Jeweller - October 2023
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VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY OCTOBER <strong>2023</strong><br />
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SILVER JEWELLERY IS MORE<br />
IMPORTANT THAN EVER BEFORE<br />
VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY OCTOBER <strong>2023</strong><br />
DISCOVER THE HOTTEST NEW PRODUCTS<br />
AHEAD OF THE HOLIDAY SEASON<br />
REFINE YOUR SALES STRATEGY<br />
WITH GOLD JEWELLERY<br />
OCTOBER <strong>2023</strong><br />
Contents<br />
This Month<br />
Industry Facets<br />
15 Editorial<br />
18 Upfront<br />
20 News<br />
32<br />
41<br />
78<br />
10 YEARS AGO<br />
Time Machine: <strong>October</strong> 2013<br />
LEARN ABOUT GEMS<br />
Game-changing gemmologists: IV<br />
MY BENCH<br />
Carlo Romeo<br />
43 SELLING SOMETHING SPECIAL<br />
Gorgeous gold<br />
4As the recovery from the global COVID<br />
pandemic continues, the importance of<br />
gold jewellery has evolved for retailers.<br />
51 Buying Guide<br />
Features<br />
43<br />
80<br />
SOAPBOX<br />
Malcolm Scrymgeour<br />
GOLDEN OPPORTUNITY<br />
Discover new ways to sell gold jewellery<br />
66 HONG KONG REVIEW<br />
Special anniversary<br />
4The first <strong>Jeweller</strong>y and Gem World Hong<br />
Kong trade show since the pandemic has<br />
come and gone. SAMUEL ORD reflects on a<br />
celebration of 40 years of jewellery trading.<br />
51<br />
66<br />
68<br />
LATEST PRODUCTS<br />
Christmas Buying Guide<br />
PARTY TIME<br />
Hong Kong celebrates 40 extraordinary years<br />
STARTLING SILVER<br />
Silver jewellery is more important than ever<br />
Better Your Business<br />
72<br />
74<br />
75<br />
76<br />
77<br />
BUSINESS STRATEGY<br />
The busiest time of the year is nearly here. DAVID BROCK offers helpful insights.<br />
SELLING<br />
ANASTASIA LLOYD-WALLIS prepares you for impatient customers.<br />
MANAGEMENT<br />
What does it mean to fail? DAVID BROCK encourages you to think outside the box.<br />
MARKETING & PR<br />
DENYSE DRUMMOND-DUNN continues her exploration of word-of-mouth marketing.<br />
LOGGED ON<br />
BRIDGET BROWN outlines where you may be going wrong with your digital promotions.<br />
68 SILVER JEWELLERY<br />
Young consumers?<br />
4Silver offers jewellery retailers a unique<br />
opportunity to connect with a younger crowd<br />
that are searching for an affordable and<br />
personalised look.<br />
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Secrets of Silver<br />
Latest & Greatest<br />
The Golden Rules<br />
<strong>October</strong> <strong>2023</strong> | 13
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Editor’s Desk<br />
XXX<br />
For more than a decade, people have been predicting the end of physical stores as choice and convenience lured<br />
customers away from the streets and into the cloud. But one thing is certain, and as demonstrated by the past<br />
two years, nothing is as ever as it first seems. ANGELA HAN explores what the future holds for retail.<br />
“Retail is dead,” shouted some experts!<br />
In fact, so sure have some doomsayers<br />
timate includes small shops on suburban<br />
strips is unknown, but it’s fair to say that<br />
shopping experience and secondly, with a<br />
surge in delivery fees and delay in delivery<br />
been about<br />
Leaders<br />
the demise of retail that a no one was exempt from feeling the turbulence<br />
of the pandemic rollercoaster.<br />
online became comparable.<br />
times, the price of items both instore and<br />
new term was coined: ‘retail apocalypse’.<br />
The notion started around 2010 soon Two years in, a quick stroll down the street<br />
Coupled with this, the Australian Bureau<br />
after the Global Financial Crisis when reveals a string of ‘For Lease’ signs and<br />
of Statistics’ most recent turnover estimate<br />
many major retailers began closing their storefronts closed until further notice. From<br />
(November 2021) for retail businesses,<br />
brick-and-mortar retail stores, especially K-mart to Woolies, we’re seeing empty<br />
which include both physical store and online<br />
international chains.<br />
shelves, a lack of staff and supply chain<br />
sales, is reported to have risen<br />
turmoil. These problems side-by-side make<br />
The term gained prominence around 2017<br />
7.3 per cent month-on-month and increased<br />
5.8 per cent on 2020. In essence,<br />
KNOW<br />
it easy to<br />
THE<br />
assume that we’re right in<br />
DIRECTION<br />
the<br />
when it was first mentioned in The Atlantic<br />
middle of the, so-called, retail apocalypse.<br />
to describe major retail bankruptcies and<br />
You could hear people haven’t stopped shopping, and<br />
mass store closures of major US chains. However, the wise and percipient know<br />
instead, their consumption has increased.<br />
Chopin’s Funeral<br />
Only two years later in 2019 – just before from past experience that economic<br />
March while Moreover, what has come to light since<br />
the pandemic<br />
AND<br />
– the US witnessed approximately<br />
10,000 more businesses close their lead to new opportunities. Instead, these<br />
SHOW<br />
instability and the challenges therein<br />
THE<br />
can<br />
WAY<br />
watching the 2020 is to what degree consumers enjoy<br />
doors, which was reported as<br />
retail dominoes shopping for jewellery.<br />
events can simultaneously expose existing<br />
a 60 per cent increase on the year before.<br />
collapse –<br />
weaknesses and strengthen the position<br />
In March 2020 I wrote: “When compared<br />
COVID-19 was<br />
So it’s understandable that the harbingers<br />
of doom were already painting a dire Indeed, while COVID-19 has accelerated<br />
of a business.<br />
to other retail categories, there’s ample<br />
the final kiss of evidence that many fine jewellery retailers<br />
picture of the future of retailing – a decade<br />
death, especially have remained resilient during the COVID<br />
store closures, it’s also ushered in They a wave know<br />
on, the prophecies were all coming true.<br />
for businesses<br />
where pandemic the readers and economic crisis”, which was<br />
of digital revolution for the retail sector.<br />
backed up by soaring Pandora and Tiffany<br />
Then finally in 2020 the real impact took With consumers now living, thinking<br />
that were on<br />
are and protect their stock brand prices.<br />
hold, as COVID-19 went global.<br />
and shopping differently, businesses have life support,<br />
You could hear Chopin’s Funeral March experiment<br />
with what works and what doesn’t predicted.<br />
the pundits “Hong Kong retailer, Chow Tai Fook, had<br />
NEW PAGE WILL image BE SUPPLIED<br />
and credibility.<br />
while watching the retail dominoes collapse<br />
– the pandemic was the final kiss of – a playground to freely explore<br />
death, especially for businesses that were the opportunities that had been put off.<br />
on life support, the pundits predicted.<br />
As of May 2020 only a few months into the<br />
pandemic, store closures and bankruptcies<br />
catalysed. Household names and department<br />
stores such as J. Crew, Neiman<br />
Marcus, and JCPenney were among the<br />
first major retailers to file for bankruptcy,<br />
although it is arguable that trouble was<br />
already brewing long before COVID.<br />
While an exact figure is almost impossible<br />
to ascertain, it was reported that a further<br />
12,000 retailers had closed stores across<br />
the US in 2020 alone. According to a 2021<br />
UBS Group report, it’s anticipated a further<br />
80,000 US stores are expected to shut<br />
shop in the next five years with one-quarter<br />
of US shopping centres also expected<br />
to permanently close.<br />
The US economy is often seen as a bellwether<br />
for what happens here in Australia.<br />
So what does this mean for<br />
the future of retail?<br />
Closer to home, it has been reported<br />
that between 1,000 to 2,000 retail stores<br />
collapsed in 2020 and 2021 following on<br />
from a dismal year of pre-pandemic trading<br />
through 2018-19. Whether or not this es-<br />
Certainly, if you were dragging your feet<br />
before 2020, the pandemic dragged you<br />
by the hair into the new world.<br />
KPMG’s 2021 Australian Retail Outlook<br />
Survey indicated that despite a huge shift towards<br />
omni-channel models – where more<br />
than 70 per cent of retailers have to increase<br />
their investment in digital technology – 25<br />
per cent of respondents said their websites<br />
generate no revenue and 21 per cent said<br />
that less than 5 per cent of their revenue<br />
comes from e-commerce.Fewer than 10<br />
per cent of retailers indicated that their<br />
e-commerce platform generates up to 50<br />
per cent of revenue.<br />
This is a double-edged sword: while there<br />
has been extraordinary development and<br />
growth in e-commerce, it’s clear that consumers<br />
still prefer to spend more in-store,<br />
which is a welcome revelation in amidst all<br />
the doom and gloom of the retail apocalypse.<br />
As customers have been forced into<br />
e-commerce, whether they liked it or<br />
not, The Law of Unintended Consequences<br />
came into play: firstly, people came to realise<br />
the importance of a tangible in-store<br />
seen its shares rocket back to its 2018<br />
heydays and both Michael Hill International<br />
and the US chain, Signet Jewelers, were<br />
recovering since the huge sell off in the<br />
depths of the crisis and LVMH stock prices<br />
are back to what they were pre-COVID.”<br />
And now, 15 months further on, Pandora<br />
has recorded all-time high revenue while<br />
Michael Hill reports its best second quarter<br />
in history. Richemont group’s sales have<br />
reportedly exceeded that of pre-COVID and<br />
even local jeweller Linneys reported historic<br />
Christmas trading. Sales are booming!<br />
In this month’s feature – The Great Retail<br />
Reset – we look at the ‘retail apocalypse’<br />
from a different standpoint. Sure, while the<br />
catastrophic effects of the pandemic cannot<br />
be ignored, it has equally been an opportunity<br />
for brave and savvy retailers<br />
to reinvent, redefine and rebirth.<br />
In March 2020, I gave my humble advice<br />
in these difficult times: if you want to<br />
prepare yourself against the horsemen<br />
of the apocalypse, don’t build a bunker –<br />
learn to ride a horse!<br />
It appears that some have gone a step further<br />
and learned to tame a herd.<br />
Angela Han<br />
Publisher<br />
Where the industry leaders are seen<br />
<strong>October</strong> <strong>2023</strong> | 15
IMPORTANT, RARE, NATURAL<br />
THE SOURCE FOR NATURAL IMPORTANT DIAMONDS<br />
IN WHITE AND FANCY COLOURS. GIA CERTIFIED<br />
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CONTACT US
Upfront<br />
Stranger Things<br />
Weird, wacky and wonderful<br />
jewellery news from around the world<br />
Nazism controversy<br />
4Christie’s auction house has<br />
cancelled a scheduled fourth sale<br />
of jewellery belonging to Austrian<br />
billionaire Heidi Horten following<br />
controversy over her late husband’s<br />
connection to the Nazi party. Across<br />
three previous sales, the auction<br />
cleared 98 per cent of the items<br />
for a return of $US202.2 million<br />
($AU304.7 million). The World of<br />
Heidi Horten demolished a record<br />
set by the auction of Elizabeth<br />
Taylor’s possessions in 2011, which<br />
generated more than $US115 million<br />
($AU173.3 million) in New York.<br />
Beyonce’s diamond dress<br />
4Beyonce has performed in a<br />
dress made of diamonds, which is<br />
valued at $US1 million. The dress<br />
first appeared in Toronto during the<br />
performer's Renaissance World<br />
Tour. The mesh dress is an Elsa<br />
Peretti Diamonds by the Yard design<br />
featuring delicate, fluid chains<br />
and bezel-set diamonds. Peretti,<br />
who died in 2021, was a designer<br />
collaborator with Tiffany & Co. since<br />
the 1970s. Beyonce is a brand<br />
ambassador for Tiffany & Co.<br />
‘Tis the season<br />
4British jeweller Angelic Diamonds<br />
has created a Pumpkin Spice Latte<br />
ring as a tribute to the seasonal<br />
drink - coffee plus pumpkin pie spices<br />
(cinnamon, nutmeg and clove) - which<br />
was launched by Starbucks in 2003.<br />
The ring features a rose gold band,<br />
replicating the shape of a pumpkin,<br />
with a 'whipped cream shaped centre<br />
diamond', a halo of white diamonds,<br />
and orange sapphires and emeralds.<br />
Rewind: Best Bench Tip<br />
JULY 2015<br />
“Set yourself up with a<br />
good foundation and<br />
build your knowledge.”<br />
STEVE PALLAS<br />
STEVE PALLAS BESPOKE<br />
JEWELLERY<br />
HISTORIC GEMSTONE<br />
The Excelsior<br />
4The Excelsior Diamond was the<br />
world's largest known diamond from its<br />
discovery in 1893 until 1905 when the<br />
Cullinan Diamond was earthed. Found<br />
in June 1893 at the Jagersfontein Mine<br />
in South Africa, it had a blue-white<br />
tint and a weight of 971 carats. The<br />
diamond is the fourth largest rough of<br />
gemstone quality ever found and was<br />
discovered by a worker who delivered<br />
the stone directly to the mine manager<br />
instead of handing it to his supervisor.<br />
He was rewarded with £500 in cash<br />
and a horse equipped with a saddle and<br />
bridle. It was later cut into ten stones.<br />
Automation phenomenon<br />
4According to recent research by the McKinsey Global Institute,<br />
52 per cent of all activities in retail can be automated with existing<br />
technology. Automation reduces human errors, improves quality<br />
and speed of service, improves employee productivity, and<br />
saves money. One specific area where this may prove helpful in<br />
jewellery retailers is marketing automation. Software powered<br />
by artificial intelligence can evaluate historical customer data<br />
and personalise promotions on different channels, including SMS<br />
messaging, emails, and social media adverts.<br />
Timeless Trends<br />
4Why should necks, fingers, ears,<br />
and wrists always be in the spotlight?<br />
According to the latest forecast from<br />
Cosmopolitan, an increasing number<br />
of consumers are bedazzling torsos<br />
with jewellery. Chains under a shirt or a<br />
delicate selection draped over a plain top<br />
are popular.<br />
Campaign Watch<br />
4British jewellery house Graff’s latest<br />
campaign brings together its diamond<br />
collections and exceptional fine jewellery<br />
jewellery pieces for the first time, which<br />
signifies a new creative strategy from<br />
the brand. The Villa La Vigie in France<br />
provides a backdrop for four essential<br />
collections — Butterfly, Tilda’s Bow,<br />
Laurence Graff Signature and Wild Flower.<br />
Image credit: Cosmopolitan/Revolve<br />
Image credit: Graff<br />
VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY<br />
Published by Befindan Media Pty Ltd<br />
Locked Bag 26, South Melbourne, VIC 3205 AUSTRALIA | ABN 66 638 077 648 | Phone: +61 3 9696 7200 | Subscriptions & Enquiries: info@jewellermagazine.com<br />
Publisher Angela Han angela.han@jewellermagazine.com • Journalist Samuel Ord samuel.ord@jewellermagazine.com • Advertising Toli Podolak toli.podolak@jewellermagazine.com<br />
• Production Learoy Bangis art@befindanmedia.com • Digital Coordinator Riza Ortiz riza@jewellermagazine.com • Accounts Paul Blewitt finance@befindanmedia.com<br />
Copyright All material appearing in <strong>Jeweller</strong> is subject to copyright. Reproduction in whole or in part is strictly forbidden without prior written consent of the publisher. Befindan Media Pty Ltd<br />
strives to report accurately and fairly and it is our policy to correct significant errors of fact and misleading statements in the next available issue. All statements made, although based on information<br />
believed to be reliable and accurate at the time, cannot be guaranteed and no fault or liability can be accepted for error or omission. Any comment relating to subjective opinions should be addressed to<br />
the editor. Advertising The publisher reserves the right to omit or alter any advertisement to comply with Australian law and the advertiser agrees to indemnify the publisher for all damages or liabilities<br />
arising from the published material.
