Efficiency and Profitability in the Jewelry Repair Department

There?s an untapped profit center in most jewelry stores?the repair department. Many jewelers?especially those who consider repair service a loss leader?may blink in disbelief at that. However, repair has become an important part of business that jewelers can?t afford to ignore, say retail and repair experts. ?Retail jewelers must learn how to make their shops efficient and profitable, or their business will suffer,? says Bradney W. Simon, founder of B.W. Simon, Spartanburg, S.C., who provides instruction to bench jewelers. According to Jewelers of America?s annual ?Cost of Doing Business Survey,? shop services provide 6% to 25% of jewelers? business and are now their third largest category, representing a greater source of revenue than colored stone jewelry and pearls. The survey also finds repair department volume and profit margins have risen steadily in recent years, notes Mark M
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