Before the pandemic, December was one of the busiest months for jewelers. Now, every month is shopping season. Shoppers have money to spend and they are ready to buy, but how they are buying looks a little different, too.
“We’ve been selling diamonds for more than 40 years and have never experienced a shift in shopping behavior like we are seeing now,” said Steve Weiss of Kirk Jewelers of California. “People are buying on the spot, and quickly moving on to another store if you don’t have what they’ve come to purchase.”
The red-hot market offers enormous opportunities to jewelers at a time when their businesses likely needs a boost. Many jewelers are seeing double the sell-through they saw pre-pandemic, and data from the Natural Diamond Council shows that, in recent months, diamond sales were 30% higher than they were during the same time period pre-pandemic. There’s no sign of it slowing.
“People are ready to get back to the celebrations they put on hold last year, putting jewelers in a prime position to sell diamonds,” said Andrew Rickard, vice president of operations at RDI Diamonds. “These are unprecedented times, and it’s important for jewelers to acknowledge the shift in the way customers want to buy diamonds and to think outside of the box on the products they sell.”
Here are five actions you can take to capitalize on the increasing demands of today’s buyer and convert more bridal sales by knowing what buyers want and how to deliver:
• Make a connection by understanding your buyer. A confused shopper never buys. Eliminate confusion by first understanding who you are dealing with. Many of today’s shoppers are more technical than jewelers assume. They have researched their purchase and want you to confirm the information they’ve learned. Others are less informed and need you to guide them through the process without adding confusion or teaching them out the door. Determine who you are dealing with and realize that both types rely on you as a trusted, knowledgeable source—something they can’t find on the internet.
• Maintain inventory and have immediate access to it. It almost goes without saying: Inventory is key. If you don’t have what buyers are seeking, they’ll find it elsewhere. Although current diamond supplies are low, the most successful bridal jewelry sellers ensure that they have heavy hitters—like round diamonds—well stocked for immediate sales. They also ensure they have quick access to more unique diamonds and settings that other shoppers may seek.
• Stop the shop. Once a potential customer leaves the store, you can almost assume he/she won’t return. How do you stop them in their tracks? Assure buyers you know what they want and have ready access to it. Schedule a firm appointment for a return visit, reiterating what you will provide and how it suits their tastes and budget. Showing buyers that you understand their needs, are reliable and knowledgeable, and can uniquely deliver will help gain their trust and ultimately their business.
• Create a smooth, effective buying journey. No two sales people are the same in their sales approach, but creating a consistent process for each to follow will improve their success and your bottom line. A reliable process includes a series of steps that takes a customer through their journey and ensures a smooth, rewarding experience and a confident purchase. To create an effective process, incorporate these proven steps: Identify customer type, make a reassuring connection, provide accurate information and reliable advice, hear and repeat what the customer wants, show them what they want along with a worthy option, and guide them through their decision-making. Next, make it your own by incorporating your business’s unique style and experience into interactions with your customer base.
• Be excited about the product you are selling. The bridal jewelry business is distinct from all others. You’re dealing with emotions—love and happiness! Differentiate this special selling experience by leveraging those emotions. It helps to have diamonds in your inventory that you are excited to sell, like Rare & Forever diamonds, a brand of natural diamonds that are hand-selected for their highest quality and consistency and graded with the most advanced diamond grading and verification instruments in the world.
“I’ve never been more excited about a loose diamond in my life,” said Weiss, who is an authorized Rare & Forever jeweler. “With Rare & Forever diamonds, I have a compelling story to share instead of just showing a customer a loose diamond and talking about price and quality. These diamonds are truly more beautiful and are an industry game changer.”
Rare & Forever diamonds are graded with proprietary AI technology. They are prescreened for brown, green, or milky qualities to ensure maximum brilliance.
In addition, Rare & Forever diamonds offer an Upgrade for Life Program that guarantees buyers the value of their purchase and facilitates upgrade purchases. Buyers also have the satisfaction of knowing that Rare & Forever donates to Diamonds Do Good® and C.U.R.E., so they know their diamond is making a difference.
For more information on Rare & Forever and how to become an authorized jeweler, visit rdidiamonds.com/retailer-resources/client-promo-tools/rare-and-forever.