OUR WEBSITE HAS HAD AN UPDATE<br />
100’s of amazing designs are now available<br />
at the click of a button for overnight delivery!<br />
NEW & IMPROVED<br />
LIVE STOCK FEATURE
News<br />
Nostalgia: Mining giant De Beers announces new $US20 million marketing campaign<br />
The world’s largest diamond mining company, the<br />
De Beers Group, has reintroduced the ‘A Diamond<br />
Is Forever’ tagline as part of a major marketing<br />
campaign ahead of the holiday season.<br />
De Beers will invest $US20 million ($AU31.07<br />
million) in a campaign aimed at ‘supporting<br />
consumer demand’ for natural diamonds in<br />
the US and China.<br />
The investment will supplement De Beers’ current<br />
brand activities which will include the return of the<br />
‘Seize The Day’ promotion as part of a broad media<br />
mix targeting customers.<br />
The campaign will include traditional media –<br />
print, out-of-home, and digital – and an investment<br />
into social media influencer-developed content.<br />
“Natural diamonds have remained icons of love for<br />
centuries. And De Beers' advertising has remained<br />
iconic over the decades," CEO Al Cook said.<br />
"We’re proud to build on this tradition by reviving<br />
and refreshing one of our most successful<br />
campaigns.<br />
“By investing ahead of the holiday season, we<br />
aim to support the industry, drive consumer<br />
demand and underline our confidence in the<br />
future of the diamond dream.”<br />
As part of the announcement, De Beers also<br />
revealed findings from a recent consumer survey<br />
in the US and China.<br />
Natural diamonds ranked third among the<br />
most desired luxury items for women. In the<br />
US, four out of five women viewed diamonds<br />
as carrying ‘significant meaning and being the<br />
perfect way to mark an important moment in a<br />
relationship’.<br />
The survey found that the primary motivation for<br />
purchasing lab-created diamonds is price.<br />
“We went back into De Beers’ archives and De<br />
Beers’ history and looked at some of the category<br />
campaigns that have been effective in the past,”<br />
chief brand officer David Prager told JCK Online.<br />
“We were particularly looking for something<br />
that we could turn around very quickly, that<br />
was highly successful, and where almost all<br />
the investment that we made would not go to<br />
production and celebrities and film shoots but<br />
rather would go to flighting media that would<br />
have an impact for Christmas.”<br />
The marketing materials will be available to<br />
retailers free of charge.<br />
Expanded sanctions on Russian diamond industry expected within weeks<br />
Speculation over increased sanctions against<br />
Russia’s diamond industry has heightened, with<br />
media sources suggesting that new prohibitions<br />
will be announced in the coming weeks.<br />
Earlier this year, it was reported that all G7<br />
countries - Canada, France, Germany, Italy, Japan,<br />
the UK, the US, and the EU – planned to ban the<br />
import of diamonds mined in Russia, even those<br />
cut and polished overseas.<br />
Belgium officials have reportedly informed the<br />
media that this import ban will be announced<br />
within the next two to three weeks.<br />
European Union member Belgium has proposed<br />
the sanctions. Antwerp is the world’s largest<br />
diamond trading hub. The sanctions would come<br />
into effect on 1 January.<br />
“We’re talking about restructuring a global<br />
market,” a Belgium official told Reuters.<br />
“Russia is the biggest supplier globally. With this<br />
system, we are cutting them out, leaving them<br />
in an inferior market with lower prices. We are<br />
slashing the financial flows from this sector.”<br />
The G7 accounts for approximately 70 per<br />
cent of the global market for diamond jewellery,<br />
and Russia is the world’s largest producer of<br />
diamond rough.<br />
Important exemptions<br />
The import ban will reportedly be enforced with a<br />
certificate system. There will be ‘three layers of<br />
control’ and blockchain systems that create two<br />
certificates for rough and polished diamonds.<br />
Customs checks will be performed at G7<br />
wholesale entry points for rough and<br />
polished stones.<br />
"I think the G7 officials involved with this are<br />
taking it quite seriously, and I believe they will<br />
strictly enforce it. But the enforcement method<br />
will be the challenging part,” diamond analyst<br />
Paul Zimnisky said.<br />
"Industry representatives have been quite<br />
actively included in this discussion and thus, the<br />
government officials are being cognisant of and<br />
trying to limit the negative impact this will have<br />
on centres that are neutral to the issue like<br />
India and Africa.”<br />
As a result of these sanctions, it’s expected<br />
that Russian diamonds would be sold to Asian<br />
markets, while all non-Russian diamonds would<br />
be sold to Western markets.<br />
The system would also include an exemption for<br />
African diamond producers.<br />
Who pays?<br />
According to the Reuters report, Belgium officials<br />
do not want the extra cost of these sanctions to fall<br />
on consumers and jewellers.<br />
“<strong>Jeweller</strong>y shoppers may see prices rise if there<br />
is a shortage of non-Russian diamonds after<br />
more sanctions are imposed, but increases<br />
would likely come gradually rather than<br />
suddenly. The industry has been expecting the<br />
action,” writes Elizabeth Paton of The New York<br />
Times.<br />
“The question is whether an industry, mainly<br />
composed of small businesses, that is organised<br />
around the quality, size and colour of stones — not<br />
their provenance — could segregate stones and<br />
accurately produce paperwork that categorises<br />
them by origin.<br />
“That challenge likely would be further<br />
exacerbated by the multiple supply chain loopholes<br />
that are possible when diamonds make their<br />
multinational journey from a mine, through a hardto-police<br />
global web of middlemen, and ultimately<br />
to consumers or into industrial uses.”<br />
The issue is further complicated as the import ban<br />
is expected to be limited to diamonds that are onecarat<br />
or larger.<br />
20 | <strong>October</strong> <strong>2023</strong>
News<br />
British Museum’s reputation in tatters following<br />
long-running jewellery ransacking<br />
Farewell: Allen announces<br />
departure from Pandora<br />
Gradel spent years appealing to the museum<br />
to investigate, revealing his suspicions via an<br />
intermediary in 2020 before sharing a dossier of<br />
evidence in 2021 demonstrating that items were<br />
being sold on eBay.<br />
The director of the Association of Greek<br />
Archaeologists, Despina Koutsoumba, has<br />
called for the return of Parthenon Marbles,<br />
stating that they are ‘no longer safe’ at the<br />
British Museum.<br />
The British Museum is facing an uphill battle to<br />
repair its international reputation as a custodian<br />
of priceless jewellery as further details emerge<br />
about a 20-year-long ransacking.<br />
In August, the British Museum announced<br />
that an employee had been dismissed after<br />
gold jewellery and gemstones were discovered<br />
missing, stolen, and damaged.<br />
A statement suggested that none of the<br />
jewellery had recently been on display and was<br />
kept for academic purposes.<br />
Since that announcement, the situation has<br />
only worsened for the British Museum, with a<br />
suspected 2,000 items stolen.<br />
It’s believed that the thefts took place over two<br />
decades and that the museum was alerted<br />
to the alleged sale of stolen items in 2021 but<br />
failed to take action.<br />
Hartwig Fischer, director of the British<br />
Museum, has resigned over the handling of<br />
the suspected widespread theft after holding<br />
the role for eight years.<br />
In a statement, Fischer said he took<br />
accountability for the museum’s inability<br />
to prevent the theft: “It is evident that the<br />
British Museum did not respond as<br />
comprehensively as it should have in response<br />
to the warnings in 2021 and to the problem that<br />
has now fully emerged.”<br />
“The responsibility for that failure must<br />
ultimately rest with the director.”<br />
Mark Jones has been appointed as interim<br />
director following Fischer’s resignation.<br />
Ittai Gradel, a British-Danish antiquities dealer,<br />
told The Guardian that hundreds of missing<br />
objects had never been appropriately catalogued<br />
by the museum, making recovery difficult.<br />
“As far as I understand, these individual items<br />
were not described, only a sum total,” he said.<br />
“So, 935 gemstones are missing, and the<br />
problem is, if they can’t be identified, how can<br />
they return to the museum?”<br />
Curator of world archaeology at Oxford<br />
University’s Pitt Rivers Museum, Professor<br />
Dan Hicks, has accused the British Museum<br />
of neglecting the crucial process of<br />
cataloguing of items.<br />
“This isn’t a bad apple story, this is about<br />
institutional priorities,” he said.<br />
“This was a disaster waiting to happen<br />
because of the lack of investment in doing<br />
curatorial work.”<br />
More to come?<br />
Catharine Titi, associate professor of the French<br />
National Centre for Scientific Research, said<br />
that recent statements concerning the theft<br />
raise more questions than answers.<br />
“Now the British Museum is trying to repair<br />
the dent to its reputation, which comes at an<br />
inconvenient time when the museum is hoping<br />
to raise £1 billion ($AU1.95 billion) for muchneeded<br />
renovation work,” she writes for The<br />
Conversation.<br />
“About half of the museum’s eight million items<br />
are uncatalogued, and this lack of an inventory<br />
has certainly facilitated the thefts. The fact that<br />
it took so long to discover the thefts also raises<br />
the question of what else might have gone<br />
missing without a trace.”<br />
She continued by suggesting that the British<br />
Museum’s troubles may be an indication<br />
that other prestigious institutions may have<br />
undiscovered issues.<br />
“Yet one can’t help but wonder: Do the<br />
museum’s current woes have other museum<br />
directors fretting with anxiety? How many<br />
museums have uncatalogued items in their<br />
storerooms?” Titi asked.<br />
“When a museum such as the Louvre explains<br />
that its database has entries for almost 500,000<br />
works of art, is that its entire collection or just a<br />
percentage of its collection? In a great number<br />
of cases, we simply don’t know.”<br />
Located in London, the British Museum is more<br />
than 260 years old and attracts visitors from<br />
around the world.<br />
Pandora Australia’s David Allen has announced that he<br />
will leave the company, ending a 12-year tenure with the<br />
world’s largest mass-market jewellery brand.<br />
Allen has a long and storied connection with Pandora,<br />
joining the company in 2011.<br />
In 2012, when then-president Karin Adock announced<br />
her resignation, Allen – then vice president of sales<br />
- was named her successor. He led the Australian<br />
division of the company until 2015 when he relocated<br />
to Pandora’s global headquarters in Denmark to<br />
oversee Europe, Middle East and Africa operations.<br />
As part of a global restructuring in 2020, Allen was<br />
named the managing director of the Pacific regional<br />
division – a position he has held until now.<br />
Allen announced his departure on Linkedin, reflecting<br />
on the lessons learned during his time with the world’s<br />
largest mass-market jewellery brand.<br />
“From the very first day that I joined Pandora, I knew<br />
that there was something very special about this<br />
amazing brand – and I still believe it today more than<br />
ever,” he said.<br />
“Anyone can command positional authority, it is those<br />
that can command personal authority that are great,<br />
where people listen, respect, follow, cooperate, and<br />
take decisions based on who they are rather than the<br />
position or titles they have.”<br />
He added: “You need both people who are the right fit<br />
and have the right capabilities, as there is no choice to<br />
be made here. It is amazing just how much more time<br />
you have to think about your business when you are<br />
surrounded by the right people.”<br />
When Allen joined the company, Pandora was sold in<br />
approximately 65 countries and employed 5,300 people<br />
worldwide. The company operated 700 concept stores.<br />
Today, Pandora is available in more than 100 countries<br />
and employs 32,000 people.<br />
The company operates 2,500 concept stores. Pandora<br />
recently published its second-quarter financial report,<br />
detailing a five per cent increase in sales between April<br />
and June worldwide.<br />
Sales decreased by five per cent in Australia, with this<br />
decline to weak consumer demand.<br />
MORE BREAKING NEWS<br />
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<strong>October</strong> <strong>2023</strong> | 21
News<br />
Lightbox shuts down bridal<br />
jewellery experiment<br />
What does the future hold for luxury leaders LVMH?<br />
Lightbox Jewelry has concluded a trial of<br />
engagement rings, indicating that the commercial<br />
proposition for many lab-created diamond<br />
engagement rings is ‘likely unsustainable’.<br />
In June, Lightbox – the De Beers Group’s lab-created<br />
diamond jewellery brand – launched the trial, marking<br />
a surprising change in strategy.<br />
The collection consisted of 16 items featuring labcreated<br />
diamonds with prices ranging from $AU895<br />
to $AU8,950.<br />
“Through the test, the company deepened its<br />
understanding of lab-grown diamonds and<br />
evaluated the changing landscape and consumer<br />
perceptions associated with them,” a statement from<br />
De Beers reads.<br />
“Lightbox will continue to focus on where it sees the<br />
most promising future opportunities in the sector<br />
– in fashion jewellery and in loose stones at accessible<br />
price points – and will not sell lab-grown diamond<br />
engagement rings.”<br />
The statement also suggested that retailers would<br />
need to sell double the number of lab-created<br />
diamond carats every two years to maintain a flat<br />
absolute gross profit.<br />
In the latest analysis of the US jewellery market from<br />
Tenoris, the price gap between natural and labcreated<br />
diamonds is expanding.<br />
“In January 2020, the retail price of a one-carat round<br />
lab-grown diamond was 35 per cent less than a<br />
comparable natural diamond,” writes Edahn Golan.<br />
“Currently, the price gap is 76 per cent even as the<br />
price of natural diamonds is declining. Natural<br />
diamonds, with all their fluctuations, are a relatively<br />
steady commodity. Lab-grown prices, on the other<br />
hand, sink like a stone in water.<br />
“In this case, the body of water is the consumer<br />
market. For lab-grown to continue to be a viable<br />
consumer product, some perceived value needs to be<br />
created. Until then, the lab-grown pipeline is driving<br />
fast into a dead-end.”<br />
The research found that lab-created diamond<br />
jewellery accounted for 6.3 per cent of all unit sales<br />
in August in the US. This was an increase from 4 per<br />
cent of sales in 2022.<br />
French luxury conglomerate Louis Vuitton Moët<br />
Hennessy (LVMH) chairman Bernard Arnault<br />
has thrown water on speculation about the<br />
company's future leadership.<br />
By market capitalisation, LVMH is the<br />
world’s 18th largest company at $US413<br />
billion ($AU624 billion), overseeing 75<br />
brands – including Tiffany & Co.<br />
LVMH enforces a mandatory retirement age<br />
of 80 for the chief executive and chairman<br />
position, and Arnault is 74.<br />
The compulsory age was previously 75;<br />
however, that was altered last year.<br />
Arnault’s five children each hold important<br />
positions within the company.<br />
Arnault told The New York Times that his<br />
successor wouldn’t necessarily be a member<br />
of the family.<br />
“The best person inside the family or outside<br />
the family should be one day my successor,”<br />
Arnault said.<br />
“But it’s not something that I hope is a duel for<br />
the near future.”<br />
Delphine is CEO of Christian Dior; Antoine<br />
is the head of communications for LVMH;<br />
Alexandre is executive vice president of product<br />
and communications at Tiffany & Co.; Frédéric<br />
is CEO of TAG Heuer; and Jean is the watch<br />
director for Louis Vuitton.<br />
Speculation about the company's future has<br />
been driven partly by the popularity of the<br />
award-winning Succession television series,<br />
which aired between 2018-23.<br />
Created by Jesse Armstrong, the series<br />
details the inner workings of the fictional<br />
Roy family, the owners of a global media and<br />
entertainment conglomerate.<br />
Arnault’s oldest son Antoine said that<br />
unfortunately for those who enjoyed the series,<br />
the dynamics of his family are far less dramatic<br />
than that of the Roys.<br />
“I know it’s disappointing for a lot of people, but<br />
we actually get on well,” he said.<br />
Last year, Arnault changed the legal structure<br />
of his family holding company Agache<br />
Commandite SAS to ensure the family will<br />
continue to control LVMH long into the future.<br />
Each of his five children has a 20 per cent stake<br />
in the holding company, and they can only sell<br />
their shares within 30 years with unanimous<br />
board approval.<br />
Arnault’s second son, Alexandre, said: “There’s<br />
the risk that none of us is able to run the<br />
business as well as he has.”<br />
“By the time they [Arnault’s grandchildren]<br />
reach ages where they can have<br />
responsibilities, my father will still probably be<br />
CEO of LVMH. He’ll be 110 years old.”<br />
Earlier this year, LVMH announced a major<br />
sponsorship agreement with the 2024 Olympic<br />
Games, which will be hosted in Paris.<br />
22 | <strong>October</strong> <strong>2023</strong>
MGDL is a leading Australian watch distributor proudly representing<br />
some of the most recognised brands in the fashion watch market<br />
including international brands such as Tommy Hilfiger, Hugo Boss,<br />
Coach, Lacoste, MVMT, Olivia Burton and Calvin Klein.<br />
P: +61 3 9372 1122 | info@mgdl.com.au | mgdldistribution.com.au
News<br />
Tough sledding: Australian jewellery<br />
sales performance declines in August<br />
The latest analysis of the Australian jewellery retail market by Retail Edge<br />
has confirmed declining sales across August.<br />
Overall sales performance decreased by six per cent on a year-on-year<br />
comparison; however, it improved by 58 per cent compared with 2021.<br />
It was a similar story for comparative units sold, decreasing by 4.9 per<br />
cent compared with the past year and increasing by 49 per cent on a twoyear<br />
difference.<br />
Comparative average sales (inventory only) decreased by a modest 1.1 per<br />
cent from 2022, reaching $240 from $243.<br />
Regarding product categories, sales dollars from diamond jewellery<br />
decreased by 29 per cent on a year-on-year comparison, while colour<br />
gemstone jewellery sales dollars declined by 25 per cent.<br />
Precious metal jewellery sales dollars decreased by 17 per cent compared<br />
with 2022, while silver and alternative metals were close to neutral.<br />
The pattern in laybys was also negative, decreasing by 9.5 per cent in<br />
dollar terms between new orders and pickups or cancellations. It was a<br />
similar story in services, such as repairs, with a decline of 32 per cent.<br />
“This is the seventh consecutive month of double-digit negative movement<br />
in this area,” said general manager Leon van Megen.<br />
“This is an entrenched consumer pattern that may need more than a<br />
small shift in consumer sentiment to flip the switch from ‘off’ to ‘on’. This<br />
is not to say you should sit back and accept what is happening but make<br />
some noise about your services, skills and expertise.”<br />
Special orders decreased by 37.1 per cent in dollar terms between new<br />
orders and pickups or cancellations.<br />
Retail Edge collects its data from more than 400 independent jewellery<br />
stores across Australia.<br />
Consumer confidence<br />
These findings were reflected in the latest ANZ-Roy Morgan Consumer<br />
Confidence Index report.<br />
“Retail sales data for July and ANZ-observed spending in August were<br />
also weak,” ANZ senior economist Adelaide Timbrell said.<br />
“The confidence impact of falling real wages due to inflation continues to<br />
offset the positives in the economy and is likely the main factor that has<br />
kept the index in very weak territory for the past six months.”<br />
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The index has now spent a record 26 weeks below the 80-point mark,<br />
despite recent improvements in NSW, Victoria, and Queensland.
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News<br />
Retail nightmare: New Zealand<br />
jewellers under siege from criminals<br />
New Zealand jewellery retailers are continuing to grapple with a<br />
devastating crime wave.<br />
Since December, New Zealand authorities have pursued 14,215<br />
prosecutions for retail-related crimes, including theft, destruction<br />
of property, and employee abuse.<br />
Between December and May, there have also been 388 incidents involving<br />
offenders using vehicles to break into stores, otherwise known as a ram raid.<br />
Earlier this year, Michael Hill International decided to permanently close its<br />
Takapuna store, which was the most ram-raided in its network.<br />
“Retail crime costs New Zealand retailers $NZ1 billion each year and<br />
has a significant personal impact on those working in the industry,” New<br />
Zealand Police said in a statement.<br />
“This year has seen a spike in ram raid style burglaries, as we tend<br />
to see at times with other crime types. This has affected small local<br />
retailers and larger chains.<br />
Police have also been actively working alongside retailers and retail<br />
communities to give them prevention advice and support.”<br />
Authorities have also identified social media as an increasing concern in<br />
the fight against retail crime. Many criminals targeting retail stores film<br />
themselves breaking the law and then post the videos online, hoping to<br />
gain notoriety.<br />
Retail NZ CEO Carolyn Young said many factors contribute to New Zealand’s<br />
retail crime wave.<br />
“Issues range from businesses being targeted with ram raids, organised<br />
crime - linked to gangs and stealing to order - youth issues are driven by<br />
social media and wanting to gain notoriety on TikTok, and gang initiations,”<br />
she told Ragtrader.<br />
“We have even seen a video of a customer setting a fire in a store to create a<br />
distraction so they could steal a trolley of goods.<br />
“You can imagine the impact on the store: the fire alarm was set off,<br />
sprinklers were triggered – causing significant damage, the Fire Service<br />
was called to put out the fire, and staff are unsettled as their workplace was<br />
targeted and they do not feel safe.”<br />
Classiquewatches.com<br />
Become a stockist today 02 9290 2199<br />
Retail NZ recently completed an in-depth survey with retailers on crime and<br />
its impact, with the results expected to be published in late September.<br />
Earlier this year, Police Minister Ginny Andersen confirmed a further<br />
$NZ9 million to top up the retail crime prevention fund, bringing the<br />
total to $NZ15 million.<br />
The program supports retailers with installing fog cannons, security sirens,<br />
alarms, CCTV systems, bollards or similar security measures, roller doors,<br />
and other criminal deterrents.
