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Jeweller - April 2024

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VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY APRIL <strong>2024</strong><br />

Don't Miss Out<br />

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ELITE DESIGNERS REVEAL THEIR<br />

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Digital Migration<br />

JEWELLERY STORE OWNERS EMBRACE<br />

A NEW BUSINESS MODEL


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EXPLORE THE LATEST RELEASES FROM<br />

AUSTRALIA'S LEADING SUPPLIERS<br />

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY APRIL <strong>2024</strong><br />

ELITE DESIGNERS REVEAL THEIR<br />

FAVOURITE PINK DIAMOND CREATIONS<br />

JEWELLERY STORE OWNERS EMBRACE<br />

A NEW BUSINESS MODEL<br />

APRIL <strong>2024</strong><br />

Contents<br />

This Month<br />

Industry Facets<br />

11 Editorial<br />

20<br />

10 YEARS AGO<br />

Time Machine: <strong>April</strong> 2014<br />

12 Upfront<br />

23<br />

LEARN ABOUT GEMS<br />

Game-Changing Gemmologists: VIII<br />

37 PINK DIAMONDS<br />

Cream of the crop<br />

Pink diamonds have captivated the hearts<br />

and minds of jewellers around the world.<br />

Take a closer look at jewellery created using<br />

some of the Earth's rarest diamonds.<br />

14 News<br />

29 <strong>April</strong> Buying Guide<br />

Features<br />

48<br />

50<br />

MY BENCH<br />

Lani Williams<br />

SOAPBOX<br />

Kim Ridley<br />

24 STATE OF THE INDUSTRY REPORT<br />

Could your business<br />

survive without a store?<br />

In the latest addendum to <strong>Jeweller</strong>'s <strong>2024</strong><br />

State of the Industry Report, the emergence<br />

of jewellery retailers operating without a<br />

traditional storefront is examined.<br />

24<br />

29<br />

37<br />

Better Your Business<br />

42<br />

STATE OF THE INDUSTRY REPORT - ADDENDUM<br />

The rise of jewellery businesses without a store<br />

APRIL BUYING GUIDE<br />

Discover the latest products and collections<br />

PINK DIAMONDS<br />

<strong>Jeweller</strong>y designers working with the rarest of the rare<br />

BUSINESS STRATEGY<br />

Fortune favours the bold. BARRY URQUHART says it's time to make a statement.<br />

29 APRIL BUYING GUIDE<br />

Time for something new?<br />

Discover the latest and greatest new<br />

products and collections from the Australian<br />

jewellery industry's leading suppliers.<br />

44<br />

45<br />

46<br />

47<br />

SELLING<br />

DOUG FLEENER explains the keys to measuring success in sales.<br />

MANAGEMENT<br />

DAVID BROWN reflects on the lessons learned by a high-profile businessman.<br />

MARKETING & PR<br />

THOMAS YOUNG reveals common digital marketing errors.<br />

LOGGED ON<br />

SHEP HYKEN explains the importance of reviews for your business.<br />

23 LEGACY LIVES ON<br />

Trail blazer<br />

Learn about the life and times of<br />

Geoffrey Arthur Tombs, and the impact<br />

he had on the field of gemmology.<br />

FRONT COVER<br />

Featured is one of three limited edition<br />

Argyle Charms bracelets, set with over<br />

four-carats of certified Argyle pink and<br />

blue diamonds. World Shiner is a leading<br />

diamond and jewellery wholesaler serving<br />

more than 10,000 customers globally<br />

across Australia, Germany, India, Italy,<br />

Japan, New Zealand, the UK and the US.<br />

The company takes pride in its legacy,<br />

constructed over three generations.<br />

Learn more: worldshiner.com<br />

Don't Miss Out<br />

Perfectly Pink<br />

Digital Migration<br />

<strong>April</strong> <strong>2024</strong> | 9


10 | <strong>April</strong> <strong>2024</strong>


Editor’s Desk<br />

Fashion jewellery: Out of the frying pan into the fire<br />

The more things change, the more they stay the same. SAMUEL ORD shines a light<br />

on the recent woes of fashion jewellery chain Colette by Colette Hayman.<br />

While <strong>Jeweller</strong> has documented many<br />

significant changes in the jewellery<br />

industry over the past decade, one thing<br />

remains true.<br />

Fashion jewellery is a volatile business.<br />

It was announced on 4 <strong>April</strong> that the<br />

Marquee Retail Group (MRG), the owner<br />

of Colette by Colette Hayman, has been<br />

placed into voluntary administration.<br />

The Sydney-based company announced<br />

that Domenic Calabretta, Mitchell Ball, and<br />

Richard Lawrence from the insolvency firm<br />

Mackay Goodwin have been appointed to<br />

oversee the company’s business affairs.<br />

In the immediate aftermath of the<br />

announcement, the company's collapse was<br />

quickly attributed to many factors, including<br />

a sales downturn over the past six months,<br />

the impact of rising inflating and increasing<br />

interest rates, and ongoing debt issues with<br />

the Australian Taxation Office.<br />

While the degree to which each of these<br />

factors has contributed to MRG's woes is<br />

uncertain, what is clear is that there is a<br />

great deal at stake.<br />

<strong>Jeweller</strong>’s <strong>2024</strong> State of the Industry Report<br />

