Retail Industry
Industry: Email Alert RSS FeedColor me profits: realtors may cry "location, location, location," but fine jewelers looking to succeed in a crowded marketplace are increasingly adopting the mantra "color, color, color" to expand their market share and reap greater profits with a product category that is broad in variety, strong in fashion, and difficult to price shop.(Color Selling Tips)
JQ, May, 2006 by Yonick, Deborah
"You can make serious money with colored stones," advocates James Fiebig, retail jewelry consultant and president of sellmorecolor.com, based in Sturgis, Michigan. "You're going to sell a one-carat diamond that costs you $4,000 for between $5,000 and $6,000 retail. Not bad money, but a bad percentage. What kind of grading system and online price reference is available to your customers for colored gemstones? Certainly, nothing as ubiquitous as the GIA system and about 10,000 sites selling diamond reports. There's more flexibility in margin with color. There are lots of bargains in the gem world that will radically improve your bottom line. What's that incredible 10-carat spessartite garnet really worth? Whatever you say it's worth."
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