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News<br />
Rolex and Bucherer speculation: Future of luxury watch industry still uncertain<br />
Rolex surprised the international luxury watch<br />
industry three weeks ago when it announced the<br />
acquisition of Swiss retailer Bucherer.<br />
Bucherer has a worldwide store count of<br />
approximately 100, with annual sales estimated at<br />
$AU4.1 billion.<br />
To date, Rolex’s only store is located in Geneva,<br />
and with the acquisition of Bucherer the company<br />
is expected to have a significant presence in<br />
consumer sales for the first time.<br />
Discerning what the change in strategy means<br />
for the industry's future is difficult. Since the<br />
announcement, many have speculated on how this<br />
will impact Rolex and, perhaps more importantly,<br />
its competitors.<br />
“Some people have faith the company can put up<br />
a firewall,” Brendan Cunningham, professor of<br />
economics at Eastern Connecticut State University,<br />
told Rapaport News.<br />
“I don’t know how they are going to work that<br />
out. Over time, there will be a temptation to do<br />
more through that relationship and leverage it a<br />
little more.”<br />
After the announcement, Watches of Switzerland<br />
released a statement reassuring the market that<br />
Rolex did not intend to enter retail.<br />
In an interview with Yahoo Finance, Breitling CEO<br />
Georges Kern offered similar sentiments.<br />
“We love our collaboration with Bucherer; we have<br />
been working with them [for] many years. Rolex is a<br />
great company,” he said.<br />
“They have the best behaviour in the industry; they<br />
respect all the other brands, and I'm very happy<br />
about this acquisition. And as far as I understand,<br />
nothing will change for us and for Bucherer in this<br />
relationship.”<br />
The deal between Rolex and Bucherer is still<br />
subject to review by competition authorities before<br />
the takeover is finalised.<br />
The two companies have worked together for 99<br />
years, and in a statement, Rolex said this shared<br />
history motivated the acquisition. Ariel Adams,<br />
writer for ABlogToWatch, said protectionism was<br />
likely central to the deal.<br />
“Much of the story is still a secret. We know that<br />
Swiss companies don’t like to cede control to non-<br />
Swiss entities, which would likely have been the<br />
case with any other buyer that Rolex,” he said.<br />
“What I see here is a form of protectionism, as<br />
Rolex might not really know how to manage<br />
all this but feels more comfortable owning the<br />
problem than trusting it to someone else. There<br />
is a lot at risk.”<br />
He added: “Rolex and Bucherer clearly had to<br />
contend with both the immediate dangers of<br />
another new Bucherer owner and a long list of<br />
potential problems that could occur. There is<br />
also a very strong cultural push to keep Swiss<br />
things Swiss.”<br />
Michael Tay is the group managing director of<br />
Singapore-based The Hour Glass, with showrooms<br />
across Malaysia, Thailand, Hong Kong, Japan,<br />
Australia and New Zealand.<br />
He expects that retailers will be asked to<br />
improve their quality of service in order to<br />
meet Rolex’s standards.<br />
“What retailers are going to be required to do is<br />
step up the quality of service. This will focus their<br />
attention on ensuring the consumers’ experience is<br />
up to Rolex’s standards,” he told WatchPro.<br />
“This acquisition has given Rolex an incredible<br />
opportunity to get a sense of what the final client is<br />
looking for. If you think about the touch points they<br />
have with clients today, that is really centred around<br />
the digital domain. The last mile engagement with<br />
consumers is lacking.”<br />
Rolex chose Bucherer as its partner for the<br />
certified second-hand program, which launched<br />
earlier this year. Watches of Switzerland has<br />
announced that it has started selling certified<br />
second-hand Rolex watches in the UK.<br />
GIA slashes 20 per cent of workforce at headquarters, announces new scholarships<br />
The Gemological Institute of America (GIA),<br />
the world’s leading authority on research<br />
into gemmology, has cut 20 per cent of the<br />
workforce at its California headquarters.<br />
In late July, the GIA laid off 151 employees,<br />
primarily in its laboratory.<br />
The decision was reportedly made due to a<br />
declining number of diamonds being submitted<br />
for grading.<br />
“Many organisations in the global gemstone<br />
and jewellery sector are experiencing a<br />
downturn due to economic conditions affecting<br />
the global gemstone trade,” director of<br />
communications Stephen Morisseau told<br />
Rapaport News.<br />
“Due to those economic conditions, there has<br />
been a decline in demand for GIA’s gemstone<br />
identification and grading services, which led to<br />
the difficult decision to reduce staffing.<br />
He added: “The reductions will not affect our<br />
ability to advance our important consumerprotection<br />
mission, nor to meet the needs of<br />
our clients.”<br />
Following the layoffs, the GIA now has<br />
approximately 600 employees in California.<br />
The GIA’s total workforce worldwide is<br />
around 3,500.<br />
Scholarships available<br />
The GIA is accepting applications for merit-based<br />
scholarships available to US and international<br />
students.<br />
The scholarships can be used for GIA courses or<br />
programs from 1 January through 30 June 30.<br />
Overall, the organisation will award $2 million in<br />
scholarships in 2024.<br />
GIA has awarded more than $US12 million in<br />
scholarships since 2015 for 2,500 students around<br />
the world.<br />
28 | <strong>October</strong> <strong>2023</strong>
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Treasure find of the century in Norway<br />
MR.CVD<br />
The discovery included three gold rings, nine gold medallions, and gold<br />
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A Norwegian man has unearthed rare sixth-century gold jewellery<br />
in a discovery archaeologists have hailed as Norway’s ‘gold find of<br />
the century’.<br />
pearls believed to once form an extravagant necklace. The jewellery has<br />
been dated to AD500. Erlend Bore, 51, was out walking on his doctor's<br />
advice when he made the discovery in farmland.<br />
“At first, I thought it was chocolate coins or Captain Sabertooth coins. It<br />
was totally unreal,” he said.<br />
Archaeologists say the discovery is unique because of the design of<br />
the medallions, showcasing a type of horse from Norse mythology.<br />
In August, the jewellery was unearthed on the southern island of<br />
Rennesøy, near Stavanger.<br />
Håkon Reiersen, an associate professor at the University of Stavanger’s<br />
Museum of Archaeology, said the gold pendants dated from the so-called<br />
migration period in Norway.<br />
“Given the location of the discovery and what we know from other similar<br />
finds, this is probably a matter of either hidden valuables or an offering to<br />
the gods during dramatic times,” he told The Guardian.<br />
“In Norway, no similar discovery has been made since the 19th century, and<br />
it is also a very unusual discovery in a Scandinavian context”. Objects from<br />
before 1537 and coins dated before 1650 are considered Norweigan<br />
state property and must be reported to authorities when discovered.<br />
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Michael Hill to launch new high-end<br />
diamond jewellery brand<br />
Michael Hill International has announced plans to launch a new jewellery<br />
brand targeting high-end consumers called TenSevenSeven.<br />
TenSevenSeven will be launched in the first half of next year, focusing on<br />
personalised diamond rings.<br />
The brand will initially be launched as an e-commerce option before<br />
rolling out at showrooms in Australian capital cities.<br />
<strong>Jeweller</strong> contacted Michael Hill for clarification around the name of<br />
the brand; however, the spokesperson was tight-lipped - revealing<br />
that the name relates to the heritage of the company and that more<br />
information would be provided at the launch in <strong>October</strong>.<br />
Michael Hill’s sales increased by 5.8 per cent to $629.6 million in the<br />
past financial year.<br />
“While inflation and rising interest rates have impacted consumer spending,<br />
I am confident that the group strategy has us well-placed to continue<br />
to take market share,” CEO Daniel Bracken said.<br />
“The Michael Hill brand demonstrates its strength and resilience with a<br />
focus on key milestone moments in the lives of our customers.<br />
“Couple this with the launch of our new TenSevenSeven brand, the Bevilles<br />
store expansion, and exciting product innovation for Christmas; the<br />
group is well-positioned for the year ahead.”<br />
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News<br />
Rolex rippers: Retailers and collectors urged to be vigiliant after surge in watch theft<br />
According to The Watch Register, a global<br />
database for lost and stolen watches,<br />
thefts have increased by 60 per cent in the<br />
past year.<br />
The London-based company maintains a<br />
database of approximately 80,000 luxury<br />
watches and, in a statement, said that<br />
more than $US1.3 billion ($AU1.55 billion)<br />
worth of thefts have now been reported.<br />
More than 40 per cent of this database are<br />
Rolex pieces, while Omega is the second<br />
most common brand to be reported stolen<br />
or missing at seven per cent.<br />
"Recent records show a concerning surge<br />
in the registration of luxury watches<br />
that have been stolen or lost," managing<br />
director Katya Hills told The Independent.<br />
"The considerable value and prestige of<br />
these high-end timepieces continues to<br />
attract the attention of sophisticated and<br />
international criminal networks, making<br />
them a prime target for theft."<br />
Christopher Marinello is the CEO of Art<br />
Recovery International, a specialist law<br />
practice that focuses on the recovery of<br />
stolen artwork.<br />
In recent years, the theft of luxury<br />
watches have become something of a<br />
priority for his company.<br />
“Thieves know that these watches have<br />
become extremely high value, are in<br />
demand and achieving incredibly high<br />
prices at auction,” he told The National.<br />
“So they know what to steal, and they’re<br />
stealing them from collectors and dealers<br />
all over the world. They steal from<br />
London, Cannes, Los Angeles, and New<br />
York. Wherever wealthy people congregate<br />
and vacation, the watch thieves are there.”<br />
Rolex's Daytona, GMT and Oyster<br />
Perpetual models are reportedly highprofile<br />
targets for criminals, as demand<br />
exceeds supply and prices are high on the<br />
second-hand market.<br />
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10 Years Ago<br />
Time Machine: <strong>October</strong> 2013<br />
A snapshot of the industry events making headlines this time 10 years ago in <strong>Jeweller</strong>.<br />
Historic Headlines<br />
4 Satellite watch technology arrives in Australia<br />
4 Tiffany and Swatch part ways<br />
4 <strong>Jeweller</strong>s rent battle goes public<br />
4 Stylish Australian launch for Forevermark<br />
4 Good news for Michael Hill jewellers<br />
<strong>Jeweller</strong>y chain collapses<br />
owing $3 million<br />
Status, the bold jewellery and watch retail<br />
concept, once predicted to have 12 stores,<br />
has been placed into voluntary liquidation<br />
with debts exceeding $3 million.<br />
Insolvency firm Dean-Willcocks was<br />
appointed on Friday 4 <strong>October</strong> and has<br />
issued a draft report revealing the estimated<br />
deficiency in the company’s assets to be<br />
more than $3.1 million, with unsecured<br />
creditors being owed $2.6 million.<br />
Status was led by former Pandora <strong>Jeweller</strong>y<br />
head of marketing Jeff Burnes. The first<br />
Status store was opened at Westfield<br />
Chatswood in late May 2012. At that time<br />
Burnes forecast the launch of a further<br />
three NSW-based stores in 2012 and plans<br />
for another five to open throughout 2013 with<br />
the ultimate aim of 12 stores nationally.<br />
Bevilles jewellers moves back<br />
into CBD<br />
After more than two years since closing<br />
its high-profile, Bourke Street Mall store,<br />
jewellery retail chain Bevilles will be<br />
returning to Melbourne’s CBD next month.<br />
The move will be temporary, however; the<br />
retailer is opening a pop-up retail space on<br />
the corner of Swanston Street and Little<br />
Collins Street (a former Zamel’s jewellery<br />
store) that will operate from mid-November<br />
2013 to the beginning of March 2014.<br />
It will be the first time that Bevilles<br />
has traded in a pop-up store, and while<br />
traditionally jewellery stores have not<br />
necessarily been seen as ideal for this type<br />
of short-term leasing arrangement – due to<br />
potential threats such as a lack of security –<br />
Bevilles CEO Michelle Beville attested that it<br />
was the right business decision.<br />
<strong>October</strong> 2013<br />
ON THE COVER Dora<br />
Editor’s Desk<br />
4One diamond voice needed<br />
“Many people in the luxury goods<br />
segment, including jewellery, believe<br />
the tech companies have “stolen” a<br />
lot of their sales, however, we should<br />
ask why do many consumers choose<br />
to spend their discretionary dollars on<br />
phones they don’t need rather than on<br />
other products like jewellery?<br />
Of course, everyone knows that a<br />
diamond is forever, and that diamonds<br />
are also a girl’s best friend, right?<br />
Soapbox<br />
4 Take a fresh look at pearls<br />
“Retailers need to capitalise on<br />
these changes. There is a market<br />
for high quality freshwater pearls<br />
among Australian consumers. Still<br />
markedly cheaper than their South<br />
Sea cousins, yet with a beauty that<br />
enables them to be used in classic<br />
and contemporary styles, and also in<br />
bespoke designer pieces, the more<br />
recent Chinese freshwater pearls<br />
can provide retail jewellers with<br />
a very profitable alternative to the<br />
current offerings.”<br />
Nerida Harris<br />
- Pearl Perfection<br />
STILL RELEVANT 10 YEARS ON<br />
Paying the premium<br />
“If you are training a person who is going<br />
to be responsible for your social media<br />
presence, it would be worthwhile discussing<br />
the overall business objectives and how you<br />
would like to be perceived by the public."<br />
Emily Mobbs<br />
Miranda Kerr new face of<br />
Swarovski<br />
<strong>Jeweller</strong>y brand Swarovski has selected<br />
Australian model and former Victoria’s<br />
Secret Angel Miranda Kerr as the face of<br />
its latest advertising campaign.<br />
The new campaign includes<br />
advertisements for print and television<br />
and will be launched in 25 countries from<br />
November. Kerr can be seen in a range of<br />
the Austrian-based company’s jewellery<br />
and accessories suitable for daytime and<br />
evening wear.<br />
The television commercials, featuring a<br />
soundtrack composed and performed by<br />
American singer and producer Pharrell<br />
Williams, will be shown in Italy, and France.<br />
CEO of Swarovski’s consumer goods<br />
business, Robert Buchbauer, told <strong>Jeweller</strong><br />
that Kerr was selected for the campaign<br />
because she embodied the modern spirit<br />
and sense of style that was expressed in<br />
the company’s collections.<br />
Bevilles gets a makeover,<br />
dumps giftware<br />
<strong>Jeweller</strong>y retail chain Bevilles has undergone<br />
a major rebranding that will include the roll<br />
out of “new-look” stores across Australia.<br />
In addition to a new logo and tagline “Feel<br />
Fabulous”, the retailer plans to enhance the<br />
instore shopping experience with a fresh<br />
colour scheme and design.<br />
Stores will have a streamlined layout and<br />
offer a greater selection of diamonds as<br />
well as jewellery and watches and a muchreduced<br />
emphasis on giftware.<br />
READ ALL HEADLINES IN FULL ON<br />
JEWELLERMAGAZINE.COM<br />
32 | <strong>October</strong> <strong>2023</strong>
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Alexandrite: a colour change<br />
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Lab Grown Diamonds<br />
A GLIMMERING FUTURE<br />
OR HIDDEN ETHICAL DILEMMA?<br />
There’s a sweeping wave of change in the global diamond<br />
market, and it’s sparking both interest and scrutiny. Consumers<br />
are flocking to lab-grown diamonds, lauded for their nonmined<br />
origins and identical physical properties to their mined<br />
counterparts. However, a lingering question refuses to fade:<br />
What about the energy used to produce them?
Introducing<br />
Clear Neutral<br />
In an age where every consumer choice carries weight, the<br />
jewellery industry faces the essential task of aligning with ethical<br />
standards and environmental consciousness. Enter Clear Neutral.
The journey<br />
towards a truly<br />
ethical diamond<br />
doesn’t end in<br />
the lab.<br />
DENHAM HOPMAN<br />
CLEAR NEUTRAL<br />
W<br />
hile lab-grown diamonds<br />
are heralded as a modern<br />
alternative, they also<br />
cast a shadow on environmental<br />
sustainability.<br />
Cultivating these diamonds in a<br />
laboratory is an energy-intensive<br />
process. A single carat might<br />
consume over 200 kWh of energy,<br />
equivalent to a family’s entire weekly<br />
consumption.<br />
Indeed, lab-grown diamonds have<br />
merits such as higher accessibility,<br />
quality, and yield.<br />
But we can’t ignore the environmental<br />
costs. This complexity reveals a<br />
nuanced landscape with its own<br />
challenges, with some viewing<br />
lab-grown diamonds as an ethical<br />
solution and others questioning that<br />
very ethics.<br />
This has led to more interest in carbon<br />
offsetting, which helps reduce the<br />
harm diamond production can do to<br />
the environment.<br />
This approach helps build trust with<br />
buyers, showing them that their<br />
jewellery purchases are responsible<br />
and not just about looking good.<br />
As sustainability gains momentum,<br />
companies like Clear Neutral are<br />
leading the way.<br />
By specialising in making lab-grown<br />
diamonds carbon neutral, Clear<br />
Neutral offers a precise solution<br />
that integrates seamlessly with<br />
existing suppliers.<br />
Clear Neutral uses extensive<br />
research and a proprietary system<br />
to accurately assess a diamond’s<br />
carbon footprint through its growing,<br />
cutting, and polishing stages.<br />
Considering factors like stone size,<br />
country of origin, and growth type,<br />
they offset emissions conservatively,<br />
ensuring no negative impact is<br />
overlooked. Investments in projects<br />
such as renewable energy and<br />
waste management underline their<br />
commitment to ethical responsibility.<br />
“The way we see it, the journey<br />
towards a truly ethical diamond<br />
doesn’t end in the lab; it continues in<br />
the choices we make to mitigate our<br />
impact on the planet,” says Denham<br />
Hopman from Clear Neutral.
“With Clear Neutral, we’re striving<br />
to make this complex process as<br />
transparent and accessible as possible<br />
for both retailers and consumers.”<br />
The consumer market is growing<br />
increasingly discerning. Recent studies<br />
indicate that a staggering 90%* of<br />
global consumers express a preference<br />
for responsibly sourced products.<br />
Moreover, 83%* are willing to dig a little<br />
deeper into their pockets for ethically<br />
produced merchandise.<br />
When it comes to the jewellery sector,<br />
the statistics are equally revealing.<br />
An impressive 68% of Millennial and<br />
Generation Z consumers say that<br />
sustainability concerns could be a<br />
deal-breaker in purchasing diamond<br />
jewellery, according to a recent Bain &<br />
Company survey on the global diamond<br />
industry.<br />
Embracing sustainable practices isn’t<br />
just about saving the planet; it’s good<br />
for business.<br />
A <strong>2023</strong> Deloitte report revealed that<br />
72% of employees in retail organisations<br />
Ultimately, the journey<br />
towards ethical<br />
perfection is far from<br />
over. Clear Neutral and<br />
other initiatives like<br />
it offer an incredible<br />
opportunity for the<br />
jewellery industry to<br />
embrace responsible<br />
practices.<br />
with leading sustainability programs<br />
are committed to their current jobs.<br />
Buyers like Jake Goodwin also<br />
appreciate an ethically sound supply<br />
chain. “It’s more than just a gem; it’s a<br />
statement of who I am,” he says.<br />
The sentiment echoes among<br />
consumers like Ainsley Caulfield, who<br />
notes, “I love the idea of wearing a<br />
diamond that’s not only beautiful but<br />
also kinder to our planet.”<br />
<strong>Jeweller</strong>s themselves are taking notice<br />
of the growing ethical concerns.<br />
“More and more people are asking<br />
about lab-grown diamonds. They<br />
love that they’re more sustainable,<br />
but they’re also concerned about the<br />
energy used to produce them,” says<br />
Jordan Cullen, Managing Director of<br />
Cullen <strong>Jeweller</strong>y.<br />
“We need to ensure we’re addressing<br />
those concerns head-on.”<br />
Ultimately, the journey towards ethical<br />
perfection is far from over. Clear Neutral<br />
and other initiatives like it offer an<br />
incredible opportunity for the jewellery<br />
industry to embrace responsible<br />
practices.<br />
The opaquely symbiotic relationship<br />
between jewellers, consumers, and the<br />
environment will continue to evolve.<br />
What seems clear, though, is that the<br />
path towards ethical consumption and<br />
responsible retailing is not just a trend.<br />
It’s a necessary evolution that resonates<br />
deeply with the buyers, employees,<br />
and society at large.
Carbon Neutrality for<br />
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but the planet will certainly recognise the difference it makes.<br />
Boost Employee Retention<br />
A commitment to ethical sourcing aligns with<br />
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Future-Proof Your Brand<br />
Aligning with sustainability and ethics ensure that your brand stays<br />
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Join the Movement<br />
Millennials and conscious buyers are demanding more. Don’t miss<br />
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Only Offset as You Sell. No Upfront Costs.<br />
Your investment in sustainability doesn’t have to be burdensome.<br />
Clear Neutral’s unique model allows you to offset as you sell.<br />
No hidden fees, no initial investments – only pay for what you<br />
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Use Your Current Supplier<br />
Stick with your trusted suppliers. Clear Neutral works alongside<br />
your existing supply chain, providing carbon neutrality solutions<br />
without the need to switch suppliers.