recorded 58 Colette stores in Australia. The<br />

chain has a significant presence on the east<br />

coast, with 19 stores in New South Wales,<br />

and 16 in both Victoria and Queensland.<br />

MRG employs more than 400 people and it's<br />

been said there are no plans to reduce staff.<br />

Customers have been assured that there are<br />

no plans for store closures and that it will be<br />

‘business as usual’ under new management.<br />

With that said, the volatility of fashion<br />

jewellery has been exposed once again.<br />

History repeats itself yet again<br />

This is the second time in four years<br />

administrators have been appointed to<br />

Colette, a chain that once had more than 100<br />

stores in Australia and New Zealand.<br />

To understand the history of the company<br />

and the volatility of fashion jewellery, we<br />

must rewind the clock more than 20 years.<br />

In 2003, husband and wife Mark and Colette<br />

Hayman launched Diva, a fashion jewellery<br />

chain that experienced rapid expansion.<br />

Diva was sold to BB Retail Capital in 2005.<br />

At its peak, more than 500 Diva stores<br />

operated worldwide; however, the company<br />

was liquidated in 2015. Diva was ‘dethroned’<br />

by Lovisa, also owned by BB Retail Capital.<br />

Lovisa remains a fashion jewellery<br />

juggernaut today, with more than<br />

170 stores in Australia and more<br />

than 800 stores worldwide.<br />

Around the time of Lovisa’s launch in<br />

2010, Colette Hayman re-emerged in<br />

the Australian jewellery industry after<br />

the expiry of a three-year non-compete<br />

clause connected with the sale of Diva<br />

to BB Retail Capital.<br />

Hayman launched Colette Accessories,<br />

beginning with a single store in the Sydney<br />

CBD. The company would quickly expand<br />

into a network of 120 stores in three years.<br />

It was another rapid rise in the world of<br />

fashion jewellery for Hayman; however, once<br />

again, it may have been ‘too much, too soon’.<br />

Colette Accessories was active until<br />

February 2020, when the company was<br />

renamed Colette By Colette Hayman and<br />

placed into administration. Management<br />

of the business was handed to Deloitte<br />

Restructuring Services.<br />

Colette continued trading through<br />

administration, and after an initial deal<br />

fell through, former Myer boss and current<br />

MRG chairman Bernie Brookes eventually<br />

acquired the business.<br />

Brookes was to own 90 per cent of the<br />

business, with the remaining 10 per cent<br />

owned by an unidentified silent investor.<br />

Around the time of the purchase, he<br />

suggested that the fashion jewellery chain’s<br />

store network was too large.<br />

Just four years after the first collapse of<br />

Colette, the company once again faces an<br />

uncertain future. Addressing the state of the<br />

Colette, Brookes said the board “regrets that<br />

these events have come to pass.”<br />

MRG has confirmed it is exploring “the<br />

potential sale of the business [whole or<br />

in part] as part of its strategic options”.<br />

Why fashion jewellery?<br />

Fashion jewellery is a volatile business.<br />

Colette and Diva are far from the only chains<br />

to have experienced an abrupt collapse.<br />

Said another<br />

way, most<br />

teenage girls<br />

don’t lay<br />

awake at night<br />

worrying about<br />

car loans,<br />

mortgage<br />

repayments,<br />

and inflation!<br />

In 2010, <strong>Jeweller</strong> recorded seven fashion<br />

chains accounting for more than 370 stores.<br />

Over the ensuing years, six of those seven<br />

would eventually fail. Bijoux, Butterfly Silver,<br />

Diva, Equip Accessories, Magnolia Silver, and<br />

Myka went ‘the way of the dodo’.<br />

However, the category's volatility and the<br />

history of fashion chain demise in Australia<br />

extends further back. Budget jewellery chain<br />

Kleins, with more than 180 franchised stores,<br />

was placed in voluntary administration in<br />

2007 and liquidated in May the following year.<br />

Klein’s collapsed owing around $25 million,<br />

with $15 million owed to secured creditors.<br />

On a case-by-case basis, these chain stores<br />

collapsed for unique reasons; however, they<br />

faced similar pressures. Competition is fierce<br />

in fashion jewellery, and chain stores must<br />

fight entrenched online businesses and<br />

emerging ‘flavour of the month’ rivals for<br />

consumer dollars.<br />

Often based abroad but able to penetrate the<br />

Australian market because of international<br />

trade, many of these fashion jewellery<br />

competitors are savvy e-commerce veterans.<br />

Fashion jewellery chains have also been<br />

subject to consistent increases in shopping<br />

centre tenancy costs. Finally, online<br />

shopping has become increasingly popular<br />

as consumer behaviour has evolved over<br />

the past decade. As a result, the viability<br />

of physical fashion jewellery stores is<br />

increasingly questionable.<br />

The target market for fashion jewellery —<br />

typically teenage girls influenced by changing<br />

fashion trends — is rich and bountiful.<br />

Although this target market may not be<br />

able to purchase fine jewellery, they’re also<br />

sheltered from specific economic pressures.<br />

Said another way, most teenage girls don’t<br />

lay awake at night worrying about car loans,<br />

mortgage repayments, and inflation!<br />

With that said, these consumers are subject<br />

to rapidly evolving trends and should a fashion<br />

jewellery chain fall out of favour and the ‘well<br />

runs dry’ – the consequences are dire.<br />

This is a lesson that fashion jewellery chains<br />

have learned in the past decade, and it’s a<br />

lesson that Colette is now learning for the<br />

second time in just four years.<br />

SAMUEL ORD<br />

EDITOR<br />

<strong>April</strong> <strong>2024</strong> | 11


Upfront<br />

Stranger Things<br />

Weird, wacky and wonderful<br />

jewellery news from around the world<br />

Extravagant emerald<br />

Actress Julia Roberts has<br />

unveiled her first jewellery collection,<br />

crafted from a fragment of an<br />

enormous 6,225-carat emerald.<br />

The Oscar-winning actress, 56,<br />

co-designed the jewellery capsule<br />

- which includes a ring, a necklace,<br />

and a pair of earrings - with Caroline<br />

Scheufele, co-president of Chopard,<br />

where Roberts is a global brand<br />

ambassador. The Chopard x Julia<br />

Roberts collection began with<br />

the Insofu emerald recovered by<br />

Gemfields at its Kagem mine.<br />

Disturbing development<br />

A widow who had her late<br />

husband’s ashes made into jewellery<br />

has been told she needs to identify his<br />

body eight months later as part of a<br />

police investigation into a UK funeral<br />

home. According to The Telegraph,<br />

police said the unidentified woman<br />

that her late husband’s body had<br />

been found in a freezer at Legacy<br />

Independent Funeral Directors in<br />

Hull, East Yorkshire, after raiding the<br />

premises following reports of “concern<br />

for the care of the deceased”.<br />

Rewind: Best Bench Tip<br />

SEPTEMBER 2017<br />

“Have patience.<br />

Be slow and steady.”<br />

LAUREN CUMMING<br />

JEWELLERY BY LAUREN<br />

HISTORIC GEMSTONE<br />

Star of Sierra Leone<br />

Discovered in February of 1972,<br />

the Star of Sierra Leone is the third<br />

largest rough diamond discovered. The<br />

rough weighed more than 968 carats.<br />

Harry Winston purchased the rough<br />

in October of that year; however, it was<br />

cut in August 1973. Winston bought the<br />

stone for around $USD2.5 million, and<br />

it was ranked as a type IIa diamond. The<br />

diamond was transformed into a 143<br />

carat emerald-cut stone; however, close<br />

examination revealed inclusions. The<br />

diamond was later recut into 17 smaller<br />

stones, the largest weighing 53 carats.<br />

Winston later set six diamonds cut from the original<br />

rough into the 'Star of Sierra Leone' brooch.<br />

Timeless Trends<br />

Chains are an easy way to complete<br />

any look, especially large statement<br />

pieces. Pairing effortlessly with<br />

everything from casual everyday outfits<br />

to extravagant ensembles, bold chains<br />

are often the cherry on top of any outfit.<br />

As a recent example, Taylor Swift and<br />

Travis Kelce rocked gold chains during<br />

their first joint public appearance as a<br />

couple.<br />

Image: Yahoo<br />

Image: Bulgari<br />

Golden opportunity<br />

Gold statues and jewellery crafted<br />

by sculptor Umberto Mastroianni<br />

have been stolen in a heist in Italy.<br />

Mastroianni (1910-1998) was an Italian<br />

abstract sculptor. Around 50 items he<br />

created, including gold statues and<br />

jewellery, have been displayed at the<br />

Museo d’Annunzio Segreto in Vittoriale<br />

degliItaliani, an estate overlooking<br />

Lake Garda, since December. The<br />

items stolen are reportedly valued at<br />

€EUR1.3 million ($AUD2.15 million).<br />

Augmented<br />

Reality: The<br />

next big thing?<br />

Augmented Reality (AR) has been<br />

described as the 'next big thing' for<br />

retailers. Following the COVID-19<br />

pandemic, AR tools offer retailers<br />

a way to bridge the gap between<br />

online and in-store shopping<br />

experiences. AR enables customers<br />

to view products in their homes. For<br />

example, IKEA has an AR shopping<br />

app that allows shoppers to see how<br />

a piece of new furniture will look in<br />

their room. In addition to improving<br />

in-store shopping, AR tools can<br />

assist consumers in finding what<br />

they need faster in large retail stores<br />

and shopping centres.<br />

Campaign Watch<br />

Bulgari and Save the Children are<br />

celebrating 15 years of partnership<br />

by launching a new custom-made<br />

necklace and the #withmewithyou<br />

campaign, which champions the rights<br />

and interests of children worldwide.<br />

With 25,000 dedicated staff across more<br />

than 100 countries, Save the Children<br />

responds to significant emergencies to<br />

ensure that young people are not left<br />

behind amid disaster.<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 • Editor Samuel Ord samuel.ord@jewellermagazine.com • Advertising Toli Podolak toli.podolak@jewellermagazine.com<br />

Production Prince Bisenio art@befindanmedia.com • Digital Coordinator Riza Buliag 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.


