Replacement: A Revenue Engine or a Store Headache?

Sometimes jewelry comes to a bad end. It?s stolen, lost, or damaged beyond repair. If the item is covered by insurance, there?s a good chance the person who suffered the loss can be made whole again. There?s also an opportunity for the jeweler who replaces the goods to make a modest profit while simultaneously building a relationship with a new customer. On the other hand, the ?replacement? process is fraught with jeopardy every step of the way, putting both profits and the jeweler?s reputation at risk. If you?re struggling with replacement services at your store, here?s some advice. What a JCK poll shows. How many jewelers make replacement part of their business? No one knows for sure, but in a recent poll we conducted of 100 jewelers, 72 said they provide replacement services. Revenues generally range from $10,000 to $20,000 a year, with one store reporting an intake of $350,000! Pro

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