Clear<br />
Neutral?<br />
It’s your Path to<br />
Sustainable Luxury<br />
Carbon Offsetting, Simplified for You<br />
Using existing identifiers, we measure the carbon footprint of<br />
each lab-grown diamond through all phases: growing, cutting,<br />
and polishing. We then offset it by investing in environmental<br />
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Carbon Credits Verification<br />
Clear Neutral only purchases internationally-recognised<br />
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Authenticity Reports<br />
Our physical reports provide tangible proof of your ethical<br />
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REVIEW<br />
Gems<br />
Gemmologists who changed the game:<br />
Richard T. Liddicoat Jr.<br />
In the latest instalment of the ‘game-changing<br />
gemmologists’ series, we introduce a figure of such<br />
influence that he likely requires little introduction -<br />
Richard T. Liddicoat Jr.<br />
Born in March of 1918 in Michigan, Liddicoat’s father<br />
was a professor of engineering at the University of<br />
Michigan. His grandfathers worked as copper miners<br />
from Cornwall.<br />
Encouraged to explore the world from an early age,<br />
Liddicoat became interested in geology. He completed<br />
his bachelor’s degree at the University of Michigan in<br />
1939, followed by a master's degree in mineralogy.<br />
In 1940, Liddicoat joined the Gemological Institute of<br />
America (GIA) in Los Angeles as sssistant director of<br />
education. Robert Shipley had established the GIA just<br />
nine years earlier and with its rapid expansion, needed<br />
support in leading its education direction.<br />
After a recommendation from his professor, Liddicoat<br />
joined the GIA in Los Angeles in 1940 as the assistant<br />
director of education.<br />
After receiving a promotion to director of education in<br />
a short time, Liddicoat left GIA in 1942 to serve in the<br />
US Navy during World War II. Upon his return, he was<br />
re-appointed to his position at the GIA and also named<br />
director of research. While teaching gemmology and<br />
developing courses, Liddicoat also worked on producing<br />
the Handbook of Gem Identification, the first book of its<br />
kind designed to assist students through their studies<br />
and aid the general practising gemmologist.<br />
In 1952, Liddicoat was named Shipley’s successor<br />
and accepted the position of executive director of GIA.<br />
During this time, the jewellery industry faced an ongoing<br />
dilemma with standardising grading diamonds.<br />
In collaboration with colleagues across Los Angeles and<br />
New York, including Robert Crowningshield, Liddicoat<br />
developed the iconic ‘4Cs’ system by which diamonds are<br />
routinely graded worldwide today.<br />
Following refining the system, he travelled through the<br />
US, teaching this new grading system to the broader<br />
jewellery industry.<br />
This new system allowed diamond dealers and retailers<br />
to communicate with each other and their consumers in<br />
the same language — this minimised discrepancies and<br />
allowed diamonds to be categorised on a uniform basis.<br />
Without this system, initiatives such as the Rapaport<br />
Diamond Report would not be possible.<br />
Richard T. Liddicoat Jr.<br />
GEMSTONE RESEARCHER<br />
» Born: 2 March 1918<br />
Kearsarge, Michigan<br />
» Died: 23 July 2002 (Age 84)<br />
Richard T. Liddicoat Jr. developed<br />
the iconic 'Four Cs' system by which<br />
diamonds are graded.<br />
Lustrous pearls<br />
Liddicoat continued to assist the jewellery industry in<br />
the following years, complementing the establishment<br />
of gemmological education at GIA with an additional,<br />
tailored curriculum for retail jewellers.<br />
By the 1960s, Liddicoat oversaw training some of<br />
America’s largest jewellery retail teams. Around the<br />
same time, he travelled to Japan to gather information<br />
and develop a course on cultured pearls, which also led<br />
to the development of the first GIA pearl grading system.<br />
Liddicoat’s effort in developing crucial contacts in Japan<br />
led to the GIA’s courses being offered in Japanese - the<br />
first language other than English - for the first time.<br />
Liddicoat was also an avid supporter of innovation on<br />
the technology front. He contributed to and developed<br />
himself several gemmological instruments in his time.<br />
These include the Diamolite, the ProportionScope, and<br />
the prism spectroscope.<br />
Long-lasting legacy<br />
His continued support of the gemstone and jewellery<br />
industry was evidenced by regular attendance at<br />
American Gem Society Conclaves, International<br />
Gemmological Conferences, and the International<br />
Kimberlite Conferences.<br />
A firm believer in spreading knowledge, Liddicoat<br />
expanded the GIAs gemmological library, now<br />
named the Richard T. Liddicoat Gemological<br />
Library and Information Centre, and ensured it was<br />
globally accessible. In honour of his 40-year dedication to<br />
serving the gemmological and jewellery industries, the<br />
National Museum of Natural History in Washington DC<br />
named a gemstone species of tourmaline after Liddicoat<br />
in 1977 – Liddicoatite.<br />
After 60 years of mentorship, innovation, and devotion<br />
while still serving on the board of governors at the GIA,<br />
Richard T. Liddicoat passed away in 2002.<br />
He left behind him a significant legacy, highlighted by<br />
substantial contributions and insight, that has changed<br />
the gemmology industry forever.<br />
Mikaelah Egan FGAA Dip DT began her career<br />
in the industry at Diamonds of Distinction in 2015.<br />
She now balances her role at the Gemmological<br />
Association of Australia with studying geology at<br />
the University of Queensland. Visit instagram.com/<br />
mikaelah.egan For more information on gems and<br />
gemmology, go to www.gem.org.au<br />
<strong>October</strong> <strong>2023</strong> | 41
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PRECIOUS METAL<br />
Go Gold<br />
Bulgari | Sotheby<br />
Gold is a vital offering for many jewellery retailers – but how do<br />
you ensure you maximise your sales opportunities? SAMUEL ORD<br />
explores the weird and wonderful world of gold jewellery.<br />
As the recovery from the impact of the<br />
global COVID pandemic continues,<br />
the past few years have been a<br />
fascinating time in the world of gold jewellery.<br />
Whether economic conditions are positive or<br />
negative, gold jewellery is consistently in high<br />
consumer demand.<br />
A cursory reflection on history shows that gold<br />
adornments have been cherished for thousands<br />
of years.<br />
In many ancient cultures, gold was popular in<br />
jewellery and art because of its value, aesthetic<br />
qualities, ductility, and malleability.<br />
This passion for gold is evident in the metal's role<br />
in cultural folklore and legends.<br />
Today, gold jewellery is experiencing a resurgence<br />
in style and design as a new generation of<br />
consumers challenges traditional fashion<br />
conventions.<br />
“In recent years, gold jewellery has reached<br />
staple status. What stylish woman doesn't top<br />
her tailoring and all-neutral looks with a pair of<br />
hoops in this warm metal?” asks Abigail Southan<br />
of Harper’s Bazaar.<br />
“Before, gold was seen as too blingy and<br />
costume-like to be worn every day, but now, it's<br />
celebrated for its simplicity. <strong>Jeweller</strong>y designers<br />
have moved away from baroque settings, opting<br />
instead for pieces with smooth curves, clean<br />
lines and subtly abstract shapes.”<br />
Southan continues: “Still, that doesn't mean you<br />
can't get playful with your styling. A slender chain<br />
can go from understated to bohemian when<br />
layered, and even the most traditional of rings<br />
will add drama when stacked together.<br />
“Brands are designing with mixing and matching<br />
in mind, creating versatile, buildable looks so<br />
that customers can get the most out of their<br />
purchases.”<br />
According to the latest analysis from The World<br />
Gold Council, Australia experienced a 30 per cent<br />
increase in demand for gold jewellery in 2022.<br />
This was attributed to the comparatively weak<br />
demand in 2021 due to the pandemic restrictions.<br />
Despite these factors, the report suggests<br />
that annual demand was healthy at 11 tonnes,<br />
supported by a 22 per cent year-on-year increase<br />
in the fourth quarter.<br />
Globally, jewellery consumption was virtually flat<br />
at 478 tonnes in the opening quarter of this year.<br />
<strong>Jeweller</strong>y manufacturing exceeded consumption<br />
as stock building added just over 30 tonnes to<br />
inventories worldwide.<br />
In Australia, the news was positive, with<br />
consumers spending $AU210 million on gold<br />
jewellery, a seven per cent increase on a year-onyear<br />
comparison.<br />
So, what does this mean for your store?<br />
Despite the prevailing adverse conditions of the<br />
economy, the demand is still there; however, if<br />
you’d like to improve your gold jewellery sales,<br />
you may need to focus on your execution.<br />
43 | <strong>October</strong> <strong>2023</strong>
Go Gold | PRECIOUS METALS<br />
Stephanie Albertson<br />
Louise Olsen<br />
Fine-tune your presentation<br />
American actor Will Rogers said it best: “You never get a<br />
second chance to make a first impression.”<br />
First impressions are ever-lasting, and in the retail<br />
business, the visual presentation of your store – and gold<br />
jewellery – can be the difference between welcoming a<br />
loyal customer and bidding farewell to a stranger.<br />
Much of your success at retail and the sales you generate<br />
is contingent upon your visual merchandising skills. The<br />
fundamentals are easy to understand.<br />
Customers are not drawn to sparse or poorly executed<br />
displays. Stores that stay the same, no matter what time<br />
of the year, are forgotten in favour of those with a better<br />
in-store experience.<br />
Every fixture, product, and detail should encourage a<br />
customer to not only stay in your store but also to shop<br />
with you again in the future.<br />
Lakefront property (LFP) is a US retail term for the most<br />
valuable ‘real estate’ on your sales floor.<br />
Since 90 per cent of customers enter a store and look or<br />
turn to the right, your LFP can significantly impact sales.<br />
If your store has a centre door, your LFP is at the front<br />
right side of the sales floor.<br />
Regardless of where your LFP is situated, it is a critical<br />
space that must be included in your themed displays<br />
and regularly updated. If you’re struggling to sell gold<br />
jewellery, this is where it needs to be located!<br />
Georganne Bender is a retail strategist and an expert in<br />
visual merchandising. Bender says a critical tool in the<br />
jeweller’s arsenal is often overlooked.<br />
“Speed bump displays work: they slow shoppers down.<br />
These are also the first displays customers see upon<br />
KEY STATS<br />
Gold Breakdown<br />
30%<br />
Increase in demand for gold<br />
jewellery in the past year in<br />
Australia.<br />
$23 billion<br />
Estimated contribution of<br />
the gold industry to the<br />
Australian economy in 2021.<br />
22%<br />
Increase in demand for gold<br />
in Australia in the fourth<br />
quarter of 2022.<br />
478 tonnes<br />
Global jewellery<br />
consumption in the opening<br />
quarter of this year.<br />
entering the store and a good indicator of what to expect<br />
on the floor,” Bender says.<br />
“While most jewellery stores are small and don’t require<br />
speed bumps, a well-located table can do the trick.<br />
Change or update your speed bump displays once<br />
a week, more often if your store has a lot of repeat<br />
customer traffic.”<br />
If you’d like to direct your customer’s attention towards<br />
your gold jewellery, a speed bump display may be a step<br />
in the right direction.<br />
Store-front windows are the ‘eyes of the store’ and<br />
the first thing a customer sees. Unless your store is<br />
in a high-traffic area, you should change your window<br />
displays weekly.<br />
"Gold displays a broad spectrum of colours<br />
depending on how it is alloyed with other metals.<br />
Gold is usually defined by its luminous, rich, warm<br />
colour, unmatched by different metals. "<br />
The lighting within your store can influence a customer’s<br />
decision-making and purchasing behaviour.<br />
According to one study, brightly lit spaces provoke<br />
impulse purchasing, while soft lighting slows down<br />
customers' pace and increases their time in your store.<br />
Gold jewellery is unique because of the warmth and<br />
richness of colour it displays – and the lighting in your<br />
store should capitalise on these characteristics. Don’t<br />
hide your gold jewellery in some dark corner!<br />
You should carefully consider the lighting in your store<br />
and ensure that these principles are considered.<br />
44 4 | <strong>October</strong> <strong>2023</strong>
Long live<br />
doing what's<br />
right.<br />
BECKS is on a path of evolution.<br />
Continuous improvement and<br />
sustainability is at the core of our<br />
business practices. This journey of<br />
innovation will help us to continue<br />
to deliver world class wedding rings<br />
and jewellery products, crafted in<br />
our South Australian studio.<br />
For both our customers and their<br />
clients, we stand by three powerful<br />
words. Long live love.<br />
BECKS, working towards:<br />
Circular<br />
Economy<br />
Sustainable<br />
Packaging<br />
Positive<br />
Impact<br />
Meaningful<br />
Accreditations<br />
Toll Free. 1800 888 585<br />
Email. info@becksgroup.au<br />
Web. becksgroup.au
Go Gold | PRECIOUS METALS<br />
SOURCES OF GOLD DEMAND - WORLD GOLD COUNCIL<br />
When is it a good time to buy gold in Australia?<br />
There is often a misconception that positive economic growth<br />
is bad for gold. The recent inflation figures from both the<br />
RBA (4.9 per cent), and the Fed (3 per cent), as well as other<br />
major economies has been encouraging.<br />
Consumer Price Indices (CPI) appear to be moving in the<br />
right direction. Should this continue, there may be talk<br />
around the potential of rates decreasing to help kickstart<br />
local economies, and thereby enhance consumer spending.<br />
As almost half (44 per cent) of gold’s demand originates from<br />
the jewellery and technology sectors, economic improvement<br />
generally results in increased appetite for such items. This<br />
is where regional demand tailwinds are relevant. Consumer<br />
demand, while global, is heavily weighted towards China and<br />
India who account for more than half of jewellery demand.<br />
INVESTMENT<br />
38%<br />
Bundling?<br />
Bundling is a method to direct attention to specific products within your<br />
store. If your gold jewellery sales need to improve, consider bundling as<br />
a strategy to boost performance.<br />
A gold necklace, a pair of earrings, and a bracelet can be displayed<br />
together as a set.<br />
This encourages customers to visualise themselves wearing each<br />
product together as part of a ‘complete’ look.<br />
This is a powerful tool for upselling for jewellery retailers – encouraging<br />
customers to purchase multiple items rather than a ‘one off’ piece.<br />
Given recent changes in consumer patterns, this is an important<br />
concept to consider. Romil Patel owns Fiji Jewels and oversees the<br />
operations of four jewellery stores.<br />
“We’ve seen a shift in consumer patterns in our stores. I think there’s<br />
a new approach to fashion, particularly among younger women,”<br />
he tells <strong>Jeweller</strong>.<br />
“I think the younger generation is conscious of the ‘complete package’.<br />
When it comes to outfits, they want every accessory to complement the<br />
others. There’s also a strong desire to avoid repeating outfits.<br />
“When you’re frequently purchasing an entirely new ‘look’, the costs can<br />
quickly add up, and that’s why I think there’s a move away from precious<br />
gemstones and precious metals towards fashion jewellery.”<br />
"Gold jewellery is unique because of the warmth and richness<br />
of colour it displays - and the lighting in your store should<br />
capatilise on these characteristics. Don't hold your gold<br />
jewellery in some dark corner! "<br />
TECH<br />
7%<br />
JEWELLERY<br />
37%<br />
CENTRAL BANKS<br />
18%<br />
Based on 10-year average annual net demand estimates ending in 2022. Includes: <strong>Jeweller</strong>y<br />
and technology net recycling, in addition to bars and coins, ETFs and central bank demand<br />
which are historically reported on a net basis. It excludes over-the-counter demand owing to<br />
limitations in data availability. Net jewellery and technology demand computed assuming 90<br />
per cent of annual recycling comes from jewellery and 10 per cent from technology.<br />
Sources: Metals Focus, Refinitiv GFMS; World Gold Council; Gold Hub<br />
Patel suggests that jewellers should be mindful of this new consumer<br />
mindset and its impact on personal budgets when considering what<br />
products they stock.<br />
“A beautiful set of diamond studs can match any outfit, but I think<br />
people are still looking for more flash and style,” he says.<br />
“With metal prices the way they are, younger customers would instead<br />
get multiple colourful items than purchase one exceptional piece of<br />
fine jewellery.<br />
“As a jeweller, that doesn’t mean you need to reduce yourself to selling<br />
very cheap products; it’s about finding a healthy balance in the middle.”<br />
Relationship building with education<br />
Now more than ever, consumers are looking for an educational<br />
experience when dealing with businesses and offering essential insights<br />
is vital to exchanges with customers.<br />
This phenomenon is not just limited to gold jewellery sales; even for<br />
casual observers, jewellery and gemmology can be a fascinating field.<br />
It’s important to remember that just because you may be knowledgeable<br />
about the topic doesn’t mean your customers are.<br />
While educating customers on topics like the state of the industry or<br />
the history of jewellery can be a time-intensive investment, it’s a<br />
valuable avenue for increasing rapport and improving the likelihood of<br />
repeat business.<br />
Recent research has suggested that consumers are more likely to<br />
purchase from a business or brand if they engage with ‘early-stage’<br />
educational content.<br />
46 | <strong>October</strong> <strong>2023</strong>
PRECIOUS METALS | Go Gold<br />
Said another way, customers enjoy dealing<br />
with a business where they feel they learned<br />
something important from the experience.<br />
This insight is intriguing; however, it leaves<br />
us with an important question – how can this<br />
information be used to improve gold<br />
jewellery sales?<br />
Australian consumers have a pride and<br />
passion for purchasing local products. In an<br />
increasingly globalised world, losing sight of<br />
the characteristics that make ‘homegrown’<br />
jewellery unique can be easy.<br />
Educating your customers on the uniquely<br />
Australian nature of gold jewellery products is a<br />
strategy that establishes rapport and appeals to<br />
the desire to ‘buy local’.<br />
Take BECKS as an example - a proudly<br />
Australian-owned precious metals company<br />
that supplies an extensive range of products and<br />
services to the jewellery industry.<br />
Managing director Greville Ingham says that<br />
emphasising the origins of the jewellery is a<br />
point of pride.<br />
“We have an Australian product line where we’ve<br />
refined and manufactured the gold ourselves, and<br />
it features Australian gemstones like sapphires<br />
and diamonds and opals,” Ingham said.<br />
“Everything associated with the piece is<br />
Australian so that we can stamp the piece with<br />
the Kangaroo hallmark, and everyone that sees<br />
the jewellery from end-to-end sees it and knows<br />
that everything has been uniquely Australian<br />
every step.”<br />
It’s a similar story for Palloys, which<br />
manufactures the iconic gold Melbourne Cup<br />
each year.<br />
Palloys offers a guarantee that its gold is<br />
sourced from Australia.<br />
“That guarantee means that when you partner<br />
with Palloys, your customers wear the most<br />
ethically sourced and sustainably refined 100<br />
per cent Australian precious metals,” general<br />
manager Richard Ashman told <strong>Jeweller</strong>.<br />
Gold medals belong to winners<br />
While some customers are concerned with<br />
provenance, not all are. If you find sales strong<br />
in other areas outside of gold, perhaps it’s time<br />
to refine your pitch.<br />
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Go Gold | PRECIOUS METALS<br />
Jade Trau<br />
When shopping for jewellery, customers need<br />
to consider colour preference, skin tone, skin<br />
sensitivities, the durability and weight of the<br />
material, maintenance factors, and price.<br />
Gold is incredibly durable and is the most nonreactive<br />
of all metals: it won't react with oxygen<br />
and most chemicals, meaning it won't tarnish,<br />
rust, or perish.<br />
This makes it ideal for jewellery use when<br />
intended to retain its value and finish indefinitely.<br />
Gold is a very workable metal, another reason<br />
why jewellers and goldsmiths love to use it in<br />
their designs.<br />
Gold displays a broad spectrum of colours<br />