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


News<br />

Diamond industry frustrations<br />

with G7 sanctions intensify<br />

Concern within the international diamond industry about<br />

the impact of sanctions against Russian diamonds has<br />

worsened in recent weeks.<br />

In December, it was announced that sanctions targeting<br />

Russian diamonds would be introduced on 1 January by<br />

the US, the UK, Canada, France, Germany, Italy, Japan,<br />

and the European Union.<br />

A second stage of sanctions were introduced on 1 March,<br />

prohibiting the import of diamonds sourced from Russia<br />

above 1 carat. In September, the prohibition is expected<br />

to extend to diamonds between .5 and 1 carat.<br />

Belgium serves as a ‘central hub’ for diamond<br />

certification. JCK Online editor Rob Bates said this<br />

framework has caused considerable angst within the<br />

industry.<br />

“The G7’s ambitious plan to ban Russian diamonds by<br />

routing every stone through a single ‘rough node’ based<br />

in Antwerp is losing support among member nations,<br />

sources involved in the matter tell JCK,” he writes.<br />

“Currently, only the European Union is said to favour<br />

the plan for a sole Antwerp node; representatives of the<br />

United States, the United Kingdom, and other countries<br />

have all expressed reservations about it.”<br />

He continues: “For the moment, the EU remains<br />

committed to the Antwerp plan, which Everledger is<br />

piloting during the March-to-September ‘sunrise period.’<br />

And while some notable names have shown interest<br />

in joining in the test, delays in shipping diamonds into<br />

Antwerp have made it difficult for even willing parties to<br />

participate.”<br />

According to reporting by Rapaport News, the new<br />

sanctions have already caused considerable disruption to<br />

supply chains.<br />

A letter expressing concern about the impact of sanctions<br />

was recently published by the World Federation of<br />

Diamond Bourses (WFDB) and supported by the World<br />

Diamond Council (WDC), India’s Gem and <strong>Jeweller</strong>y<br />

Export Promotion Council (GJEPC) and the International<br />

Diamond Manufacturers Association (IDMA).<br />

GJEPC has also warned Indian diamond companies,<br />

encouraging more than 7,500 members to keep<br />

‘meticulous’ records to avoid violating sanctions against<br />

Russian diamonds.<br />

Finally, the world’s largest diamond mining company –<br />

the De Beers Group – has expressed concern over the<br />

‘unintended consequences’ of these sanctions.<br />

Pandora CEO: Sustainability not a priority for consumers<br />

Pandora’s CEO has made intriguing comments<br />

about the importance of sustainability to his<br />

business.<br />

Pandora is the world’s largest mass-market<br />

jewellery brand. In recent years, the company<br />

has repeatedly emphasised the importance of<br />

sustainable and environmentally friendly practices.<br />

In a recent interview, CEO Alexander Lacik<br />

suggested that these factors, while still important<br />

in business, do not increase jewellery sales.<br />

“[Environmental, social, and corporate<br />

governance] is a nice feature, and for the people<br />

who are interested, we have a good story to tell,<br />

but it's not the driver of the business,” he told<br />

Fortune.<br />

“When we talk about product choice, there are<br />

only two things that actually drive behaviour. You<br />

may claim that you do other things, but design<br />

is absolutely the most important aspect of your<br />

purchase decision on a product — and the second<br />

criterion is price.”<br />

In February, Pandora confirmed that it would use<br />

exclusively recycled gold and silver in all products<br />

from the second half of this year onwards.<br />

In 2021, the company launched its first exclusive<br />

lab-created diamond collection and announced<br />

plans to phase out natural diamonds from its<br />

product lines.<br />

The company also plans to halve its greenhouse<br />

gas emissions by 2030 and become a net-zero<br />

business by 2040.<br />

Despite the emphasis on sustainability for the<br />

company, Lacik confirmed it is not a point of<br />

appeal for customers.<br />

“Women like bigger stones that's the way the<br />

world works, whether we like it or not,” he joked.<br />

“Customers — when it comes to the bridal<br />

engagement space — are opting for spending<br />

the same or similar amount of money, but for a<br />

significantly larger stone.”<br />

He added: “I'll be dead before somebody comes<br />

into my shops and says: 'Can you show me your<br />

sustainable products? It's just not in people's<br />

minds when they're shopping this category.”<br />

Lacik’s statements support similiar findings of a<br />

retailer's survey completed as part of <strong>Jeweller</strong>’s<br />

<strong>2024</strong> State of the Industry Report.<br />

More than 200 retailers were asked the following<br />

question: My customers voice concerns about ecofriendly<br />

and sustainability issues.<br />

Around 16 per cent answered 'never', while<br />

more than 75 per cent of participants answered<br />

‘occasionally’ or ‘rarely’.<br />

On the other hand, fewer than 2 per cent of<br />

respondents stated ‘always’, with a further 5 per<br />

cent answering ‘very frequently.’<br />

Network investment: Swarovski reports sales increase<br />

Swarovski has published its sales report for<br />

the past financial year, fuelling speculation the<br />

company may be preparing for a stock launch.<br />

The company’s sales improved by 4 per cent to<br />

€1.83 billion ($AU3.04 billion) for the year, with a 6<br />

per cent increase in jewellery sales specifically.<br />

Store profitability improved by 36 per cent, while<br />

online sales increased by 11 per cent.<br />

CEO Alexis Nasard said these results confirmed<br />

the viability of the company’s strategy and that<br />

moving forward, Swarovski would continue to<br />

emphasise investment in its store network.<br />

"Our focus in <strong>2024</strong> will be on the disciplined<br />

execution of our strategy, with a continued focus<br />

on superlative creativity in our product collections<br />

and communication and further investments in<br />

our retail network and major brand moments,”<br />

Nasard said.<br />

JCK Online editor Rob Bates suggested that the<br />

decision to publish this data may be “a possible<br />

prelude to a public offering by the company.”<br />

Industry analyst Paul Zimnisky said the familyowned<br />

company may be considering an initial<br />

public offering (IPO).<br />

“Going public is certainly something that they<br />

could be considering,” he said.<br />

“Especially given the relative strength of the<br />

branded fashion jewellery segment at the<br />

moment.”<br />

When approached for comment, a Swarovski<br />

spokesperson rejected the speculation, stating<br />

that “at this time, the brand is not discussing<br />

[an] IPO.”<br />

<strong>Jeweller</strong>’s <strong>2024</strong> State of the Industry Report<br />

documented 63 Swarovski stores in Australia,<br />

an increase of 31 stores since 2010.<br />

The report found that there are jewellery and<br />

watch 239 brand-only stores in Australia, a<br />

185 per cent increase over the past decade.<br />

14 | <strong>April</strong> <strong>2024</strong>


News<br />

Hole-in-one: Australian <strong>Jeweller</strong>y Fair lights up the Gold Coast<br />

