Welcome to my first blog. I have dreamed of opening a business like this for many years, and the jewelry industry has changed a great deal in that time. After working for one of the largest family owned jewelers in the state, I realized that not every customer was getting the personal touch they deserved. That is especially true when someone is buying a unique piece, selling a family heirloom, getting a special item repaired or needing an appraisal for insurance. In fact, the average customer is not connecting with these stores anymore.
A Different Kind of Jewelry Store
My plan is simple. I meet with each client individually to establish their needs. Maybe you need an appraisal, or maybe you want to sell your jewelry. Perhaps you need a repair, or you want to buy a unique piece. Either way, you will never be rushed, and I assure you that you will leave my office happy.
What Happened to the Jewelry Industry?
So, what has changed in this business in the 40 plus years I have been involved in it? A lot.
In the mid to late 70s, I was a teenager working in a small store in New Haven when metal prices went crazy. The US had dropped the gold standard in 1971. Back then, the value of a country’s money was tied to the amount of gold it held. By 1973, gold was at $42 per ounce. Then, by 1980, it climbed to a record $850 per ounce. Several events drove that rise: the Iran hostage crisis, the Russian invasion of Afghanistan, and the Fed raising the funds rate from 13% to 20%. At the same time, the Hunt brothers tried to corner the silver market, and silver rose from $6 per ounce to $49.50. It was a difficult time to be a jeweler.
The 80s and 90s
In the 80s, inflation was climbing and people were looking for investments. As a result, a slew of unscrupulous businesses began selling “investment” diamonds out of hotels. Many people got stuck with overpriced stones. Because so many were sold, the whole diamond market climbed. New gem laboratories opened too, and many of them produced reports that looked professional but were not worth the paper they were written on. By the 90s, diamonds were coming back down to reality. Those who paid high prices in the 80s were not thrilled to see their diamonds drop in value. Unfortunately, we have no control over the market.
The Internet Changes Everything
The biggest change came in the early 2000s, when online jewelry shopping became popular. This forced traditional brick and mortar stores to change the way they did business or go under. Jewelers had to cut their markups, and many had trouble making ends meet. Unfortunately, many could not compete with internet prices. Since then, the jewelry industry has seen a drastic decline in independent stores across the country. Here in Connecticut, 10 independent jewelry stores closed in 2019 alone. It is a sad ending to what was once a thriving business. But we must adapt.
The Future of the Jewelry Industry
This type of personal jewelry business is the future. We cater to people who want to buy or sell a special item, or who need quality service. I will give you the attention you deserve, the kind you will not get from the internet or the large chain stores. I will also make sure you understand what I am doing, and I will give you the honest truth that is lacking in many businesses today.
I invite you to check back here weekly to learn more about my business. In the meantime, learn more about jewelry appraisals, jewelry repair and selling your jewelry, or contact us to set up an appointment.