depending on how it is alloyed with other metals.<br />
Gold is usually defined by its luminous, rich, warm<br />
colour, unmatched by different metals.<br />
"From classic yellow gold jewellery to romantic<br />
rose gold jewellery and the more subtle white gold<br />
jewellery, there are so many variations of gold out<br />
there that are not just limited to colour," writes<br />
Emily Schinella of Shiels.<br />
"There’s the precious solid gold, the slightly<br />
more affordable silver-filled gold, dainty gold<br />
vermeil and the more carefree gold-plated silver<br />
jewellery."<br />
She added: "Each type of gold jewellery brings<br />
something new to the table and allows practically<br />
every budget out there to have a little touch of gold<br />
in their life, whether it's a funky pair of gold hoop<br />
earrings or a few stylish gold chains."<br />
People's skin tone traditionally determined the<br />
choice of which colour metal to wear: warmer<br />
colours pair well with gold and cooler colours<br />
with silver. For those looking for ‘hefty’ jewellery,<br />
gold is the right choice.<br />
Gold doesn’t tarnish; however, oils, makeup,<br />
creams, and cleaning products can dull the metal.<br />
Fortunately, soapy water and a soft cloth are often<br />
all anyone needs to clean gold – so maintenance<br />
requirements are light.<br />
It was once believed that gold and silver should<br />
never be worn together, which might be a<br />
sticking point for any of your customers who have<br />
purchased white metals in the past.<br />
"Now more than ever, consumers are<br />
looking for an educational experience<br />
when dealing with businesses and<br />
offering essential insights is vital to<br />
exchanges with customers. "<br />
That's no longer the case; many people are<br />
enthusiastically mixing metals.<br />
"Throw out the old-fashioned notion that you<br />
should always match your jewellery and never mix<br />
them. The archaic rule is almost as pervasive as<br />
calling socks with crocs a fashion faux pas," writes<br />
Ruby Primrose Stephens for Harper's Bazaar.<br />
"In the realm of fashion, the age-old saying 'less<br />
is more' may ring true for some, but when it<br />
comes to mixing metals, it’s all about the “more<br />
is more” approach.<br />
Combining the warm tone of gold with the cool<br />
demeanor of silver may seem daunting, and<br />
some people may feel that mixing metals is too<br />
bold or risky."<br />
If you’re dealing with a customer who finds mixing<br />
metals overwhelming, encourage them to begin<br />
with a statement piece, such as a necklace or<br />
bracelet, and build their look around it.<br />
The statement piece offers the customer a<br />
foundation or focal point to build upon.<br />
Indeed, mixing metals can look visually attractive if<br />
you vary the textures. Customers should consider<br />
combining smooth and matte finishes or shiny and<br />
brushed metals.<br />
Have no fear<br />
If you’re finding that sales of gold jewellery at your<br />
store are struggling – there’s no reason to panic<br />
just yet.<br />
Demand is still strong; however, you may need to<br />
refine your approach to sales.<br />
By engaging early with informative information,<br />
you demonstrate your expertise and reassure your<br />
customers that they’ve come to the right place – in<br />
other words, they’re in safe hands.<br />
Gold has played an important role in the history of<br />
Australia, and that unique ‘homegrown’ appeal is<br />
a strong drawcard for many customers hoping to<br />
‘buy local’.<br />
Finally, for those customers who are simply<br />
choosing other metals over gold – it’s always<br />
helpful to remind them of the many unique and<br />
unrivalled qualities of gold jewellery.<br />
48 8 | | <strong>October</strong> <strong>2023</strong> <strong>2023</strong>
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<strong>2023</strong> Buying Guide<br />
'Tis the<br />
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The holiday period is the most important<br />
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51 | <strong>October</strong> <strong>2023</strong>
<strong>2023</strong> 'Tis the Season | ADVERTISING PROMOTION<br />
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Autore<br />
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Hercules Knot Lariat: Detailed<br />
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52 | <strong>October</strong> <strong>2023</strong>
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This elevated timepiece features<br />
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in analysing and determining the origin<br />
of diamonds. The lab specialises in<br />
certifying Argyle origin for pink and<br />
violet diamonds. It can also identify<br />
synthetic/lab-created diamonds<br />
Georgini<br />
WEST END COLLECTION<br />
westendcollection.com.au<br />
Discover Diamonds by Georgini<br />
— a fusion of craftsmanship and<br />
elegance redefining luxury. This<br />
collection embodies sophistication<br />
and timelessness with 925 sterling<br />
silver, available in rhodium or<br />
18-carat gold-plating, radiating a<br />
luminous aura.<br />
GUESS<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
Make headlines with this GUESS<br />
Watch. A rich green dial is<br />
complimented by the 42mm<br />
gold-tone case and sleek black<br />
silicone strap.<br />
56 | <strong>October</strong> <strong>2023</strong>
GUESS <strong>Jeweller</strong>y<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
A true GUESS icon, this gold-tone<br />
bangle features crystals, studs and<br />
the GUESS 4G logo. Pairs well with<br />
a GUESS watch or the matching<br />
hoops to elevate any look.<br />
Hugo & Harry<br />
IMPERIAL JEWELS<br />
hugoandharryboutique.com<br />
Hugo & Harry is an jewellery<br />
boutique showcasing<br />
a collection of certified<br />
gemstones, gold and silver<br />
jewellery gathered from across<br />
the globe ensuring only the<br />
best products provided.<br />
Ikecho<br />
ikecho.com.au<br />
Upgrade your jewellery collection with<br />
Ikecho's beautiful black spinel and Keshi<br />
freshwater pearl necklace, a combination<br />
of sophistication and natural allure. Ikecho<br />
has carefully chosen each element to<br />
harmonise the sleek charm of black spinel<br />
with the elegance of Keshi pearls. Also<br />
on offer is the matching spinel and Keshi<br />
bracelet to create a stunning set.<br />
EXCLUSIVELY DISTRIBUTED IN AUSTRALIA AND NEW ZEALAND BY<br />
AU +61 2 8543 4600 NZ +64 9 480 2211 | designaaccessories.com.au
<strong>2023</strong> 'Tis the Season | ADVERTISING PROMOTION<br />
Ikecho<br />
ikecho.com.au<br />
Ikecho introduces a combination of modern<br />
sophistication and natural allure – the sterling<br />
silver paperclip chain necklace adorned with a<br />
captivating Biwa-shaped freshwater pearl. This<br />
necklace embodies a blend of contemporary<br />
design and the timeless elegance of nature's<br />
treasures, creating a statement piece that<br />
effortlessly enhances any neckline. Matching<br />
earrings and bracelets are also available.<br />
Imperial Jewels<br />
imperialjewellery.com.au<br />
Imperial Jewels is proudly<br />
Australian owned by second<br />
generation jewellers and designers.<br />
The products are sourced<br />
worldwide, with care and attention<br />
to detail given to every fine jewellery<br />
piece in these collections.<br />
LJ West<br />
scottwestdiamonds.com<br />
K&K<br />
kandk.net.au<br />
K&K is passionate about<br />
Australian sapphires, selecting<br />
beautiful gemstones to meet<br />
customers' and retailers' exact<br />
standards at competitive prices.<br />
Pinkberry: Scott West's Argyle pink<br />
opal berry is a contemporary series<br />
with the sparkle of pink diamonds<br />
accented by halos of pink opals in a<br />
Pinkberry-inspired design. The pink<br />
opal is associated with the healing<br />
of our emotions, and is known as<br />
the 'stone of resolution.'<br />
Mark McAskil<br />
markmcaskill.com.au<br />
From Mark McAskill's new<br />
AURA Collection: Splendid<br />
5x4mm oval pink sapphire centre<br />
stone glimmers surrounded<br />
by brilliant diamonds and free<br />
flow set shoulders in a stunning<br />
contemporary and elegant design.<br />
Aurole: A Scott West signature<br />
collection, The Aureole Collection<br />
features Argyle pink diamonds from<br />
Western Australia. Inspired by the<br />
beautiful Aureole or Sun Halo, a<br />
ring of light surrounding the sun, a<br />
phenomenon that is visible during a<br />
rare solar eclipse.<br />
58 | <strong>October</strong> <strong>2023</strong>
MGDL – BOSS<br />
MGDL DISTRIBUTION<br />
mgdldistribution.com.au<br />
BOSS continues to make its<br />
presence felt in the sporting<br />
world with the introduction of the<br />
BOSS Top, an innovative watch<br />
highlighting the brand’s heritage.<br />
This chronograph with date function<br />
has a unique case with integrated<br />
lugs for a seamless outline and is<br />
fitted with a link bracelet in 316L<br />
stainless steel. An angled reflector<br />
ring and circular-brushed dial with<br />
satin sub-eyes add dimension to this<br />
sport-luxe timepiece.<br />
Mr CVD<br />
mrcvd.com<br />
Mr CVD is a global leader in<br />
la-created diamond jewellery.<br />
Stocking items that cover all<br />
tennis types of jewellery as<br />
well as eternity bands. Open to<br />
custom orders. In-house CAD<br />
designer and a large supply of<br />
loose diamonds up to 10 carats<br />
in all sizes.<br />
My Little Angel<br />
PATERSON FINE JEWELLERY<br />
pfj.com.au<br />
Elevate kids' fashion with these<br />
on-trend necklaces. Crafted in yellowplated<br />
sterling silver and adorned with<br />
vibrant multi-coloured cubic zirconia<br />
stones, these initial pendants add a<br />
playful and personalised touch to any<br />
outfit. The adjustable chain ensures a<br />
comfortable fit, with a maximum length<br />
of 40cm. Available in letters A-Z.<br />
Featuring delicate pink tones of<br />
Argyle pink diamonds<br />
PinkKimberley.com.au<br />
Become a stockist today 02 9290 2199
<strong>2023</strong> 'Tis the Season | ADVERTISING PROMOTION<br />
Nomination<br />
TIMESUPPLY<br />
nomination-jewellery.com.au<br />
A highly collectable range, the Nomination<br />
Composable Collection is fantastic for<br />
repeat business. New links are released<br />
regularly, and with thousands to choose from,<br />
customers have all the reason they need<br />
to come back for more. The Composable<br />
bracelets and links make excellent gifts and<br />
are perfect for Christmas.<br />
Pink Kimberley<br />
SAMS GROUP AUSTRALIA<br />
pinkkimberley.com.au<br />
The newest Pink Kimberley rings combine<br />
the luxury and class of Argyle pink<br />
diamonds with modern, stylish designs.<br />
The Kimberley Bimbimbie, Nandali and<br />
Tatiara rings showcase exquisite pink<br />
diamonds crafted with the finest quality<br />
craftsmanship and materials. Argyle pink<br />
diamonds are among the world’s most<br />
valuable and rare precious gemstones,<br />
captured by these exquisite ring designs.<br />
Not only does Nomination<br />
Italy offer the highly<br />
collectable Composable<br />
Link collection, but also<br />
a fabulous range of<br />
fashion jewellery. Sterling<br />
silver and 24-carat gold<br />
plating feature in the new<br />
release of this season’s<br />
most popular range –<br />
Colourwave.<br />
Planet Almas<br />
planetalmas.com.au<br />
With more than 70 years of<br />
combined experience in the<br />
jewellery industry, Planet<br />
Almas presents pieces that<br />
are well-priced, beautiful and<br />
possess a high-end finish.<br />
R&R<br />
sales@rraustralia.com.au<br />
Collector's Edition: A carefully<br />
curated selection of pink and violet<br />
diamonds from Australia’s Argyle<br />
Mine. Independently tested, graded,<br />
and sealed for your security by<br />
the Antwerp-based International<br />
Gemmological Institute (IGI).<br />
Versatility: Tennis bracelets<br />
(yellow and white diamonds)<br />
with a row of 39 fancy yellow<br />
radiant cut diamonds totalling<br />
20 carats in an 18-carat yellow<br />
gold tennis bracelet setting.<br />
Also available is a tennis<br />
bracelet containing 26 GIAcertified<br />
oval D colour VVS1-VS2<br />
diamonds totalling 13.16-carats<br />
with blue and pink diamonds in<br />
the clasp.<br />
60 | <strong>October</strong> <strong>2023</strong>
Opals by Emmanuel Christianos<br />
christianos.com<br />
Opals by Emmanuel Christianos carries on a<br />
business which began in the 1950s in Coober<br />
Pedy. The company have since moved to Lightning<br />
Ridge where they drill, mine consolidate<br />
(wholesale) and export fine Australian Opals<br />
including incredible black and crystal opals. The<br />
company is run by George Emmanuel Christianos<br />
and his wife Liya as a third-generation business.<br />
Orange River<br />
orangeriver.com.au<br />
Captivating: Elegant four-carat look flower cluster studs<br />
in 18-carat white gold with 14 natural diamonds weighing<br />
a total of 2.02-carats.<br />
Natural beauty: Remarkable three-carat look flower<br />
cluster studs with natural diamonds totalling 1.48 carats.<br />
Qudo<br />
qudojewellery.com.au<br />
New additions to the<br />
highly collectable Qudo<br />
Interchangeable range feature<br />
charms to add to hoop earrings<br />
and chains. The colours and<br />
styles match existing ring tops<br />
for a coordinated look. There<br />
are also new interchangeable<br />
bracelets, ring top styles and<br />
a vast array of new colours,<br />
offering great opportunities for<br />
collectors of this unique brand.<br />
RJ Scanlan<br />
scanlanandco.com.au<br />
Ready for Christmas? Take a look<br />
at the specials on offer at RJ Scalan<br />
- popular commercial products for<br />
every market. Gold and diamonds,<br />
freshwater pearls, semi-precious<br />
jewellery and silver. These<br />
collections are European-made.<br />
61 | <strong>October</strong> <strong>2023</strong>
<strong>2023</strong> 'Tis the Season | ADVERTISING PROMOTION<br />
Rosefield<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
Rosefield<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
This hand-made design is<br />
crafted with a mix of enamel<br />
and gold. The vibrant emerald<br />
green enamel creates a<br />
harmonious contrast that<br />
captures the eye. An everyday<br />
essential that is easily mixed<br />
and. matched.<br />
An iconic watch shape with a<br />
colourful twist. The emerald<br />
green coloured mother of<br />
pearl dial creates an everchanging<br />
spectacle of light<br />
and colour, giving a luxurious<br />
look to this watch.<br />
Sapphire Dreams<br />
SAMS GROUP AUSTRALIA<br />
sapphiredreams.com.au<br />
Australian Loose Sapphires are<br />
the perfect starting point when<br />
designing custom jewellery.<br />
Sapphire Dreams Australia has<br />
access to the largest range of loose<br />
sapphire stones, receiving rough<br />
from Queensland and New South<br />
Wales mines and working with<br />
experienced gemstone cutters to<br />
ensure perfection.<br />
Stone & Silver<br />
stonesandsilver.com.au<br />
Classic and timeless, this<br />
beautiful .925 sterling<br />
silver locket necklace<br />
from Stones & Silver is<br />
highlighted by the sparkle<br />
of the Cubic Zirconia.<br />
Functional locket on a 40cm<br />
+ 5cm extension chain. Also<br />
available in .925 sterling<br />
silver with gold plating.<br />
Sapphire Dreams<br />
SAMS GROUP AUSTRALIA<br />
sapphiredreams.com.au<br />
Sapphire Dreams Australia<br />
showcases exquisite<br />
Australian sapphires<br />
in stylish and luxurious<br />
jewellery designs. The<br />
18-carat collection features<br />
bold, vibrant sapphires<br />
complimented by sparkling<br />
white diamonds. These<br />
Australian sapphires, prized<br />
for their broad spectrum of<br />
colours, including the exquisite<br />
Teal and Parti stones, are<br />
highly coveted gemstones.<br />
62 | <strong>October</strong> <strong>2023</strong>
Thomas Sabo<br />
DURAFLEX GROUP AUSTRALIA<br />
thomassabo.com.au<br />
Thomas Darbey returns Sabo introduces this season an<br />
intricately embodying designed the iconic series T detail of of<br />
crocodile Ted Baker, motifs adding complete a refined with touch<br />
3D to your skin style. and teeth. The rich Crystal green details sunray<br />
highlight dial matches the with hand the finished elegant oxidised goldtone<br />
sterling stainless silver steel pieces. case, connected Black<br />
925<br />
and with emerald the feminine green gold zirconia tone mesh stones<br />
accentuate bracelet through the range a T design which element includes<br />
rings, embodied pendants with crystals. and bangles.<br />
Sif Jakobs <strong>Jeweller</strong>y<br />
TIMESUPPLY<br />
sifjakobs.com.au<br />
Sif Jakobs offers eye-catching and<br />
elegant jewellery creations with a cool<br />
Nordic touch. The style is glamorous<br />
with a high-quality finish and dazzling<br />
gemstones. The brand has expanded<br />
rapidly and regularly finds mention in<br />
popular fashion and lifestyle media.<br />
Stow Lockets<br />
stowlockets.com<br />
Discover Stow Lockets,<br />
where women can express<br />
their memories, dreams, and<br />
accomplishments. The Virtues<br />
collection promises to infuse<br />
lockets with a vibrant splash of<br />
colour, adding a touch of sparkle<br />
to everyday life as a unique and<br />
personalised jewellery gift.<br />
Ted Baker<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
Darbey returns this season<br />
embodying the iconic T detail of<br />
Ted Baker, adding a refined touch<br />
to your style. The rich green sunray<br />
dial matches with the elegant goldtone<br />
stainless steel case, connected<br />
with the feminine gold tone mesh<br />
bracelet through a T design element<br />
embodied with crystals.<br />
63 | <strong>October</strong> <strong>2023</strong>
<strong>2023</strong> 'Tis the Season | ADVERTISING PROMOTION<br />
The Battery Man<br />
thebatteryman.com.au<br />
Looking for new ways to increase your<br />
business? Try a Seiko Watch Battery<br />
Replacement Service. Ask The Battery<br />
Man about their Seiko Starter Kits,<br />
Seiko tools and spare parts.<br />
UNOde50<br />
TIMESUPPLY<br />
unode50.com.au<br />
If you are looking for something<br />
bold and exclusive, UNOde50 offers<br />
designs that stand out from the<br />
crowd. Handmade in Spain, the<br />
designs are organic and unique,<br />
like the new Charismatic collection<br />
released for Spring/Summer,<br />
with bold chains and vibrant blue<br />
gemstones, or more subtle soft pink<br />
stones, statement pieces that are<br />
sure to become another iconic design.<br />
TIMEX<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
The Marlin Chronograph<br />
Tachymeter boasts the distinction<br />
of being the first chronograph<br />
in the Marlin line, as well as the<br />
first Marlin powered by a quartz<br />
movement. This beautifully detailed<br />
rendition features a tachymeter<br />
index along its outer minute track<br />
to measure speed and distance,<br />
a unique date window placement,<br />
and a perforated natural brown<br />
leather strap.<br />
TIMEX UFC<br />
DESIGNA ACCESSORIES<br />
designaaccessories.com.au<br />
The UFC Colossus comes<br />
equipped with the indestructible<br />
design and core timing features<br />
that fighters and fans need to<br />
compete at the highest level.<br />
Its custom analogue-digital<br />
functionality includes a world<br />
time feature, alarm, calendar,<br />
and chronograph that level<br />
up its traditional mode of<br />
timekeeping.<br />
64 | <strong>October</strong> <strong>2023</strong>
Wolski<br />
wolski.ww@gmail.com<br />
Colour Gemstones: Wolski is a<br />
supplier of natural gemstones<br />
including sapphire, ruby, emerald,<br />
aquamarine, peridot, tanzanite,<br />
tourmaline, topaz, amethyst,<br />
citrine, rubellite, garnet and more.<br />
Pink and blue Argyle diamonds are<br />
also available.<br />
Pink Diamonds: Wolski<br />
are suppliers of natural<br />
colour pink and blue<br />
Argyle diamonds.<br />
Single diamonds and<br />
pairs or matched<br />
sets are available.<br />
Argyle certificates are<br />
provided for larger<br />
diamonds. Natural<br />
gemstones are also<br />
available.<br />
Worth & Douglas<br />
wdrings.com<br />
Introducing the latest additions to the Worth & Douglas LUV<br />
YOU collection - personalised children's bangles. Each bangle is<br />
crafted in gold or silver, with any choice of special messages or<br />
names and adorned with synthetic or semi-precious gemstones.<br />
EXCLUSIVELY DISTRIBUTED IN AUSTRALIA AND NEW ZEALAND BY<br />
AU +61 2 8543 4600 NZ +64 9 480 2211 | designaaccessories.com.au
EVENT FEATURE<br />
On the Horizon<br />
AN EXTRAORDINARY<br />
HONG KONG CELEBRATES ANNIVERSARY IN STYLE<br />
T<br />
he first <strong>Jeweller</strong>y and Gem World Hong<br />
Kong trade show since the pandemic has<br />
come and gone, sure to be remembered<br />
for its electric atmosphere as the international<br />
jewellery industry undergoes great change.<br />
As the first edition of the show to take place since<br />
the COVID pandemic began in 2020, the trade show<br />
floor was dominated by speculation about the future<br />
of the industry and a pensive self-reflection on the<br />
accomplishments of the past.<br />
The theme of this year’s show, which concluded at<br />
the Hong Kong Convention and Exhibition Centre on<br />
22 September, was ‘40 Extraordinary Years.’<br />
In 1983, Headway Trade Fairs launched the Hong<br />
Kong <strong>Jeweller</strong>y and Watch Fair in a hotel in Tsim<br />