Enriquez said that speaking with visitors reaffirmed<br />

his confidence that the prevailing adverse economic<br />

conditions would change sooner rather than later.<br />

Abbott of Timesupply, who said that the popularity<br />

of Coeur De Leon and Nomination has continued to<br />

increase.<br />

“I expect that we'll see an improvement before this<br />

time next year; I think consumer confidence will<br />

begin to improve by the fourth quarter," he said.<br />

"Between September and December, consumer<br />

confidence will begin to rise. Hopefully, This will set<br />

up retailers everywhere for a nice Christmas period."<br />

Reflecting on the fair, he said that the open model<br />

encouraged communication between exhibitors and<br />

visitors and that it was pleasing to see the number<br />

of retailers who embraced the Gold Coast as a<br />

destination.<br />

Australasia’s largest jewellery industry buying group,<br />

Nationwide <strong>Jeweller</strong>s, hosted its annual conference<br />

in Broadbeach on 22-23 March.<br />

Expectations were high before the conference and<br />

fair, with more than 200 registrations secured a<br />

fortnight in advance.<br />

Independent <strong>Jeweller</strong>s Collective also had a<br />

significant presence at the fair after hosting a<br />

partners conference on the Gold Coast.<br />

Event organisers have described the Australian<br />

<strong>Jeweller</strong>y Fair (AJF) as a remarkable success, as<br />

members of the industry travelled from near and far<br />

for two days of trade on the Gold Coast.<br />

The fair concluded at the Gold Coast Convention<br />

and Exhibition Centre on Monday. With around<br />

70 exhibitors participating, the event was wellsupported<br />

by two of Australia’s buying groups.<br />

Expertise Events managing director Gary Fitz-Roy<br />

said he was taken aback by the popularity of the<br />

event.<br />

“It was a positive experience. The opening day was a<br />

shock. At certain stages, it felt like a consumer show<br />

with the number of people who couldn’t wait to get<br />

inside,” he told <strong>Jeweller</strong>.<br />

“The most important feedback we’ve received so far<br />

is that many exhibitors opened new accounts, which<br />

is great to hear.”<br />

The event's ‘open model’ — with the use of tables<br />

and dividers reducing costs associated with the<br />

construction of stands — was well received by<br />

suppliers.<br />

In recent years, the AJF has been held in Sydney, and<br />

Fitz-Roy said the move to the Gold Coast felt like a<br />

breath of fresh air.<br />

“We were willing to try something new this year and<br />

take a different approach, and clearly, the move to the<br />

Gold Coast has had an impact. I think it’s a perfect<br />

location this time of year,” he said.<br />

“It’s given us an excellent understanding of the<br />

industry's state, which will be helpful as we prepare<br />

for the International <strong>Jeweller</strong>y Fair in August.”<br />

Planning for the future<br />

Among the many visitors to the AJF was Showcase<br />

<strong>Jeweller</strong>s director Anthony Enriquez. This visit led to<br />

perhaps the event's most significant announcement<br />

– the buying group's return to the IJF in Sydney.<br />

The theme of the IJC conference is ‘Let’s work<br />

smarter’, with education sessions covering advances<br />

in marketing, succession planning, and artificial<br />

intelligence. CEO Joshua Zarb said the event<br />

renewed his confidence for the year ahead.<br />

“We had a fantastic conference, and the trade<br />

fair was great afterwards. On Sunday, I had an<br />

appointment at 10 am. Around 20 minutes in,<br />

I looked up, and there was this wave of people<br />

entering the room,” he said.<br />

“It was awesome to see and a fantastic fair. The<br />

sentiment among the members of my group who I<br />

spent time with was very positive, and I think with the<br />

holiday period out of the way, everyone is keen to get<br />

stuck into the year.”<br />

Sales and sunshine<br />

Another participant in the fair who was quick to<br />

report on the optimistic outlook of visitors was Ken<br />

“We opened more new accounts than we have in a<br />

long time, and among some of our existing accounts,<br />

we introduced them to new brands, so it was a very<br />

positive experience,” he said.<br />

“I would say that the vast majority of people that we<br />

spoke to — I would say 80 per cent of them - were<br />

very positive and good at adapting to the new world.”<br />

He added: “I like the location and the theme of it<br />

being a bit of a ‘holiday’ with business and pleasure<br />

combined. I think that’s a great draw card for<br />

business owners, and the success of this event is<br />

evidence of that.”<br />

Emphasising the social components of the event –<br />

which included a sun deck with chairs and banana<br />

lounges, as well as a putt-putt golf event sponsored<br />

by Gerrim – was also crucial to Fitz-Roy.<br />

“I think everyone enjoyed the extra activities; they<br />

added to the fun of the fair,” he said.<br />

“After the chaos of Christmas and the holiday period,<br />

retailers are looking for a relaxed environment.<br />

At this time of year, it’s important to unwind and<br />

recharge.”<br />

The industry's attention will now turn to the<br />

International <strong>Jeweller</strong>y Fair in Sydney on August<br />

17-19 at the International Convention and Exhibition<br />

