March 2021 | Lab Grown Magazine

March 2021 | The Lab Grown Diamond Resource Book 26 1 Eco-friendly demi-fine™designer,Monica Vinader deploys recycledminimalistic elements for her window cases andalways uses space toher advantage. Studies showthat sales conversion spikeswhen consumers feel theyare trusted in the storeandwhen they interactwith jewelrywithout the immediateneedof asales associate. Vinader uses a pressure-sensitive, top-of-counter smart display. Seemingly unprotected, a subtle chime instantly plays the moment a jewelry item is lifted from its pad. Another slightly louder chime repeats at 30 seconds and a series of cheerful chimes plays at 60 seconds or until the item is returned to its pad. Risk of theft is further diminished as each item carries what looks like a standard attached price tag, but these unsuspecting jewelry tags include near-field communication (NFC), a wa- fer thin microchip that links the design with its respective pad. The tag’s metallic ink triggers a metal detector 20 feet from the store exit. Concept and execution: Luxe Licensing. (Photo: Monica Vinader) selling diamonds and diamond jewelry (mined and manmade), ask yourself what the inventory count is. If you haven’t done a total inventory assessment in quite some time? Now’s the time. It’s the perfect time. It’s money time. Count every piece displayed. Count the stock all the way back to that part of the safe you haven’t reached for in far too long. If you have four figures of under-the-counter or vaulted goods, you are holding onto too much merchandise. According to Polygon, most jewelry over a year old (if it’s not classic) is dead inventory. And if it is classic (solitaires, diamond stud earrings, etc.), why hasn’t it sold in over a year? The answer: Too much inventory. “Keep inventory levels, as much as possible, equal to the amount of sales (at cost) you expect to sell in one year,” suggests David Geller of JewelerProfit.com “That’s a 1.0 turn, if you’re successful. Re-order items that sold last week that were around for six months or less and get rid of year-old inventory. You’ll have very little debt, increased sales and cash in the bank.”Thank you, reality. Your Cases Are Crowded Yes, thank you again, reality. Geller has a catch phrase for jewelry retailers: “Six pieces per linear foot.” He’s suggesting a six-foot- long jewelry case shouldn’t exceed thirty-six items displayed. He’s right. I actually think he’s being generous. I’ve tested this myself with multiple designer jewelry brands to private label, from tiny jewelry to rings you could see from space. Regardless of size or type, diamond jewelry should be positioned as a form of luxury. Luxury deserves proper space. A closet stuffed with couture fashions is close to clutter when compared to a walk- in closet with a few neatly hung made-to- measure designs. Fix the Fixtures When was the last time you changed your fixtures? And when you did, were you simply re-ordering the same style props because the current ones are worn or damaged? The only thing worse than an overcrowded incase or window are the props that haven’t changed much in 70 years. It’s easy to identify the disembodied, oddly posed black >>