Turn, Baby, Turn!

When JCK asked the members of its Retail Panel to name their best-turning product, the general category “diamonds” was by far the most popular, named by 55.1% of respondents. Results for more specific categories are shown in “Best-Turning Products” chart.

We also asked about frequency of top turners and average turn (see “Turn Rates”) and how long it takes for a non-turner to be considered a “dud” (see “Declaring Duds”).

Finally, we asked Panelists for their single best piece of advice for turning more inventory. (Entries with percentages indicate more than one jeweler offered the same or similar advice.)

  • “Advertise!” (5.5% of respondents)

  • “Move merchandise around the store, change and rotate display cases and windows often. Everything will look new to customers and to employees.” (4.6% of respondents)

  • “Show and sell.” (3.7% of respondents)

  • “Reorder fast-selling stock quickly.” (14.7% of respondents)

  • “Buy fewer items more often.” (9.2% of respondents)

  • “Careful and wise buying … Buying smarter … Don’t let the vendors load you up!” (8.3% of respondents)

  • “Buy right and price pieces right.” (4.6% of respondents)

  • “Keep up with the times and be open to change, new trends, and styles.” (3.7% of respondents)

  • “Keep merchandise looking crisp, clean, and neat [in cases].” (4.6% of respondents)

  • “Buy with an eye to the average ticket.” Joel McFadden, Joel McFadden Designs, Greenfield, Mass.

  • “Get rid of old merchandise through grab box and discounts.”—Anonymous

  • “Add-on sales.”—Richard Kern, Churchill’s Jewelers, Santa Barbara, Calif.

  • “Show an item to every customer.”—Randy Wolgemuth, Koser’s Jewelry, Mount Joy, Pa.

  • “Salespeople should promote certain pieces and not wait for customers to ask for it.”— Anonymous

  • “Be excited about whatever product you sell.”—William Thigpen, William Thigpen Jewelers, Tucson, Ariz.

  • “Don’t be afraid of fine, unique pieces. They elevate people’s perception of the quality of all of your goods.”—Richard Armstrong, The Jewelers Workshop, Madison, Wis.

Source: JCK Monthly Retail Panel, January 2004

BEST-TURNING CATEGORIES

CATEGORY RESPONDENTS
Loose diamonds 17.4%
Diamond stud earrings 13%
Diamond earrings 6.5%
Diamond rings 5.8%
Diamond pendants 2.9%
Three-stone diamond pendants 2.2%
Hot Diamonds 2.2%
Gold 10.8%
Gold chains 7.2%
Gold jewelry 3.6%
David Yurman jewelry 2.2%
Silver jewelry 2.9%
Rolex watches 2.9%
Watch batteries 2.9%

DECLARING DUDS

&6 months 5.3%
6-12 months 13.2%
12-18 months 36.8%
Over 18 months 42.1%

TURN RATES

Annual turn rate of top turner 3x*
Average turn, all merchandise 1.9x*
*median response