Centre in Darling Harbour.<br />

For further details and registration information, visit<br />

jewelleryfair.com.au.<br />

MORE BREAKING NEWS<br />

JEWELLERMAGAZINE.COM<br />

<strong>April</strong> <strong>2024</strong> | 15


News<br />

Industry debate: Lab-created diamond popularity rises<br />

Nearly half of couples married in the past<br />

year selected a lab-created diamond for their<br />

engagement ring, according to a recent survey of<br />

consumers in the US.<br />

The research was conducted by The Knot, a<br />

technology company that offers wedding planning<br />

services.<br />

For its latest report on wedding and engagement<br />

trends, the company surveyed more than 9,000<br />

couples.<br />

The report found that 46 per cent of couples<br />

selected a lab-created diamond in 2023. That<br />

figure was just 12 per cent as recently as 2019.<br />

The average size of a lab-created engagement<br />

ring was 1.8 carats, while natural diamond rings<br />

were 1.5 carats on average.<br />

“Experts said the trend is being driven by<br />

couples wanting super-sized stones - made<br />

more accessible by the cheaper cost of the lab<br />

process,” writes Helena Kelly of The Daily Mail.<br />

“And it has been accelerated by celebrities such<br />

as Meghan Markle and Gigi Hadid, who have all<br />

been pictured in man-made diamonds.”<br />

This research supports similar findings in New<br />

Zealand, where jewellers detailed the increasing<br />

popularity of lab-created diamonds among young<br />

consumers.<br />

While little seems to be slowing the momentum<br />

of lab-created diamond jewellery, industry expert<br />

Martin Rapaport recently warned the trade about<br />

the category's future.<br />

“The diamond and jewellery trade’s promotion<br />

of synthetic diamonds as a replacement for<br />

natural diamonds is driven by greed. Synthetic<br />

diamond dealers and jewellers were able to make<br />

windfall profits by unfairly comparing the value<br />

of synthetic diamonds to natural diamonds,”<br />

Rapaport said.<br />

“Leading companies in the diamond trade, from<br />

De Beers to GIA to Signet Jewelers, supported<br />

synthetic diamonds as a replacement for natural<br />

diamonds even though they knew that the price of<br />

synthetics would crash due to unlimited supply.”<br />

He continued: “The sharp drop in synthetic<br />

diamond prices will disappoint consumers who<br />

purchased synthetic diamonds at high prices.<br />

They will not trust the diamond trade again.<br />

There will be a consumer backlash. The diamond<br />

and jewellery trade will suffer reputational<br />

damage.”<br />

Rapaport predicted a 30 per cent decline in shortto-medium-term<br />

natural diamond demand due<br />

to the negative impact of lab-created diamonds<br />

and warned that it would take years for this<br />

demand to recover.<br />

Swiss watchmaker opens new stores in Australia<br />

Swiss watchmaker Swatch has opened two new<br />

flagship stores in Australia.<br />

The new Melbourne store (Collins Street) will<br />

become the watchmaker's largest Australian<br />

store (315 square metres), while Perth (Murray<br />

Street Mall) has a modest 72 square metre<br />

footprint.<br />

Swatch currently operates stores in Pitt Street<br />

(NSW), Bondi Junction (NSW), Queen Street<br />

(QLD), Tullamarine (VIC), and South Wharf (VIC).<br />

The Melbourne store includes an 'open walkthrough<br />

space' with glass brick totem walls<br />

and product collection islands. The store also<br />

features large LED screens sharing the latest<br />

product collections, glass and metallic brick<br />

walls, and a new consumer bar concept.<br />

Both new stores will offer a similar product<br />

range, including collections such as the<br />

Bioceramic MoonSwatch. Grant Cohen,<br />

manager and owner of Melbourne’s Block<br />

Arcade on Collins Street, said the addition of<br />

Swatch was evidence of the area's importance<br />

in luxury retail.<br />

“If you want to buy a watch from $40 to $40,000,<br />

there is no point in going anywhere else [than<br />

this pocket of Collins Street],” he told The<br />

Australian Financial Review.<br />

“The opening of the new Swatch store has<br />

cemented this whole precinct as the horology<br />

centre of Australia."<br />

<strong>Jeweller</strong>’s <strong>2024</strong> State of the Industry Report<br />

documented 75 brand-only watch stores in<br />

Australia. This marked a remarkable increase<br />

(251 per cent) since 2010.<br />

Swatch Group - which owns brands such<br />

as Omega, Longines, and Tissot – recently<br />

reported sales of CHF7.88 billion ($AU13.85<br />

billion), a 5.2 per cent increase on a year-onyear<br />

comparison.<br />

16 | <strong>April</strong> <strong>2024</strong>


DIAMONDS ARE FOREVER,<br />

News<br />

BUT AUSTRALIA’S #1 JEWELLERY FAIR IS CHANGING...<br />

Showcase <strong>Jeweller</strong>s commits to Sydney Fair<br />

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Showcase <strong>Jeweller</strong>s will return to the International <strong>Jeweller</strong>y Fair (IJF) in<br />

Sydney in August, marking a reunification of Australia’s three largest buying<br />

17 – 19 AUGUST, <strong>2024</strong><br />

groups under one roof.<br />

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This year’s IJF will be at the International Convention and Exhibition Centre<br />

in Sydney’s Darling Harbour on 17-19 August. The event follows a productive<br />

