My first experience in the jewelry industry was a raucous ArtCarved sales conference under the guise of checking out the conference center for a Lenox China sales meeting. (Lenox had purchased ArtCarved a year or two earlier.) It was a wild meeting for one who came from a very controlled organization like Lenox where things were orchestrated and timed to perfection. ArtCarved meetings were freewheeling discussions from both the podium and the audience. The topics were covered, and the pros and cons were debated—sometimes heatedly. At a subsequent ArtCarved sales conference, the topic of Gross Margin Return on Investment (GMROI) was presented. In its annual statistical survey of the retail jewelry business, Jewelers of America had included data on GMROI. At Lenox, there was continual battle with retailers because the Lenox markup was 45% vs. 50%. Sound a bit like Rolex today? The real

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