Jeweller - November 2020

OPINION
Soapbox
It’s time to build a cross-generational bridge
The jewellery industry is facing the challenge of generational change – and it’s a case of evolve
or get left behind, writes RICHARD MAYO.
The jewellery industry goes backs centuries
and is an industry that is very much set on
relationships and tradition. However, just
because the jewellery industry is traditional,
that doesn’t mean our systems and
processes have to be.
Over the last decade there has been a
major shift in technological and digital
capabilities which has changed the way
consumers interact – and expect to interact
– with businesses.
I recently joined my family’s 34-year-old
business, Jewellery Services, which is New
Zealand’s largest jewellery workshop. We
have been providing quality services to the
jewellery trade since 1986.
What will happen to those decades-old
relationships when that generation retires,
and a cross-generational handover occurs?
How will the next generation lead these
businesses if they can’t rely on these
old relationships?
It’s not just the way of doing business that
is traditional; the operations and processes
in many jewellery businesses are equally so.
Coming from the fast-paced world
of consumer electronics, I’ve been
surprised that some businesses almost
seem reluctant to change or to invest in
technology. In some instances, we are
still receiving invoices printed on a dotmatrix
printer!
I’ve been
surprised that
some businesses
almost seem
reluctant to
change or
to invest in
technology – in
some instances,
we are still
receiving
invoices printed
on a dot-matrix
printer!
just the current leadership, who are
approaching retirement, and making things
easier for the next generation.
Over the past three months, during the
COVID-19 period, we have been working
hard on upgrading our core systems to
enable us to provide a higher level of service
to the jewellery industry.
We have merged two legacy systems into a
single, cloud-based solution. This enables
us to store more information about our jobs,
reduce pricing complexity and automate
many parts of our day-to-day workload.
It was a fundamental change, but it has
given us a solid foundation to build up our
business over the next few years.
Our story is similar to many in the jewellery
industry: traditional, family-owned and
operated, and built by relationships that
have been forged over decades.
I knew very little about the jewellery industry
before joining it, apart from stories told over
the kitchen table.
However, my background in transformation
– that is, identifying opportunities for
businesses and bringing them to fruition
– allows me to see the challenges our
industry could face if we don’t start
planning and evolving.
The jewellery industry is mostly led by
my father’s generation and there is, for
many, a question mark about who will lead
going forward. What will the succession
look like in family businesses, or when
those businesses are sold?
This isn’t about change for change’s sake,
this is about acknowledging that a key
responsibility of any business owner is
to ensure they, and their business, don’t
get left behind.
Millennials are digital-first and digitalfocused,
in business as well as in their
everyday lives and shopping habits, and
industry suppliers need to adapt to suit
that reality.
These Millennials are the future owners
of our businesses and will demand from
their industry partners the same level of
interaction they get in their personal lives.
My focus at Jewellery Services is about
making the whole process of servicing the
jewellery industry user-friendly, simple,
and efficient, with more of a digital focus
and building those relationships – beyond
That’s a lesson that other businesses
– particularly small, family-owned
enterprises – can take away and apply
to their own operations. There are real
benefits to investing in and upgrading the
technology you use every day.
Retailers have had to evolve over the last
decade and are now continuously innovating
to meet consumers’ demands and needs.
The reality is that the supplier side of the
industry has some catching up to do. So,
are you and your business ready for a
generational change?
Name: Richard Mayo
Company: Jewellery Services
Position: Director
Location: Auckland, NZ
Years in Industry: 1
66 | November 2020