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Australian <strong>Jeweller</strong>y Fair, which concluded on the Gold Coast in March.<br />

roudly supported by<br />

Expertise Events managing director Gary Fitz-Roy praised the group for its<br />

collaborative efforts in making the partnership a reality. “With a renewed<br />

focus on unity and collective growth, IJF24 is poised to set new standards in<br />

the Australian jewellery industry,” he told <strong>Jeweller</strong>.<br />

“The return of Showcase unites the three major groups on the show floor.<br />

Along with Nationwide <strong>Jeweller</strong>s and Independent <strong>Jeweller</strong>s Collective, it<br />

underscores the fair’s status as the pre-eminent destination event for retail<br />

buyers and wholesalers alike.”<br />

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Showcase <strong>Jeweller</strong>s managing director Anthony Enriquez visited the<br />

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“We’ve had a good response among our members to that news over the<br />

weekend, which has been pleasing to hear. For us, it’s about supporting<br />

our members by having a strong presence, and I think the end result will<br />

be a win-win for the entire industry.”<br />

Enriquez added that industry unity should be paramount in times of economic<br />

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“It’s been a tough economic time for the jewellery industry over the past six<br />

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“I think unity in the Australian jewellery industry is the way forward.” Industry<br />

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a platform that addresses the unique demands of the broader industry.<br />

"We have remained committed to delivering industry unity and collaboration at<br />

a world-class event,” Fitz-Roy continued.<br />

“In today's rapidly evolving market landscape, it is crucial to create an<br />

environment that caters to the needs of both retailers and suppliers.<br />

Showcase has demonstrated its commitment to keeping the Australian and<br />

New Zealand jewellery industries focused on success through cooperation<br />

and unity.”<br />

As documented in <strong>Jeweller</strong>’s <strong>2024</strong> State of the Industry Report, Showcase<br />