Shai Tsui. The inaugural edition of the show had 110<br />
exhibitions and summoned 700 visitors.<br />
How times have changed! This year’s show was a<br />
gathering of more than 3,400 exhibitors across two<br />
venues –jewellery exhibitors appearing at the HKCEC<br />
and loose gemstone suppliers showcasing their<br />
wares at the Asia World Expo.<br />
More than 50,000 visitors participated in the sevenday<br />
event, travelling from more than 140 countries<br />
worldwide.<br />
To celebrate organiser Informa Markets presented<br />
40 individuals with awards judged to have made a<br />
lasting impact on the industry.<br />
The award winners come from diverse backgrounds<br />
– from design and manufacturing, diamond trading,<br />
gemstone research, and technology companies.<br />
The one thing they each shared in common was<br />
a history of elevating the jewellery industry itself -<br />
beyond their business interests.<br />
Informa Markets vice president David Bondi said<br />
that after a flurry of last-minute applications from<br />
exhibitors, the importance of Hong Kong to global<br />
trade was more evident than ever before.<br />
“This is an important opportunity to acknowledge the<br />
people who have stood by our side during times of<br />
triumph and supported us during days of adversity,”<br />
he said.<br />
“What is clear to me, seeing everyone here today,<br />
is that Hong Kong is well and truly back on track.<br />
Standards in this industry are always improving, and<br />
we maintain that Hong Kong is the best place in the<br />
world to do business.”<br />
Among the ‘Extraordinary 40’ award winners was<br />
Lawrence Ma, the founding president of the Diamond<br />
Federation of Hong Kong.<br />
“I’m speaking from my heart when I say how happy it<br />
makes me to see you all in this room,” Ma said.<br />
“I don’t think you understand just how desperate we<br />
were to see everyone back in Hong Kong again after<br />
everything that’s unfolded since 2019. This is a time<br />
to celebrate.”<br />
Informa Markets hosts two major jewellery fairs<br />
each year in Hong Kong. <strong>Jeweller</strong>y and Gem Asia<br />
Hong Kong took place for the first time in four years<br />
in June.<br />
In September of 2022, <strong>Jeweller</strong>y and Gem World<br />
Singapore occurred as a one-off event in lieu of the<br />
traditional September show.<br />
All the colours of the rainbow<br />
The trade show began on 16 September at the Asia<br />
World Expo, a stone’s throw from the Hong Kong<br />
International Airport.<br />
The halls were packed with loose gemstone and<br />
diamond suppliers, and the consistent feedback from<br />
exhibitors and retailers was that colour gemstones<br />
are continuing to enjoy a moment in the sun.<br />
It was pleasing to see Australian faces with a role to<br />
play on the international stage, and among the crowd<br />
was Justin Thomas, owner of Black Opal Direct, a<br />
company based in Lightning Ridge in NSW.<br />
“This is our first time exhibiting here in Hong Kong,<br />
and it’s been a good experience,” Thomas told<br />
<strong>Jeweller</strong>.<br />
“[I would agree] that the location may feel a little<br />
limited or isolated, and from what I’ve heard, the foot<br />
traffic is possibly slightly down. With that said, I think<br />
there’s a real tendency to overthink these things, and<br />
we have been happy with our reception with buyers.”<br />
A short walk away from Black Opal Direct was<br />
another Australian company – Opals by Emmanuel<br />
Christianos. Australian opals remain in high demand<br />
abroad, particularly in Asian countries; however,<br />
supply has become a significant issue as the ageing<br />
mining industry finds itself with a reduced workforce.<br />
George Christianos explained that his company has<br />
recently returned to mining to address this problem.<br />
“Supply is still very much an important issue facing<br />
our industry. We’ve recently returned to mining to try<br />
and address that,” he explained.<br />
Because of this confluence between supply and<br />
demand, Australian opal prices have consistently<br />
risen in recent years. Christianos said there was an<br />
interesting distinction between Western and Eastern<br />
buyers in response to this environment.<br />
“Buyers are hesitant for many different reasons<br />
at this stage – it’s mostly about the state of the<br />
economy, of course. Western buyers are seeing<br />
current prices and are very apprehensive,” he said.<br />
66 | <strong>October</strong> <strong>2023</strong>
A WALK THROUGH<br />
THE HALLS<br />
“The same can’t be said for the Chinese buyers we’ve<br />
spoken with. They don’t have these concerns at all;<br />
the demand is just so high for opal, there’s nothing to<br />
worry about.”<br />
The importance of the Australian opal industry was<br />
highlighted in the Extraordinary 40 presentations,<br />
with Damien Cody of Cody Opal Australia<br />
acknowledged for his service to the broader industry.<br />
“Damien [Cody] is arguably one of the world’s leading<br />
experts on all things opal,” the event organisers said.<br />
“Director of Cody Opal Australia, he has been<br />
instrumental in professionalising the opal industry<br />
and bringing the gemstone to global prominence.”<br />
Aquatic treasures<br />
The demand for pearls and pearl jewellery in Asia<br />
remains as strong as ever for similar reasons –<br />
supply is uncertain, and prices are increasing in<br />
response. On the opening two days of trade at the<br />
Asia World Expo, the pearls section was packed with<br />
buyers eager to acquire goods as quickly as possible<br />
in fear of missing out.<br />
Among the crowded floor was a familiar face -<br />
Adam Crase of South Sea Pearls and <strong>Jeweller</strong>y.<br />
Specialising in pearl mounts, fittings, and finished<br />
pearl jewellery, Crase said the demand for pearls in<br />
Asia shows no signs of slowing down.<br />
“We’ve had a good fair – lots of sales and many<br />
questions from buyers who aren’t familiar with our<br />
business but are hoping to learn more, which is<br />
always a good sign,” Crase said.<br />
“It was an exciting feeling stepping out onto the floor<br />
again the past four years, and the first few days, in<br />
particular, were very busy. We couldn’t speak with<br />
everyone that we wanted to, which is a good problem<br />
to have.”<br />
Show stoppers<br />
At the Hong Kong Convention and Exhibition Centre,<br />
the crown atop the head of the trade show was the<br />
fine jewellery pavilion, located on the third floor.<br />
Some of the world’s most remarkable fine jewellery<br />
was on display, and despite being somewhat ‘out of<br />
the way’ compared with the remainder of the show,<br />
the hall was consistently full of admiring visitors.<br />
House of Dehres executive director Simon Zion said<br />
he was pleased with how the fair unfolded.<br />
“I would say that it’s been a little bit quiet, which is<br />
what we expected as the recovery from the pandemic<br />
continues. For us, it’s about the quality of the visitors<br />
rather than the quantity. We are hoping to meet<br />
‘serious’ buyers, and in that regard, we are more than<br />
happy,” he said.<br />
“There’s a lot of uncertainty in the market for many<br />
different reasons. That said, fancy colour diamonds<br />
and colour gemstones are selling very well. They are<br />
still very much in demand.”<br />
Another exhibitor in the fine jewellery generating<br />
significant attention was LJ West Diamonds.<br />
Australian managing director William Gant was<br />
generous with his time.<br />
“I think the first thing that strikes you when you event<br />
an event like this trade show is the sheer size – it’s<br />
gargantuan,” Gant joked.<br />
“It can be exhausting to navigate, and you could never<br />
hope to see it all, but I think both locations are good,<br />
and it’s clear the organisation is down pat. I think the<br />
organisers have fine-tuned their approach to how an<br />
event like this should run.”<br />
What does the future hold?<br />
While introspection and reflection was the key<br />
theme of this year’s trade show, it also presented an<br />
opportunity to look forward and plan for the future.<br />
While pearls, colour gemstones and fine jewellery<br />
all appeared to sell well, the diamond pavilions were<br />
dominated by uncertainty. Everything from the impact<br />
of Russian diamond sanctions to the influence of labcreated<br />
diamonds on the market weighed heavily on<br />
the minds of visitors and exhibitors.<br />
During the Extraordinary 40 Awards presentation,<br />
Ahmed Sultan Bin Sulayem – executive chairman of<br />
the Dubai Multi Commodities Centre – had a simple<br />
message.<br />
“The past four years have been a reminder that we<br />
should embrace the hard times, for without them, we<br />
would grow weak,” he said.<br />
During a Q&A session featuring four award winners,<br />
<strong>Jeweller</strong> put forward a simple question – “With<br />
2030 now less than seven years away, what are your<br />
predictions for the remainder of the decade for the<br />
international jewellery industry?”<br />
Each panellist offered a unique answer, addressing<br />
everything from evolving technology to changing<br />
consumer patterns; however, Lawrence Ma stole the<br />
show with a unique response.<br />
“I think if I’ve learned anything from the past few<br />
years, it’s that no one truly knows what the future<br />
holds. Who could have predicted everything that has<br />
unfolded since 2019?” he asked.<br />
“It’s important to educate yourself, of course, and to<br />
plan for the road ahead, but as to what the world will<br />
look like in 2030, I don’t think anyone really knows.”<br />
<strong>Jeweller</strong>y and Gem World Hong Kong returns in 2024,<br />
beginning at the Asia World-Expo on 16 September<br />
and concluding at the Hong Kong Convention and<br />
Exhibition Centre on 22 September.<br />
<strong>October</strong> <strong>2023</strong> | 67
PEDAL TO THE METAL<br />
Sterling Silver<br />
Metal<br />
Consumers are increasingly price sensitive.<br />
SAMUEL ORD reveals the many<br />
advantages silver jewellery offers retailers<br />
Lucy Quartermaine
Lucy Quartermaine<br />
Eva Remenyi<br />
W<br />
hile recent times have seen difficult<br />
economic conditions with stores<br />
needing to deal with a decline in<br />
discretionary spending, there is a silver lining!<br />
Cost of living pressures, interest rates, and<br />
a troubled housing market have all led to<br />
declining consumer confidence, and in these<br />
circumstances, spending on jewellery and<br />
watches – a luxury and not a necessity – is<br />
often first on the chopping block when it comes<br />
time to budget.<br />
This leaves retailers facing an important<br />
ultimatum – stay the course and hope for<br />
smoother sailing or experiment with new stock.<br />
If you’re reading this and believe you belong to the<br />
second camp – how much consideration have you<br />
put into your sterling silver offerings targeting a<br />
more price-conscious customer?<br />
Faithful and reliable<br />
According to recent research from The Silver<br />
Institute, 52 per cent of jewellers who completed<br />
a US-based survey said their silver jewellery<br />
sales increased in 2022.<br />
Survey respondents said the best-selling<br />
opportunity for silver jewellery was with the<br />
demographic of ‘self-purchasing’ women (34<br />
per cent). In comparison, 26 per cent said silver<br />
jewellery was purchased predominantly as a gift.<br />
The most important figure was as follows: 78 per<br />
cent of retailers said silver jewellery was either<br />
essential or very important to their business.<br />
A further 88 per cent of retailers reported that<br />
they were optimistic that silver sales would<br />
increase in the coming year<br />
This demand is far from a new phenomenon<br />
– in fact, about as far back as you can go,<br />
you’ll discover cultures that have revered<br />
silver adornments.<br />
"In its purest form, silver is soft and<br />
malleable and subsequently is perfect for<br />
moulding into any form of jewellery. ."<br />
Approximately 6,000 years ago in Mesopotamia,<br />
silver was used as a currency. This was before<br />
coins were adopted as the standard, so silver was<br />
traded by weight or in the form of rings.<br />
Silver was also popular in Ancient Egypt. The<br />
Egyptians adored rare and exotic gemstones, and<br />
travellers would acquire silver along the trade<br />
route for the prized lapis lazuli of Central Asia.<br />
In Ancient Roman and Greek civilisations,<br />
silver was vital to the currency in the form of<br />
minted coins. Pliny the Elder, a Roman author<br />
and philosopher, extensively documented the<br />
importance of silver to the culture of the day.<br />
“It is a remarkable fact that the art of chasing<br />
gold should have conferred no celebrity upon<br />
any person, while that of embossing silver has<br />
rendered many illustrious,” he wrote.<br />
Why silver?<br />
In its purest form, silver is soft and malleable<br />
and subsequently is perfect for moulding into any<br />
form of jewellery.<br />
Archaeologists studying Mesopotamia have<br />
unearthed figurines and jewellery indicating that<br />
silver with high purity was used, yielding quite<br />
soft objects.<br />
To improve the sales of silver jewellery at your<br />
store, you must educate your customers on the<br />
following advantages.<br />
Sterling silver has the classic silver ‘sparkle’ and<br />
improves the quality of the metal – so there’s no<br />
reason for customers to feel that they are getting<br />
a ‘watered down’ product.<br />
Sterling silver is ideal for an elegant or ‘classy’<br />
look, long-lasting and perhaps most importantly,<br />
more affordable than other metals.<br />
It’s not just the price point and innate beauty of<br />
silver jewellery that makes it a wise choice for<br />
retailers – it’s also in style.<br />
According to research by Depop, an e-commerce<br />
company based in London, searches for silver<br />
jewellery increased by 300 per cent month-on-<br />
<strong>October</strong> <strong>2023</strong> | 69
KASUN LONDON<br />
month earlier this year.<br />
“After years as stalwart gold jewellery devotees, it's<br />
time to try the metal's subtler, sleeker sister: silver,”<br />
writes Daisy Murray of Elle.<br />
"Not since skinny jeans' much-publicised demise have<br />
we felt so torn by a sartorial shift, but after seasons<br />
of hints on and off the runway, we're willing to try and<br />
swap out at least some of our gold for silver.<br />
Less glam and more grit certainly does feel very <strong>2023</strong><br />
to us; in fact, we think it's the lack of flash that has<br />
everyone drawn to silver in the first place.”<br />
What do jewellers think?<br />
Zoe Richardson owns Zoe Alexandria – a Sydney-based<br />
business that takes pride in restoring overlooked<br />
jewellery into timeless pieces.<br />
She says silver jewellery is always popular with her<br />
customers for many reasons.<br />
“Silver is the most popular white metal with my<br />
customers, followed by white gold,” she says.<br />
“I think it’s mostly popular due to its affordable price<br />
point and the fact that most people recognise silver as<br />
a metal, but a lot of them don’t really know much about<br />
white gold.”<br />
Nearly 900 kilometres away in Melbourne, Rebecca<br />
Shearer, owner of Scarlett <strong>Jeweller</strong>y Label, says that<br />
silver jewellery is an ideal offering to price-sensitive<br />
customers.<br />
“Silver presents an opportunity for lower-priced, more<br />
affordable pieces, which can be worn more casually,”<br />
she says.<br />
In South Australia, Simone Walsh, a jewellery designer<br />
and founder of Simone Walsh Designs, says that the<br />
natural qualities of silver jewellery shine bright when<br />
compared with other metals.<br />
“Sterling silver jewellery is an excellent, high-quality<br />
choice in most circumstances,” she says.<br />
LISTEN UP!<br />
Silver in the Spotlight<br />
PLINY THE ELDER<br />
PHILOSOPHER<br />
"It is a remarkable fact that<br />
the art of chasing gold should<br />
have conferred no celebrity<br />
upon any person, while that of<br />
embossing silver has rendered<br />
many illustrious."<br />
DAISY MURRAY<br />
ELLE<br />
"After years as stalwart gold<br />
jewellery devotees, it's time to<br />
try the metal's subtler, sleeker<br />
sister: silver."<br />
ZOE RICHARDSON<br />
ZOE ALEXANDRIA<br />
"I think it’s mostly popular due to<br />
its affordable price point and the<br />
fact that most people recognise<br />
silver as a metal, but a lot of<br />
them don’t really know much<br />
about white gold."<br />
“The metal will not rust or perish; plus, if you look after<br />
your jewellery, it will look great well into the future. You<br />
should even be able to pass your silver jewellery on to<br />
future generations.<br />
“On top of those benefits, having silver jewellery in<br />
your collection will add to its style, value, longevity and<br />
versatility. Silver jewellery is a truly excellent choice.”<br />
Youth movement<br />
That same by The Silver Institute study found that<br />
of those purchasing silver jewellery, 52 per cent of<br />
customers were between the age of 20-40.<br />
The second most prominent demographic was<br />
those younger than 20, who comprised 17 per cent<br />
of consumers. Research has suggested that today’s<br />
youngest consumers value this personalisation more<br />
than previous generations.<br />
"The Survey respondents said the best-selling<br />
opportunity for silver jewellery was with<br />
the demographic of ‘self-purchasing’<br />
women (34 per cent)."<br />
One study found that 62 per cent of ‘Gen Z’ consumers<br />
surveyed said they would spend more on products<br />
emphasising personalisation. Another study found<br />
that 75 per cent of Gen Z consumers are more likely to<br />
purchase a product if it can be customised.<br />
Because of its soft and malleable nature, silver is an<br />
ideal opportunity for retailers to offer personalised<br />
pieces targeting younger consumers.<br />
For retailers and consumers, the attractive price is a<br />
significant additional advantage of this strategy.<br />
For an example of a brand that has capitalised on the<br />
advantages presented by personalised silver jewellery,<br />
look no further than Pandora.<br />
Pandora is the world’s largest mass-market jewellery<br />
70 | <strong>October</strong> <strong>2023</strong>
UNO DE 50 THOMAS SABO PANDORA<br />
brand and offers an extensive range of silver products.<br />
David Allen, Pandora’s outgoing Pacific and Greater<br />
Asia managing director tells <strong>Jeweller</strong> that Generation Z<br />
holds a refreshing view of personalisation in jewellery.<br />
“When we think of personalised jewellery, we think<br />
engraving, initials, birthstones, etc. This type of<br />
jewellery has a place in the assortment for shoppers of<br />
all ages,” Allen explains.<br />
“Gen Z, however, are looking for expression of their<br />
individual identity. This relates to the physical product<br />
as well as in alignment of values with the brand.”<br />
Sceptical?<br />
Earlier this year, <strong>Jeweller</strong> investigated whether celebrity<br />
endorsements significantly impact sales for retailers,<br />
and the findings were surprising.<br />
While many jewellers were sceptical of the influence,<br />
others insisted that sales soon follow when a<br />
‘trendsetter’ wears a specific jewellery style.<br />
Natasha Chipman owns Natasha Schweitzer, with<br />
stores in Sydney, Brisbane, and Melbourne, boasting a<br />
wide range of silver jewellery.<br />
“Celebrities frequently wear Natasha Schweitzer<br />
jewellery - most recently Taylor Swift, Katie Holmes,<br />
and Miranda Kerr. For our brand, we look at celebrities<br />
as more of a branding exercise rather than a direct<br />
sales driver,” she says.<br />
Sydney-based Enesea was launched in 2019 and carries<br />
a range of silver jewellery.<br />
Founder Nikki Ehrlich says that celebrity endorsement<br />
has been an essential factor in the expansion of the<br />
business.<br />
“Whenever an influencer posts an Enesea piece, we see<br />
a spike in sales for that particular item,” she reveals.<br />
“Celebrities and influencers wearing a certain brand<br />
or style of jewellery give the business or brand more<br />
‘credibility’ in the eyes of consumers.”<br />
LISTEN UP!<br />
Silver in the Spotlight<br />
REBECCA SHEARER<br />
SCARLETT JEWELLERY LABEL<br />
"Silver presents an<br />
opportunity for lowerpriced,<br />
more affordable<br />
pieces, which can be worn<br />
more casually."<br />
SIMONE WALSH<br />
SIMONE WALSH DESIGNS<br />
"The metal will not rust or<br />
perish; plus, if you look after<br />
your jewellery, it will look<br />
great well into the future. You<br />
should even be able to pass<br />
your silver jewellery on to<br />
future generations."<br />
NIKKI EHRLICH<br />
ENESEA<br />
"Celebrities and influencers<br />
wearing a certain brand or style<br />
of jewellery give the business or<br />
brand more ‘credibility’ in the<br />
eyes of consumers."<br />
Don’t miss the boat<br />
These consumers, who might be feeling the crunch now<br />
more than ever, present an opportunity for you to review<br />
your product offering and meet new needs.<br />
Silver jewellery is increasingly popular with younger<br />
consumers, enjoying the benefits of frequent celebrity<br />
endorsement – a critical factor in the purchasing<br />
process for that demographic.<br />
