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How to Build a Booming Jewelry Repair Business

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On average, your jewelry repair business contributes 15% or more to your top line, while accounting for 60% of your foot traffic. Most jewelers aren’t making as much from their jewelry repair business as they could. So, we reached out to David Brown, the CEO of the Edge Retail Academy (ERA) to look over the data. As the industry’s dominant consulting service, they gather and analyze impressive amounts of data from cooperating jewelers.

 

Here are five areas to review when building a booming jewelry repair business—

 

FTB by the numbers Jewelry Repair Business

The Edge Retail Academy Data

The graphic above reflects ERA facts collected over the past three years. In that time, the average repair price has risen about $0.08/month or $1/ year. These gains are minimal. Ask yourself: Have the costs of labor, equipment, and supplies remained similarly static? You know the answer to that question. At the very least, you should use this information to re-evaluate your pricing.

Get the Price Right

If you already own David Geller’s Blue Book and have adjusted your prices accordingly, you’re good. If not, that’s an excellent place to start. Many jewelers fear that by raising rates, they’ll scare off customers — effectively sending them to a competitor. Geller delves into this idea and explains that it isn’t true. You can charge more and attract more repair customers than ever. It’s a win-win proposition for you.

Communication Matters

To succeed, you must take a close look at how you sell your repair services. One of the most fundamental issues involves effective communication between you and your sales staff and their interactions with customers. How well have you trained your salespeople to assess and take in repairs? Do they know to perform a proper evaluation? Do they know when to call on your expertise for an assessment? Do they know and clearly explain the upsell options?

What Exactly Happens?

In eight out of ten cases, once a customer understands all that goes into the repair, the price is not an issue. You also build trust by educating the customer about a repair. Along these lines, we see an increasing number of retailers choosing to locate their benches where customers can watch the jeweler at work. This activity attracts customers into the store and lets them see for themselves how bench jewelers work.

Word of Mouth — It’s Powerful!

When a customer brings you a repair, explain the steps involved and the years of experience required to accomplish the repair. This assures them of the value they’ll receive. Armed with this knowledge, these satisfied customers will become your best promoters. Chances are strong they’ll mention the experience to multiple friends and acquaintances, and a number of them will bring you their jewelry repairs. A trustworthy jewelry repair business can help improve your product sales closing rate through the trust earned in your repair shop.

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Read more from the latest From the Bench Repair Issue here


 




My Transform Tour Experience – Jill Keith

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Meet Jill Keith

Before becoming the owner of Enchanted Jewelry in Danielson, CT, I was a special education teacher and administrator. Though I loved my profession, I retired in 2014 to focus on my health and family. I began periodically visiting my dad at his store — chatting with him, gabbing with customers, decorating the windows, and refreshing displays. Being in the store, which my dad (Gilles St George) opened in the fall of 1985, felt like home. In October of 2016, my dad decided to give me the store. By then, my 19-year-old son, Joe, had begun training as a bench jeweler just like his grandfather. I love that my entire family grows closer together through the store and its wonderful legacy. Read more about our store here.

Enchanted Jewelry has a warm, welcoming decor and ambiance in a quaint historic Main Street building aptly named, “Diamond Block.” Our vintage 1980s aesthetic coincides with our 1950s customer experience —reminiscent of Dad’s favorite era. We enjoy offering competitive fine jewelry prices along with complimentary services, so our customers feel appreciated and pampered. We pride ourselves on providing increased access to quality fine jewelry and care. They reciprocate with considerable gratitude and generosity. The larger community is thrilled that we’ve stayed open and happily support us, carrying on my dad’s traditions of integrity, trust, honesty, and value.

My First Transform Tour Experience

In March 2016, Stuller called my dad and invited him to Transform Tour 2016 in Boston, MA. He asked me to join him; we had a blast, and I was awestruck. I felt like our store was an extension of the warmth and positive energy of the Stuller family. Within six months of Transform 2016, we implemented all of the key recommendations and our sales increased 400%. Since then, we’ve attended Stuller Bridge, CounterSketch Training, and Bench Jeweler Workshop. Within a year’s span, Enchanted Jewelry went from a full-service store on the brink of closing to a complete, thriving, shopping experience filled with exciting change, all because of our first Transform experience!

Within 6 months of Transform 2016, our sales increased 400% 📈 – Jill Keith, Enchanted Jewelry Click To Tweet

My Stuller sales rep, Kathleen Spagnolo, who I met at Stuller Bridge in October 2016, visited our store and gave us a personal invitation to Transform Tour 2017 in Boston. I couldn’t wait to see everyone again and hear about the new ways Stuller has prepared to support our continued growth. My dad, now retired at age 82, joined me!

During her visit to our store, Kathleen shared that we would learn about various factors that contribute to record store closures and how to thrive amidst it all. My dad and I want to continue our growth while enjoying the wonderful company of other shop owners and the Stuller Transform staff. As a result of our Transform 2016 experience, we anticipated the informative presentation, encouragement, and support.

Transform Tour Jill Keith

Transform Tour: Round Two

On arrival, the Stuller Staff offered Lafayette hospitality, professional partnership, and insightful data to support each store’s development. Alongside the beautiful setting, fabulous food and fellow store owners in attendance, Transform Tour created an engaging, exciting evening of learning and networking. The experience was unique to the independent fine jewelers who partner with Stuller. We gained valuable business acumen and countless recommendations that we have already implemented. In doing so, our store continues to flourish.

Transform Tour is a must-do event if you seek prosperity for your store. The sense of community and support are critical to maintaining a thriving industry. We will continue our social media presence and frequent community events. We will continue to revise our jewelry repair, add to our in-store and online shopping experiences and expand our customization services. Our customers are very supportive and can’t wait to see what we have planned for them.

The initial Transform event in 2016 introduced me to the industry and was the catalyst for progress. It gave my dad the confidence to pass his store on to me. Now, with my son, a third generation continues our awesome little shop’s tradition and my dad’s wonderful legacy. Our store is enjoying previously unimaginable growth, which leads our community to do so, too.

Transform Tour Jill Keith

Thank you, Stuller! We look forward to attending future Stuller events as we continue to learn and grow with your support!


Have you attended Transform Tour? Tell us about your experience!

Visiting a Stuller event will change your business forever. Still not convinced? Check out Fred Hornshuh’s Bridge Experience here.