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News<br />

Surprising decline in revenue<br />

for Signet Jewelers<br />

Responsible <strong>Jeweller</strong>y Council appoints new chairman<br />

grow and lead the global supply chain in setting<br />

standards for our industry,” he said.<br />

“Richline has been involved at the board and<br />

committee level since the beginning of the RJC,<br />

and as a global manufacturing company with<br />

retail customers around the world, we have<br />

helped promote the importance of the RJC as<br />

our singular voice for compliance standards<br />

since its inception.”<br />

He has previously served on the board of other<br />

industry associations, including Jewelers for<br />

Children Charities and the Manufacturers and<br />

Jewelers of America.<br />

The world’s largest diamond jewellery retailer, USbased<br />

Signet Jewelers, has reported a significant sales<br />

decline in the fourth quarter of the financial year.<br />

Revenue decreased by 6.1 per cent on a year-on-year<br />

comparison for the three months ending 3 February,<br />

achieving a total of $US2.49 billion ($AUD3.26 billion)<br />

in sales.<br />

Same-store sales at locations open for at least one<br />

year declined by 10 per cent.<br />

For the year, Signet reported a 8.6 per cent revenue<br />

decline, reaching $USD7.17 billion ($AUD10.87 billion)<br />

in sales. Same-store sales declined by 11.6 per cent,<br />

while net profit more than doubled to $USD810 million<br />

($AUD1.22 billion).<br />

With engagements and weddings expected to increase<br />

in the US over the coming years, CEO Virginia C.<br />

Drosos said the retailer remains well-positioned to<br />

succeed despite these results.<br />

"As we look to fiscal 2025, we are expecting sequential<br />

same-store sales improvement over the year as<br />

engagements gradually recover,” she said.<br />

“We believe we're positioned to win new customers<br />

through our marketing personalisation, growing<br />

consumer-inspired product newness, and aggressive<br />

expansion of our service business."<br />

On a conference call with analysts, Drosos said the<br />

company’s data platform now features information<br />

on 17 million consumers in romantic relationships.<br />

This will allow the company to personalise marketing<br />

strategies and document engagement trends.<br />

“Engagements reached a trough [last year],” she said.<br />

“We are seeing engagements recover, as we<br />

were expecting they would. We expect a gradual<br />

improvement in engagement trends over the next<br />

three years. It takes a bit to recover.”<br />

Signet owns more than 2,800 stores and oversees<br />

brands such as Kay Jewelers, Zales, Jared, Diamonds<br />

Direct, JamesAllen.com, Rocksbox, Ernest Jones, and<br />

Sterling Jewelers.<br />

The Responsible <strong>Jeweller</strong>y Council (RJC) has<br />

appointed Dave Meleski as its new chairman.<br />

Maleski replaces David Bouffard of Signet<br />

Jewelers, who has been chair since 2018.<br />

Maleski is the president and CEO of the Richline<br />

Group, a US-based precious metals and jewellery<br />

manufacturer. He has served as president of the<br />

company since 2007.<br />

“It is a critical time for the RJC to continue to<br />

In December, the RJC confirmed that Bouffard<br />

would leave his position at the RJC and Signet<br />

Jewelers, where he has worked since 1981.<br />

Bouffard added: “Companies like Signet and<br />

Richline, along with the valued team members<br />

and boards of directors over the past 20 years,<br />

have taken the RJC from a 14-founding member<br />

organisation when launched in 2005 to one that<br />

is growing stronger each month with over 1800<br />

members to date.”<br />

RJC executive director Melanie Grant will report<br />

directly to Meleski.<br />

Leader changes course: Lightbox to experiment with<br />

reduced prices for lab-created diamonds<br />

Lab-created diamond brand Lightbox Jewelry<br />

will experiment with reduced prices in a bid to<br />

navigate challenging market conditions.<br />

Lightbox Jewelry is operated by the De Beers<br />

Group. In a report published on 22 February,<br />

parent company Anglo American said that<br />

decreased prices are expected to reinforce the<br />

difference between lab-created and natural<br />

diamonds among consumers.<br />

“The wholesale prices of lab-grown diamonds<br />

are falling sharply, leading to financial challenges<br />

at some leading lab-grown diamond producers,”<br />

the statement reads.<br />

“These price declines are expected to lead<br />

to further substantial reductions in retail<br />

prices, with De Beers’ Lightbox brand testing<br />

significantly lower prices for its products.”<br />

Lightbox's current model has a base price<br />

of $USD800 ($AUD1,226) per carat, while its<br />

high-end collection is priced at $USD1,500<br />

($AUD2,300) per carat. Lower-quality Lightbox<br />

Basics stones are sold for $USD600 ($AUD920)<br />

per carat.<br />

Under the test, standard products will retail at<br />

$USD600 ($AUD920) for loose stones, while the<br />

Finest line will be sold at $USD1,000 ($AUD1,533)<br />

per carat.<br />

“The test is focused on ensuring Lightbox<br />

reflects prevailing [lab-grown diamond] sector<br />

dynamics,” a spokesperson told Rapaport News.<br />

Lightbox was launched in 2018 and is based in<br />

Portland, Oregon, producing more than 200,000<br />

diamonds annually.<br />

The report referred to the ongoing ‘bifurcation’ of<br />

the market, as lab-created and natural diamonds<br />

are expected to become distinctly different<br />

products despite their shared characteristics.<br />

“It is still assumed that lab-grown diamonds will<br />

become clearly established as a product distinct<br />

from natural diamonds, as is increasingly clear in<br />

the market today given the significant and clear<br />

price and consumer-offering differential,” the<br />

statement reads.<br />

“The model forecasts an imminent bifurcation<br />

between lab-grown and natural-diamond product<br />

offerings, with only limited residual impact on the<br />

natural-diamond market in the medium to long<br />

term.”<br />

As recently as September, Lightbox stated that<br />

there would be no change to the pricing strategy.<br />

The brand also discontinued a range of labcreated<br />

diamond engagement rings, suggesting<br />

the model was ‘likely unsustainable.’<br />

18 | <strong>April</strong> <strong>2024</strong>


News<br />

New distribution partnership:<br />

Pierre Lannier coming to Aussie stores<br />

German Cuckoo Clock Nest (GCCN) has acquired exclusive distribution rights<br />

for Pierre Lannier watches in Australia.<br />

Based in Queensland, GCCN distributes a range of European clock brands to<br />

retail partners nationwide via its distribution network. These include Hermle,<br />

Engstler, Trenkle, Hekas, Comitti, Kieninger, and AMS.<br />

The company also has its own retail store in Tamborine Mountain and deals<br />

directly with consumers via an online store.<br />

This partnership with Pierre Lannier is a new approach for GCCN. While<br />

the company retails a variety of watch brands directly to consumers, this<br />

partnership is the first available for wholesale distribution to Australian<br />

retailers.<br />

Managing director Stefanie Wernekinck said that after a tour of the company’s<br />

factory, it was clear that the brand was an ideal fit.<br />

"We are thrilled to announce our partnership with Pierre Lannier," she told<br />

<strong>Jeweller</strong>.<br />

"Their dedication to craftsmanship and innovation mirrors our own values,<br />

making this collaboration a natural fit.”<br />

She added: “Securing the sole distributorship of Pierre Lannier watches in<br />

Australia reinforces our position as a premier destination for watch enthusiasts<br />

seeking both style and substance."<br />

Pierre Lannier was founded in France in 1977. The brand offers watches in a<br />

range of styles – including minimalist designs such as the Essential, Candide,<br />

and Ariane collections, as well as more extravagant pieces in the Automatic,<br />

Baron, and Eolia collections.<br />

GCCN will launch Pierre Lannier at the International <strong>Jeweller</strong>y Fair (IJF) in<br />

Sydney later this year.<br />

Wernekinck said she was excited to offer visitors the chance to experience the<br />

artistry and precision of Pierre Lannier timepieces firsthand.<br />

"We look forward to unveiling the Pierre Lannier collection at the International<br />

<strong>Jeweller</strong>y Fair," she said.<br />

"It presents an ideal platform to introduce these exceptional watches to the<br />

Australian market and establish enduring relationships with our customers."<br />

The IJF will take place at the International Convention Centre in Darling<br />

Harbour on 17-19 August. For more information about the Pierre Lannier<br />

collection, visit www.clocks.com.au.


10 Years Ago<br />

Time Machine: <strong>April</strong> 2014<br />

A snapshot of the industry events making headlines this time 10 years ago in <strong>Jeweller</strong>.<br />

