelers, especially those who count bridal jewelry as a cornerstone of their business. The jewelry industry is in a state not so different from Dorothy's house being picked up by a tornado and plunked down in a strange new landscape: razor-thin margins on diamonds, gold over $600, and platinum pushing $1,300 an ounce. Can you spot the Tin Men, Scarecrows, and Cowardly Lions in the retail jewelry sector? Before you start naming names, don't be so sure you don't fall into any or all of these stereotypes, the ones where the characters lack heart, brains, and courage. It's time to tear a page from the great wizard's playbook and start to take stock of ourselves and challenge the status quo. Are you the kind of retailer you wanted to be five years ago? What kin

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