Silver is also well suited for personalised and<br />
custom designs, which is also increasingly popular<br />
with young consumers.<br />
Beyond the innate beauty of the metal, its popularity<br />
with young consumers, and its appealing price point –<br />
it’s also having a moment in terms of style.<br />
“After years spent praising the wonders of gold<br />
jewellery, silver jewellery has emerged — or reemerged—<br />
as the prominent metal of late,” writes<br />
Julia Marzovilla for Marie Claire.<br />
“This season, I'm not only drawn to more classic<br />
articles of clothing but jewellery too. The silver pieces<br />
in my jewellery box — the pieces I’ve had since my<br />
teenage years or even before — are the ones I reached<br />
for this season, and I wasn’t alone.<br />
“Silver jewellery has been hailed as one of <strong>2023</strong>’s<br />
biggest jewellery trends, both on the runway and off.”<br />
Many retailers and consumers have shied away from<br />
silver jewellery, fearing it’s the ‘cheap’ alternative to<br />
gold or platinum.<br />
There are two sides to every story; however, what<br />
may have been considered ‘cheap’ might now be<br />
considered ‘affordable’ in light of certain adverse<br />
economic conditions.<br />
Retailers need to be flexible and willing to change with<br />
the times. While consumers still have that timeless<br />
desire to adorn themselves with dazzling jewellery,<br />
budgets are constrained – leaving silver jewellery as<br />
the ideal candidate to meet these challenges.<br />
<strong>October</strong> <strong>2023</strong> | 71
BUSINESS<br />
Strategy<br />
December is nearly here –<br />
are you ready?<br />
Are you ready to make the most of the busiest time of the year? DAVID BROWN encourages<br />
you to be well-prepared for the holiday trading period.<br />
The busiest period of the year is upon us,<br />
and as overwhelming as it can be, it is also<br />
the most profitable time of the year – and<br />
you must be prepared.<br />
You may have hit a wall as you juggle cash<br />
flow while the new product starts arriving.<br />
Quality inventory control isn’t just about<br />
clearing space in the display cabinets; it’s<br />
about finding room in the bank account to<br />
make the required payments.<br />
With that in mind, the start for your<br />
December preparation is to actively clear<br />
the old items that are not meeting your<br />
customer's needs.<br />
These old favourites are getting in the way<br />
and must be moved on!<br />
Begin by setting a clear goal. How much<br />
money do you need to get back into your<br />
bank account to achieve the cash flow you<br />
need ahead of time?<br />
What would make you comfortably<br />
afford the product you need to sell over<br />
December?<br />
Identify your targets. To realise this cash,<br />
which items need to be moved on to top the<br />
bank account up again?<br />
Depending on how aggressive you plan to be<br />
on pricing, the amount of inventory that has<br />
to go will vary.<br />
If you’re still returning a profit on these<br />
items at a reduced price, you may not need<br />
as many sales to achieve the desired result.<br />
If you cut them more ruthlessly, these<br />
products will sell quicker while realising<br />
less of their original retail price, so more of<br />
them will need to be sold.<br />
Of course, some targeted products won’t<br />
sell well.<br />
Assume you will need to move at least 50<br />
per cent more inventory items than you<br />
need to allow for this.<br />
These items have sat on your shelves for a<br />
while, and their current retail price may not<br />
reflect the market value or even the cost of<br />
their materials.<br />
Repricing these products to current retail<br />
prices will allow you to reassess them<br />
better.<br />
Decreasing prices may help move these<br />
products.<br />
Increasing prices may give you a more<br />
accurate start from which to discount them.<br />
Either way, you’re starting from a more<br />
accurate assessment point.<br />
Make these products look presentable. Are<br />
the tickets tattered? Have they been given a<br />
proper clean recently?<br />
If not, this may be half of the reason they<br />
haven’t been sold yet. A quick polish and<br />
re-label may make a surprising amount of<br />
difference.<br />
Offer your staff some incentives! Why not<br />
offer bonuses to staff for moving the older<br />
jewellery?<br />
A discount of $100 on a $1,000 item may<br />
not enthuse the customer; however, the<br />
promise of $100 to any staff member who<br />
Make these<br />
products look<br />
presentable.<br />
Are the tickets<br />
tattered? Have<br />
they been given<br />
a proper clean<br />
recently? If not,<br />
this may be half<br />
of the reason<br />
they haven’t<br />
been sold yet.<br />
sells it at a total price may get a motivated<br />
response!<br />
Discounting is still an option. If you’re still<br />
left with a product you are tired of looking<br />
at, give the customer a good reason to<br />
take it off your hands.<br />
Sometimes, you need to cut your losses on<br />
these items.<br />
If a customer is looking for a deal on a new<br />
piece you have, then why not offer the item<br />
at a total price with a sweetener on one of<br />
your older items thrown in?<br />
A new stock ring offered at a total price<br />
with a free pair of old earrings might get<br />
the deal across the line.<br />
Follow up on the items you have chosen<br />
to clear.<br />
This is not a set-and-forget plan! You will<br />
need to review your progress regularly.<br />
Give these items their own ID tag in your<br />
reporting so you can quickly view what has<br />
moved and what you have remaining.<br />
Talk to staff regularly about these targeted<br />
products. Remind everyone, using the<br />
information from the reports, which pieces<br />
you still need to sell as a priority.<br />
Managing older inventory is always a<br />
work in progress, but it can be essential<br />
at this time of year when you need to start<br />
improving that pre-December cash flow.<br />
An active strategy will work far more<br />
effectively in this regard – do not leave it<br />
to chance.<br />
72 | <strong>October</strong> <strong>2023</strong>
Managing your staff for victory<br />
I've often drawn comparisons between<br />
running a business and coaching a<br />
sports team.<br />
While business measures in profit and<br />
sports teams measure in score lines, the<br />
important thing is that a measurement<br />
of performance is taking place, and an<br />
outcome is noted.<br />
Customers and fans must be kept happy,<br />
especially for those who may be willing<br />
to shop elsewhere – not all fans are<br />
committed for life!<br />
Both must rely on their staff or personnel<br />
to achieve their desired results.<br />
Relating a business situation to a sporting<br />
scenario resonates with owners.<br />
They often can’t see the point of something<br />
that relates to their business until it is<br />
portrayed in a language that they can<br />
understand as sports fans.<br />
As such, I’ve identified several comparisons<br />
from the sporting world that illustrate the<br />
best areas to work on with your staff during<br />
the year's busiest period.<br />
• Set clear expectations: Wingers score<br />
tries; strikers kick goals, and batters find<br />
boundaries.<br />
Sales staff need their targets too! Everyone<br />
benefits when the objectives are concise<br />
and easy to understand.<br />
these targets are not a 'wish' - they are<br />
your expectation.<br />
• Provide regular feedback: Every athlete<br />
gets pointers from the coach, and you need<br />
to give regular feedback to your employees<br />
on their performance constructively.<br />
Praise employees who are doing well and<br />
guide those who could do better.<br />
Identify areas where they can improve<br />
and provide specific actions to improve<br />
themselves.<br />
• Encourage teamwork: Find a sports<br />
team where one person does everything,<br />
and you'll see a team that won't win.<br />
Retail is a fast-paced industry, and<br />
workloads can be overwhelming.<br />
Encouraging teamwork can make<br />
a big difference.<br />
Foster a culture of collaboration, where<br />
employees are willing to help each other<br />
during high-volume periods.<br />
As the old saying goes: 'many hands make<br />
light work.'<br />
• Invest in training: A successful sports<br />
team puts more time into training than<br />
playing.<br />
This isn't possible in retail; however,<br />
providing continuous employee training is<br />
critical in any industry, especially in a retail<br />
environment.<br />
SPORTS<br />
AND<br />
BUSINESS<br />
Set clear<br />
expectations<br />
To achieve your<br />
goals, each<br />
staff member<br />
must clearly<br />
understand<br />
what’s expected<br />
of them.<br />
Encourage<br />
teamwork<br />
Many hands<br />
make light work.<br />
Foster a work<br />
culture where<br />
everyone is<br />
willing to assist<br />
an employee in<br />
need.<br />
Lead by<br />
example<br />
There is no better<br />
way to create a<br />
strong work sales<br />
culture than by<br />
showing that<br />
you’re willing to<br />
do the hard yards<br />
yourself.<br />
Celebrate employee successes, reward<br />
your team for reaching sales targets, and<br />
acknowledge their hard work.<br />
This creates a positive work environment and<br />
motivates your employees to achieve more.<br />
• Build relationships: On-field results are<br />
best when the players know and trust each<br />
other well.<br />
Getting to know your employees and having<br />
them know each other personally can also<br />
help create a positive work environment.<br />
Engage in casual conversation, take an<br />
interest in their hobbies, and ask them about<br />
their families. Building positive relationships<br />
with employees can help create a sense<br />
of community and a better dynamic in the<br />
workplace.<br />
• Lead by example: After a poor start to the<br />
season culminating in a 0-4 loss, the new<br />
Manchester United manager, Eric Ten Hag,<br />
dragged the entire team out for a punishing<br />
early morning run the next day.<br />
Ten Hag didn’t just punish the team and put<br />
himself through the run, earning massive<br />
respect from a squad of stars who had been<br />
bickering like prima donnas.<br />
Needless to say, they turned their season<br />
around. Being a good manager is about<br />
setting the right example.<br />
Lead by example, be present, and<br />
provide guidance when needed.<br />
Define the expectations for each<br />
employee's role, including sales targets,<br />
customer service standards, and job duties.<br />
Invest in ongoing training for your staff to<br />
keep up with the latest trends, technology,<br />
and customer service techniques.<br />
Show your team what is required to be<br />
a successful retail employee by being<br />
prepared to do it yourself.<br />
Let them know what you expect from them<br />
and provide the necessary resources and<br />
training to help them meet these targets.<br />
This should be a routine discussion with<br />
your staff so that they understand that<br />
• Celebrate successes: Your team need<br />
their victories and trophy moments too!<br />
Employees who feel appreciated are more<br />
likely to stay with a business long-term.<br />
After all, time flies when you’re having fun.<br />
DAVID BROWN is co-founder<br />
and business mentor with Retail<br />
Edge Consultants. Learn more:<br />
retailedgeconsultants.com<br />
<strong>October</strong> <strong>2023</strong> | 73
BUSINESS<br />
Selling<br />
Understand the impatience of future consumers<br />
The COVID-19 pandemic has had a lasting impact on retail.<br />
ANASTASIA LLOYD-WALLS details the future habits of consumers.<br />
From a retail perspective, the<br />
past 12 months have been more<br />
of a continuation of the consumer<br />
behaviours we witnessed develop<br />
during the COVID-19 pandemic.<br />
than is necessary.<br />
Conditioning consumers<br />
As consumers have been conditioned<br />
to expected immediate results,<br />
One of the progressive things the<br />
pandemic did was accelerate the<br />
evolution of retail practices that was<br />
expected over the next 5-10 years,<br />
pandemic or no pandemic.<br />
This acceleration was driven by both the<br />
‘lockdown’ restrictions implemented<br />
during the pandemic and the adoption of<br />
new technologies such as 5G.<br />
An important example of this is the volume<br />
of data used by the average consumer.<br />
Niche activities have become part of our<br />
everyday lives! People are connecting to<br />
Zoom, Skype, and Microsoft Teams every<br />
day to conduct business and to connect<br />
with loved ones.<br />
Every part of a consumer’s life is now<br />
managed through the internet. Online<br />
shopping has increased as a result, and<br />
the rapid spread of ‘streaming services’ is<br />
further evidence of this.<br />
The reality of the forced acceleration<br />
brought on by COVID is that people chose<br />
to be less social in person, but more<br />
present in a digital environment.<br />
I’m sure you’d agree that the arrival of<br />
‘constant availability’ via technology was<br />
not anticipated by retail businesses;<br />
however, it’s now a reality – for you, and<br />
your business.<br />
Consumer expectations<br />
From a consumer perspective, people<br />
expect ease of access and a quick<br />
purchasing experience.<br />
Put another way, consumers want to have<br />
the service they want, when they want it,<br />
and how they want it!<br />
<strong>Jeweller</strong>y retailers are expected to<br />
meet these demands, which in certain<br />
circumstances, is a major hurdle.<br />
It’s important to review your business<br />
with these expectations in mind. Are<br />
there any ways that you can reduce<br />
the time that consumers spend when<br />
shopping with you?<br />
Time as a form of currency<br />
This desire for ‘immediacy’ hasn’t been<br />
answered by all companies and industries.<br />
It’s funny to think that you can purchase<br />
a necklace or chain from overseas in a<br />
matter of seconds, but when it comes to<br />
closing an account with an energy provider,<br />
you may be on the phone for an hour!<br />
With that said, many businesses have<br />
pivoted. Many retailers offer a live chat<br />
service and shopping is largely automated<br />
with many businesses via self-service.<br />
The businesses that have not adapted to<br />
these needs must understand that’s it’s no<br />
longer acceptable to leave a customer on<br />
hold for a significant amount of time<br />
– they will take their business elsewhere.<br />
In order for your business to meet<br />
these needs, this may require an early<br />
investment of a into a technological<br />
overhaul of your operations. With that said,<br />
the investment is likely to be repaid by your<br />
loyal customers over the coming years,<br />
satisfied with the knowledge that you<br />
value their time.<br />
Minimise any processes in your<br />
business that cause frustration for your<br />
customers by consuming more time<br />
I’m sure you’d<br />
agree that<br />
the arrival<br />
of ‘constant<br />
availability’ via<br />
technology was<br />
not anticipated<br />
by retail<br />
businesses;<br />
however, it’s<br />
now a reality<br />
– for you, and<br />
your business.<br />
live chats and immediate responses<br />
are one of the requirements modern<br />
consumers have.<br />
Fast and efficient service is a function<br />
of successful businesses now. The<br />
added benefit for your business is that<br />
early communication is an opportunity<br />
to further personalise your services.<br />
It’s a well-known fact that many<br />
younger consumers are happier to be<br />
tech connected and don’t enjoy making<br />
phone calls – a personalised digital<br />
message from your business is the<br />
solution to this dilemma.<br />
With that said, I would also<br />
encourage you to avoid profiling your<br />
customers based on age. The age of<br />
personalisation is upon us, and while<br />
many consumers share overlapping<br />
characteristic based on age, what they<br />
want is to be treated as an individual.<br />
Understanding their individual<br />
emotional drivers is the key to<br />
creating a frictionless journey for<br />
each consumer and in the process,<br />
developing a base of loyal customers.<br />
A further piece of advice: If you still<br />
maintain the traditional retail belief that<br />
you can find customers when you want<br />
them, then you are in trouble!<br />
In today’s economy, you don’t find the<br />
customer, the customer finds you.<br />
They have more options than ever<br />
before – what matters most is that they<br />
choose your store.<br />
Remind your staff of this fact<br />
frequently, as it should be in the back of<br />
their minds during every interaction.<br />
ANASTASIA LLOYD-WALLIS is the<br />
head of consumer insights at<br />
Retail Doctor Group.<br />
Learn more: retaildoctor.com.au<br />
74 | <strong>October</strong> <strong>2023</strong>
BUSINESS<br />
Management<br />
In business, what does it really mean to ‘fail'?<br />
When something goes wrong, our first move is usually to assign blame.<br />
DAVID BROCK urges you to reconsider how you view failure as it relates to your jewellery store.<br />
There is a significant benefit to<br />
empowering your employees to break the<br />
rules for their customers.<br />
My social media feeds are constantly filled<br />
with data and stories about sales ‘failures’.<br />
“Our staff aren’t productive enough! They<br />
aren’t winning enough sales! They aren’t<br />
using the tools! They aren’t making quota!”<br />
to correct performance is a leadership issue –<br />
more specifically, a leadership failure.<br />
Change your thinking<br />
While I’m on the topic of failure, we must reassess<br />
our mindsets about failure. While we<br />
shouldn’t purposefully set out to fail (if we do,<br />
we are likely to succeed in that endeavour);<br />
however, we shouldn’t avoid failure.<br />
These are some of the more common<br />
complaints we hear. It’s easy to blame our<br />
staff for poor sales performance; however,<br />
are we assigning the responsibility<br />
correctly? Is the failure because of them,<br />
or are they failing for another reason?<br />
Our staff are directly accountable for<br />
producing results; when they don’t, it’s<br />
easy to point the finger at them.<br />
It’s human nature to try to assign blame;<br />
however, assigning blame doesn’t solve<br />
the problem. With that said, rarely the<br />
responsibility can ever be attributed to a<br />
single individual. Just like it takes a team to<br />
win, it takes a team to fail.<br />
There are many types of failure, so<br />
allow me to focus on the two that tend to<br />
dominate sales performance.<br />
Performance expectations<br />
The first, and I suspect the smallest<br />
category, is the failure of individuals to<br />
meet performance expectations.<br />
There are many reasons an individual<br />
might fail. Someone other than them<br />
may be the right person for the job,<br />
which is a failure in the hiring process.<br />
They may need to gain the skills to<br />
perform as expected.<br />
When we encounter this, both managers<br />
and the front line sales staff need to<br />
coach and help that individual improve<br />
their performance.<br />
If they can’t improve and meet<br />
performance objectives, we need to move<br />
them into roles where they can meet<br />
performance expectations, sometimes in<br />
roles outside the company.<br />
The more common failures are systemic<br />
failures. These are failures not of a few<br />
individuals. Instead, it’s a collapse within<br />
the majority of the organisation, which<br />
leads to missed objectives.<br />
These are crippling to any business, and<br />
too often, how we deal with systemic<br />
failure aggravates or prolongs the issue.<br />
Systemic failures are not failures of<br />
individuals. They are doing what we have<br />
told, trained, equipped, and hopefully<br />
coached them to do. For so many<br />
employees to be failing means something<br />
other than their performance is the<br />
deciding factor.<br />
We need the right strategies, the suitable<br />
approaches to the market, and we need<br />
to avoid non-competitive offerings.<br />
Employees need the proper training,<br />
tools, support, or coaching to perform<br />
as expected. We may have unrealistic<br />
expectations of performance.<br />
Replacing the staff, in this case, does not<br />
solve the performance problem – yet, too<br />
often, that’s just what we do. We bring in<br />
new employees, outsource tasks, or ask<br />
others to ‘pick up the slack’.<br />
With that said, if whoever replaces<br />
these employees is performing the<br />
ame practices as before, the failure<br />
will continue.<br />
We need to drill down and try to<br />
understand why so many people<br />
consistently cannot achieve their goals.<br />
If we can’t determine and correct the<br />
root causes, nothing we do will change<br />
the outcomes.<br />
Failure to understand why our employees<br />
and businesses fail and what we must do<br />
Employees<br />
will make<br />
mistakes - they<br />
need coaching<br />
and support<br />
to understand<br />
and correct<br />
those mistakes.<br />
Without that,<br />
they will<br />
continue to fail.<br />
We learn and develop more through our<br />
failures than through our successes. When<br />
we succeed, we tend to do more of the same,<br />
never recognising we might do better by doing<br />
things differently.<br />
