GIA Gets Down to Business

Scene: A dinner table. A discussion is taking place between a father and son. The father, a graduate gemologist, inherited the family jewelry store from his father. He has always made his buying, advertising, and merchandising decisions the way his father did—by what "feels" right and what customers tell him they like. Whatever it is, someone will buy it eventually, he says. His idea of inventory management is to "look in the stock room and see if it's there," and his idea of financial solvency is making sure income exceeds outgo. The son, who recently earned an MBA, is amazed that his father—who doesn't track day sales, calculate GMROI, or analyze P&L statements—hasn't lost his shirt, along with the house, the car, and the family silver. He wants to put the store's inventory on an automated tracking and reordering system and buy only pieces that turn a

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