Failure causes us to recognise that we need<br />
to change and do something differently.<br />
Furthermore, we often underperform<br />
relative to our potential because we are<br />
‘succeeding.’ I often speak to business<br />
managers who tell me that: “We’re hitting<br />
our numbers; why change?”<br />
When you look at how they achieve their<br />
numbers, we discover low win rates, low<br />
average deal values, and customers buying<br />
despite what retailers do.<br />
Then there’s the wasted and unproductive<br />
efforts, excessive spending, and, I’m sure, a<br />
wide range of other matters. As long as the<br />
sole metric of success is hitting the number<br />
and businesses are hitting them, most of the<br />
time, we fail to recognise that we could do<br />
much better.<br />
Finally, failure is very seldom the result of<br />
the action or inaction of a single person<br />
rather than the collected error of many.<br />
Employees will make mistakes - they need<br />
coaching and support to understand and<br />
correct them. Without that, they will<br />
continue to fail.<br />
We all want to succeed and outperform;<br />
sometimes, the best way is through<br />
our failures.<br />
DAVID BROCK is CEO of Partners<br />
In Excellence, a global consultancy<br />
focused on helping organisations<br />
engage customers more effectively.<br />
Learn more: partnersinexcellenceblog.com<br />
<strong>October</strong> <strong>2023</strong> | 75
BUSINESS<br />
Marketing & PR<br />
The keys to word-of-mouth marketing: Part II<br />
It’s important to stand out in a competitive industry! DENYSE DRUMMOND DUNN concludes her<br />
series on generating word-of-mouth marketing for your jewellery business.<br />
In the September issue of <strong>Jeweller</strong>,<br />
I covered the importance of wordof-mouth<br />
marketing for jewellery<br />
retailers and detailed the value of<br />
building trust with customers.<br />
In part two, our attention turns to the<br />
importance of distinctive products in a<br />
competitive environment, such as the<br />
jewellery industry.<br />
When it comes to distinctive products,<br />
for many, one brand immediately comes<br />
to mind: Apple. Steve Jobs succeeded<br />
in building a strong brand that people<br />
associated with innovative products.<br />
Many argue that Apple has lost some of<br />
its sparkle since his passing because his<br />
visionary approach has been replaced<br />
by more ‘upgrades’ than innovations.<br />
With that said, Apple remains successful<br />
and highly profitable – at least for the<br />
shareholders.<br />
When you think about distinctive service,<br />
I’m sure Zappos resonates with you too.<br />
Not only does Zappos offer shoes online,<br />
but they also value their customer’s trust<br />
more than anything! This is why their core<br />
value is to ‘wow’ their customers.<br />
This involves differentiation by doing more<br />
for your customers than they expect.<br />
Zappos is not your average company, and<br />
their customer service is anything but<br />
average or ordinary. They achieve this by<br />
expecting every employee to deliver ‘wow’<br />
in everything they do.<br />
If you offer new distinctive products or<br />
services, people just want to talk about<br />
them. It’s up to you to nurture this appeal<br />
by offering them quality content related to<br />
your business, so customers can share it<br />
with friends and family.<br />
Consider creating informative blog posts,<br />
videos, and other promotional material.<br />
Nurture involvement<br />
Your business should offer solutions that<br />
connect to the needs of your customers.<br />
Think about how to trigger a big desire or<br />
confront significant pains or frustrations<br />
they may have with current offerings.<br />
Get into the ‘middle section’ of your<br />
customer’s brain – the limbic system - to<br />
create somatic markers. These markers<br />
connect personal experience with your<br />
business and will elevate your offerings in<br />
the mind your consumers when it comes<br />
to purchasing decisions.<br />
For example, Coca-Cola will generate<br />
feelings of happiness and friendship in a<br />
lot of people, as a result of its consistent<br />
core message. This is why it outsells Pepsi<br />
in most countries, despite regularly losing<br />
to Pepsi in blind taste tests.<br />
Continue to nurture these feelings and<br />
your customers will want to share their<br />
experiences with their acquaintances.<br />
Connect with ‘market mavens’<br />
Influencers or market mavens are<br />
individuals who have up-to-date<br />
information about many kinds of<br />
products, places to shop, and other<br />
facets of the market.<br />
They are also people who are most likely<br />
to respond to information requests from<br />
friends, family, or social media followers.<br />
Influencers love to educate others, and<br />
in doing so, they also increase their own<br />
status. Connect with these market mavens<br />
and make them your brand advocates.<br />
Customers want to know when reviews are<br />
being paid for by the business in question,<br />
so always be upfront and honest. If the<br />
person who makes the review is a trusted<br />
If you offer<br />
new distinctive<br />
products or<br />
services, people<br />
just want to<br />
talk about<br />
them. It’s up to<br />
you to nurture<br />
this appeal by<br />
offering them<br />
quality content<br />
related to your<br />
business, so<br />
customers can<br />
share it with<br />
friends and<br />
family,<br />
influencer, this shouldn’t be a problem.<br />
Trying to hide overly-positive<br />
recommendations for your brands behind<br />
false identities and websites will eventually<br />
be found out – so don’t even try.<br />
Join the conversation at your peril<br />
When businesses see the great things<br />
their customers are saying about them<br />
online, they can be tempted to join in the<br />
conversation - don’t do this!<br />
Adding comments to the messages left by<br />
your customers will make them look as if<br />
they have been developed by your business.<br />
I know you want to thank them; however,<br />
this is better done in-person.<br />
This doesn’t mean that you can’t mention<br />
your customers in your marketing efforts.<br />
Just do it as quotes in regards to customer<br />
service, rather than by adding a reply to an<br />
already posted comment.<br />
Customers prefer to talk among<br />
themselves, even though they know you<br />
will most certainly be watching. If you join<br />
in, then they subconsciously feel as if they<br />
have lost control and it won’t do anything in<br />
terms of building trust.<br />
So, watch, listen, and learn rather than join<br />
in – let the word-of-mouth spread without<br />
your interference.<br />
Conclusion<br />
Need one more recommendation on<br />
word-of-mouth marketing? Purchase the<br />
book called ‘Word-of-Mouth Marketing:<br />
How Smart Companies Get People Talking’<br />
written by Andy Sernovitz.<br />
Although business on the internet is<br />
unpredictable, word-of-mouth marketing<br />
matters more than ever.<br />
It’s important you understand each of the<br />
elements discussed in this series and<br />
implement them in your business to spread<br />
the ‘good word’ about your business.<br />
DENYSE DRUMMOND-DUNN works<br />
with organisations that want to attract,<br />
delight, and retain more customers.<br />
Learn more: c3centricity.com<br />
76 | <strong>October</strong> <strong>2023</strong>
BUSINESS<br />
Logged On<br />
Promotional mistakes your business should avoid<br />
Placing your business in a position to succeed online can be a headache.<br />
BRIDGET BROWN reveals the digital marketing pitfalls small businesses should avoid.<br />
“A small business is not a ‘little’ big<br />
business.”<br />
This adage comes from executive leadership<br />
coach John Welsh, and I couldn’t agree<br />
more. Every small business owner knows on<br />
some level that ‘small business’ marketing<br />
is different from ‘big business’ marketing;<br />
however, it can be challenging to define<br />
precisely why.<br />
This is partly because most marketing advice<br />
implies we should mirror what the most<br />
successful big businesses are doing.<br />
For example, the best practices for building<br />
a website, running a promotion, and using<br />
social media are all based on the model that<br />
works for the ‘most successful’ businesses.<br />
This is something to remember if you’re a<br />
small business owner wondering whether<br />
you should jump on the latest marketing<br />
bandwagon. Marketers don’t tell you, or<br />
perhaps don’t realise themselves, that<br />
‘success’ does not mean immediate massive<br />
sales increases.<br />
First, many small businesses have struggled<br />
when increases happened faster than they<br />
could handle. Only some small stores want to<br />
become Amazon! Even if that is your dream,<br />
you must be aware of three small business<br />
marketing mistakes that could get in your<br />
way.<br />
What got you here won’t get you there<br />
It’s not a good plan to use Apple’s<br />
best practices for marketing your<br />
small business.<br />
That’s because you need to succeed at<br />
being a small business first. It’s like that<br />
old expression, “what got you here won’t<br />
get you there.”<br />
I had a brief experience at a large marketing<br />
agency when I first left television. I was<br />
working with a customer with a new product<br />
set to appear at an LA gifting suite at an<br />
upcoming event.<br />
She wanted press releases sent to Vogue,<br />
Refinery29, and even Paris Hilton. Not<br />
Hilton’s company, mind you – she wanted it to<br />
be sent to Paris personally!<br />
I suggested holding off on the LA press<br />
push until she had sales. I believed her time<br />
and money would be better spent by getting<br />
credible media attention in her city, before<br />
trying to out-compete every Hollywood<br />
starlet with a beauty line.<br />
I had no doubt she could be very successful,<br />
but I wasn’t surprised when she didn’t<br />
get a single media appearance from her<br />
press release. She hadn’t done the hard<br />
work of building a fan base before trying to<br />
embrace the most competitive attention.<br />
Blindly following trends<br />
Many people need help trying to gain<br />
traction on platforms like YouTube, TikTok<br />
or Instagram for small business marketing.<br />
Do you ever ask yourself why you’re trying<br />
so hard to beat the algorithms?<br />
While focusing on the sheer volume of<br />
enquiries can work for small business<br />
marketing, it is optional for small<br />
business marketing and can be a<br />
significant waste of time.<br />
Fast expansion is almost always terrible<br />
for small businesses. Let’s be honest: if<br />
everyone who went to Tiffany & Co. today<br />
called your business, it would be impossible<br />
for you to handle the sudden traffic, and<br />
you’d likely end up angering your existing<br />
customers.<br />
Focusing on the ‘trying to beat the<br />
algorithm’ point, in small business<br />
marketing, you have a choice whether you<br />
chase social media success.<br />
That’s because no matter what you do, you<br />
Many people<br />
struggle to<br />
gain traction<br />
on platforms<br />
like YouTube,<br />
TikTok or<br />
Instagram for<br />
small business<br />
marketing. Do<br />
you ever ask<br />
yourself why<br />
you’re trying so<br />
hard to beat the<br />
algorithms?<br />
won’t beat the Tiffany & Co. of your industry.<br />
At least, not yet.<br />
You could view that as a negative, but you<br />
could also see it as a relief. Often, we focus<br />
so hard on using a particular trendy tactic<br />
that we don’t stop to consider if there is an<br />
easier and more effective way that suits<br />
small business marketing.<br />
The Amazon Prime Day fallacy<br />
Attempting to replicate the Amazing Prime<br />
Day strategy will do more harm than good to<br />
your business.<br />
The first year Amazon offered Prime Day,<br />
I didn’t find a single thing that was excellent<br />
value. It seemed like a plot to drive traffic. My<br />
trust level for Amazon was lower than ever.<br />
We know that in the grand scheme of things,<br />
Amazon loses very little by losing my trust.<br />
However, as small business owners, we both<br />
need our audience to stick around. Chances<br />
are you need a much higher percentage of<br />
your leads to convert to sales than Amazon<br />
does.<br />
If one potential customer in your target<br />
audience is bothered by a marketing tactic<br />
you choose, that is a more significant<br />
problem for your business than it would<br />
be to Amazon.<br />
Instead of offering your jewellery at a shady<br />
‘discount’ price, it makes more sense to<br />
put the effort and expense into your search<br />
engine results performance and your mobile<br />
web speed.<br />
If your website is sluggish, you might lose<br />
the opportunity to connect with one specific<br />
customer who could really make a difference<br />
for your business.<br />
Each individual visitor is important, yet many<br />
small businesses don’t make that their<br />
priority.<br />
BRIDGET BROWN is founder of Create<br />
That Copy & Marketing, a Canadian<br />
marketing firm focused on generating<br />
leads and increasing sales and<br />
revenue for small businesses.<br />
Learn more: createthatcopy.com<br />
<strong>October</strong> <strong>2023</strong> | 77
My Bench<br />
Carlo Romeo<br />
Carlo Romeo <strong>Jeweller</strong>s<br />
Age 59 • Years in Trade 44 • Training <strong>Jeweller</strong> at C&K <strong>Jeweller</strong>s • First job C&K <strong>Jeweller</strong>s • ther aifiations Matrix Gold and Rhino Gold CAD designer and setter<br />
SIGNATURE PIECE<br />
EMBRACEMENT COCKTAIL RING<br />
This 18-carat yellow gold dress ring with 141 pave-set<br />
diamonds totalling 2.82 carats and weighing in at 16.7 grams<br />
was inspired by the arms of a mother embracing her child.<br />
This is one of the most complicated CAD designs I have done in<br />
terms of curves and the size of the diamonds.<br />
4FAVOURITE GEMSTONE Fancy colour pink diamonds,<br />
it still amazes me every day how rare and valuable<br />
they really are.<br />
4FAVOURITE METAL 18-carat yellow gold.<br />
4FAVOURITE TOOL Asiga 3D Printer.<br />
4BEST NEW TOOL DISCOVERY Matrix Gold software.<br />
4BEST PART OF THE JOB Being able to complete the<br />
whole job from start to finish inside my workshop. I CAD<br />
the design, print the wax, set up a tree, cast the piece,<br />
clean assemble and set the gemstones and there it is!<br />
4WORST PART OF THE JOB The value (or lack thereof)<br />
placed on the work a jeweller does.<br />
4BEST TIP FROM A JEWELLER You get what you pay<br />
for. Made in Australia – it’s really worth it!<br />
4BEST TIP TO A JEWELLER<br />
Choose your customers wisely.<br />
4BIGGEST HEALTH CONCERN ON THE BENCH<br />
We never really understood in the early years the<br />
dangers associated with the chemicals we use and our<br />
environment. The difficulty in adapting modern-day<br />
heath and safety measures to our profession and being<br />
able to recover the costs associated with this.<br />
4LOVE JEWELLERY BECAUSE I love seeing the new<br />
pieces I design come to life, particularly when they’ve<br />
been created from something as simple as a lump of<br />
gold.<br />
78 | <strong>October</strong> <strong>2023</strong>
OPINION<br />
Soapbox<br />
In business, any goal without a<br />
plan is merely a wish!<br />
To know where your business is headed, you must be aware of your goals. MALCOLM<br />
SCRYMGEOUR encourages jewellers to establish a business strategy – and stick with it.<br />
If you don’t know where you’re going<br />
and where you are now, then it’s hard to<br />
know precisely what to adjust.<br />
Did you know that the rear-view mirror<br />
was a relatively early addition to the<br />
motorcar? The first rear-view mirror is<br />
credited to racing driver, Ray Harroun.<br />
He attached a rear-facing mirror to the<br />
cowl of his Marmon Wasp before the first<br />
running of the Indy 500 in 1911. He won!<br />
Engineer Elmer Berger applied for a<br />
patent on the hilariously named ‘Cop-<br />
Spotter’ door mirror in 1921.<br />
Horse-drawn wagons didn’t bother<br />
with a mirror because their speed<br />
was relatively sedate.<br />
With a car; however, higher speeds and<br />
an enhanced volume of traffic required<br />
a significant increase in situational<br />
awareness.<br />
Increasingly, the jewellery business is<br />
analogous to a modern car in high traffic<br />
– we need to be agile, nimble, and adapt<br />
to the changing environment.<br />
The best way to see what is happening<br />
is to look at daily and monthly sales<br />
reports. Once you have the information,<br />
you can determine the right actions to<br />
get the result you want.<br />
Reports are not the end of the story,<br />
however. For any of you who have ever<br />
attended Weight Watchers, you’ll know<br />
that they ask you to set your own goals.<br />
You decide on the target weight, and you<br />
decide on the timeline. They do not tell<br />
you what your target should be or how<br />
fast you should get there; however, they<br />
do measure your progress.<br />
What many jewellers have done is<br />
nominate a target which is often ‘variable’,<br />
that is, if it’s getting a bit challenging to<br />
achieve the original goal, they just move<br />
the goalposts.<br />
That is the opposite of best practice. To<br />
make it even more challenging, for the<br />
first time in three years, the jewellery<br />
retail industry is showing signs of a<br />
slowdown.<br />
State of play<br />
At Retail Edge, we have already observed<br />
that for many businesses the ‘average<br />
sale’ has started to plateau.<br />
Last year, we experienced a slower<br />
November and December when compared<br />
to the prior three years, and we see a<br />
similar trend over the past couple of<br />
months in mid-<strong>2023</strong>.<br />
It might not be happening to you - which<br />
is great news - but it is happening to the<br />
majority of jewellers.<br />
We know that the pressure is on many<br />
consumers - you might be aware that 43<br />
per cent of all fixed mortgages are being<br />
renewed between June and December <strong>2023</strong>.<br />
For the average Australian mortgage<br />
holder, that means paying an additional<br />
$1,000 more per month. That money must<br />
come from somewhere!<br />
Typically, it’s cafés and restaurants that<br />
suffer as people drink more coffee at<br />
home or at the office and eat out less.<br />
The media is full of reports about the<br />
cost-of-living crisis.<br />
As times get more challenging,<br />
consumers seek out more promotions,<br />
and reduced prices and they love<br />
(perceived) discounts. With that said,<br />
consumers will not stop having birthdays,<br />
anniversaries, graduations, celebrations,<br />
weddings and events.<br />
They will still celebrate these events<br />
with the right jewellery! There is no need<br />
to panic, but we do need to have clarity<br />
about what we are doing, what we are<br />
offering and how we meet consumer<br />
needs and wants.<br />
What can you do?<br />
Be clear about what your business<br />
goals are. Understand that despite<br />
increased economic pressure, the goal<br />
doesn’t change.<br />
Once you know your goals, it’s time to<br />
design a roadmap. While a goal is static,<br />
the roadmap to achieve that goal can<br />
be dynamic. It must adapt to changed<br />
Now is not the<br />
time to cut<br />
your marketing<br />
spend! Reducing<br />
marketing spend<br />
is like having a<br />
birthday party at<br />
home, buying all<br />
the beverages and<br />
food, and then not<br />
inviting anyone.<br />
circumstances.<br />
From there, check that you have the right<br />
resources to achieve your goals. Do you<br />
have the right stock? Is your marketing<br />
campaign designed to suit your goals?<br />
Does your staff have the skills required in<br />
the current environment?<br />
Finally, implement the strategies you<br />
identified in your roadmap. Make use<br />
of your sales reports and have an<br />
understanding of what’s working and<br />
what’s not.<br />
What shouldn’t you do?<br />
Now is not the time to cut your marketing<br />
spend! Reducing marketing spend is like<br />
having a birthday party at home, buying<br />
all the beverages and food, and then not<br />
inviting anyone.<br />
It’s been said in business that you “can’t<br />
shrink your way to greatness.” Cutting<br />
marketing spend in a business leads to<br />
reduced traffic and sales, aged stock,<br />
stress, and uncertainty.<br />
We see many jewellers decide to reduce<br />
a store’s stock by not re-ordering the top<br />
sellers. This is clearly flawed, as these<br />
are the items that people want!<br />
Finally, don’t reduce your service. I’m<br />
sure that many customers come to you<br />
for advice that is often crucial when<br />
selecting a beloved piece or an item for<br />
someone special.<br />
Not having skilled staff ready to help<br />
them with that process merely demeans<br />
your offer.<br />
Always remember that whether you’re<br />
facing a challenging economic environment<br />
or trading in a robust market, you should<br />
never stray from your goals.<br />
Name: Malcolm Scrymgeour<br />
Business: Retail Edge<br />
Position: Business Advisor<br />
Location: Gold Coast, QLD<br />
Years in the industry: 1<br />
80 | <strong>October</strong> <strong>2023</strong>
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