Historic Headlines<br />

World’s largest blue diamond to be auctioned<br />

New trends increase colour diamond demand<br />

Internet only retailers start to slow<br />

Apple expands trademark to watches, jewellery<br />

Nationwide <strong>Jeweller</strong>s takes time out in Tokyo<br />

Bevilles jewellers enters<br />

administration<br />

<strong>Jeweller</strong>y retail chain Bevilles has<br />

entered voluntary administration, with a<br />

proposed business restructure being put<br />

forward to creditors.<br />

As previously reported by <strong>Jeweller</strong>, the<br />

80-year-old business announced a major<br />

rebranding late last year that included the roll<br />

out of “new look” stores focused on a smaller<br />

jewellery-only format.<br />

Under the model, all giftware would be<br />

phased out.<br />

Bevilles CEO Michelle Beville explained the<br />

new strategy – piloted in one store at Highpoint<br />

Shopping Centre, Victoria, and another in<br />

Sydney, New South Wales – was the right<br />

decision for the business going forward, as<br />

demonstrated by the two trial stores.<br />

Michael Hill enters new market<br />

Michael Hill International is branching into<br />

other markets with the official launch of a new<br />

jewellery brand and its first concept store.<br />

Emma & Roe specialises in a range of charms,<br />

bracelets, necklaces, earrings and stackable<br />

rings, and is a concept that has been trialled in<br />

five Queensland stores over the past 18 months<br />

under the Captured Moments brand.<br />

After receiving “encouraging results”, the<br />

company opened its first Emma & Roe concept<br />

store at Caneland Central Shopping Centre in<br />

Mackay, Queensland on 10 <strong>April</strong>.<br />

“Our customers are already seeing the<br />

fresh contemporary design of Emma & Roe<br />

as the next generation in charm jewellery,”<br />

Parsell said.<br />

“It’s new and exciting.”<br />

<strong>April</strong> 2014<br />

ON THE COVER BERING<br />

Editor’s Desk<br />

Create a new love affair with coloured<br />

diamonds<br />

“<strong>Jeweller</strong>s often yearn for the good old<br />

days when business was easier and when<br />

everything wasn’t driven by price alone.<br />

They bemoan that quality takes a back<br />

seat to price all too often these days,<br />

and consumers are always looking<br />

for a bargain. To some extent, I agree;<br />

however, I am not sure if there was ever<br />

a time when consumers didn’t try to<br />

get the best price – it’s almost a natural<br />

human instinct.”<br />

Soapbox<br />

Spotlight on benchies<br />

"In the jewellery world, individuality<br />

relies all too often on the commodity<br />

value of the stones involved –<br />

a beautiful cabochon sapphire of<br />

x-carat, for example – and not on<br />

composition of the piece.<br />

If some ”extra design value” is added,<br />

it’s usually just a stone-setter placing<br />

hundreds of small diamonds in a given<br />

space to create the ”flower effect”.<br />

Seldom does the jeweller rise to the<br />

challenge of original creation.<br />

David Wheeler, The Artist Goldsmith<br />

STILL RELEVANT 10 YEARS ON<br />

Damage control isn’t difficult<br />

and is a critical part of social<br />

media. A complaint about a<br />

business isn’t immediately a bad<br />

thing but it can turn bad when<br />

that business responds too<br />

slowly or simply doesn’t respond<br />

at all.<br />

Kiwi jewellers receive royal<br />

treatment<br />

A jewellery store in New Zealand has<br />

been thrust into the limelight after<br />

supplying earrings and a necklace to the<br />

Duchess of Cambridge.<br />

The owners of Wellington-based Tory & Ko,<br />

Victoria Taylor and Kirstin O’Brien, contacted<br />

staff at Kensington Palace about providing<br />

jewellery for Kate Middleton to wear during the<br />

royal tour in New Zealand.<br />

O’Brien told <strong>Jeweller</strong> they were thrilled after<br />

receiving news that four of their jewellery<br />

pieces had been selected, but they had not<br />

been prepared for the level of media attention<br />

– both locally and internationally – the request<br />

had created.<br />

Synthetic diamonds detected in<br />

Australia<br />

READ ALL HEADLINES IN FULL ON<br />

JEWELLERMAGAZINE.COM<br />

In what might be the first case in Australia, a<br />

parcel of yellow diamonds has been identified<br />

as synthetic even though they were purchased<br />

as natural diamonds.<br />

Australia has been added to the list of countries<br />

that have reported incidents of undisclosed<br />

synthetic diamonds. Gem Studies Laboratory<br />

(GSL) detected five fancy yellow lab-created<br />

diamonds, sized from 20 points to 35 points, in a<br />

parcel that had been submitted for testing.<br />

According to GSL director Bill Sechos, the stones<br />

were sent for testing for colour treatments and<br />

the client had not considered that they might<br />

have been synthetic diamonds.<br />

20 | <strong>April</strong> <strong>2024</strong>


BACK TO THE FUTURE!<br />

The <strong>2024</strong> International <strong>Jeweller</strong>y Fair (IJF) will once again see the<br />

Australian jewellery industry united and amalgamated – all coming together under<br />

one roof; working for the betterment of retailers and wholesalers alike.<br />

Not only will the Sydney Fair feature the largest cross section of brands, suppliers,<br />

products and services all in ONE location, Australia’s retail buying groups –<br />

Independent <strong>Jeweller</strong>s Collective, Nationwide and Showcase – will be present on<br />

the fair floor using the three-day event to connect, educate, buy and celebrate.<br />

UNITY!<br />

IJF remains the longest running annual celebration of the Australian jewellery industry<br />

and is an example of how everyone can collaborate, combine to improve and<br />

advance the industry… it’s BACK TO THE FUTURE!<br />

It is often said that where there is unity there is strength, and in this ever-changing<br />

digital world, there has never been more reasons to work together for success.<br />

IJF again unites those who put the success of the jewellery industry first and<br />

provides the best opportunity for collective success. It is where sellers and buyers<br />

gather under one roof at Australia’s premium purpose-built exhibition venue –<br />

the International Convention Centre (ICC) at Darling Harbour.<br />

Want to be part of this year’s celebration and festivity? Register today.<br />

International<br />

<strong>Jeweller</strong>y Fair<br />

17 – 19 AUGUST, <strong>2024</strong><br />

ICC SYDNEY, DARLING HARBOUR<br />

JEWELLERYFAIR.COM.AU<br />

Where Brilliance Connects<br />

Proudly supported by<br />

FREE REGISTRATION<br />

Organised by<br />

<strong>April</strong> <strong>2024</strong> | 21


Behind every gemstone,<br />

there is a fascinating story<br />

waiting to delight clients<br />

around the world. Studying<br />

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career in a multimilliondollar<br />

industry. Joining<br />

one of the most supportive<br />

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communities of gemmologists<br />

in Australia was one of the<br />

best decision I ever made.<br />

Gina Barreto FGAA DipDT<br />

Gemmologist and Diamond Technologist<br />

Diamond<br />

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Enrolments now open<br />

For more information<br />

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Be<br />

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22 | <strong>April</strong> <strong>2024</strong><br />

Passionately educating the industry, gem enthusiasts<br />

and consumers about gemstones


REVIEW<br />

Gems<br />

Gemmologists who changed the game:<br />

Geoffrey Arthur Tombs AM<br />

As <strong>Jeweller</strong>’s ‘Gemmologists who changed<br />

the game’ series returns its attention to<br />

individual accomplishments, it’s appropriate<br />

to reflect on the contribution of Geoffrey<br />

Arthur Tombs AM.<br />

A gifted individual who touched people’s lives<br />

in ways that helped them to succeed in their<br />

endeavours, it’s important to begin with a note<br />

about his father, Arthur Sandy Tombs.<br />

In 1943, Sandy Tombs became one of the first<br />

people in Australia to complete a course in<br />

gemmology.<br />

He was one of the three Gemmological<br />

Association of Australia (GAA) founders and<br />

its first chairman. Sandy’s legacy lived on<br />

when his son Geoff took up the gemmology<br />

baton and became a Fellow of the GAA.<br />

For more than five decades (1950s-1990s),<br />

Geoff Tombs served the field of gemmology in<br />

Australia.<br />

His reputation as a gemmologist with thorough<br />

knowledge of gemstones and their treatments<br />

was respected nationally and internationally.<br />

He shared his knowledge as a keynote speaker<br />

at many national and international gatherings<br />

and through numerous published papers.<br />

After many years of service as an editor of<br />

The Australian Gemmologist, Chairman of<br />

the Board of Studies, Federal President and<br />

President of the NSW Branch, among other<br />

roles, in 1988, he became the Federal Patron of<br />

the GAA.<br />

He continued to contribute to gemmology until<br />

he died in 2003.<br />

Investigative study<br />

His first paper in The Australian Gemmologist,<br />

published in 1958, documented synthetic<br />

diamonds observed through the microscope.<br />

Tombs went on to publish more than 30 articles<br />

in the GAA’s flagship journal.<br />

The two-part Geoff Tombs Memorial Issue<br />

(Volume 21 Nos 11-12 in 2003) began with<br />

a reprint of his 1975 publication ‘Notes on<br />

identification of Gilson synthetic opals’.<br />

The portrait of Geoffrey Arthur Tombs which appeared on<br />

the cover of The Australian Gemmologist in 2003.<br />

This article was significant because it was a<br />

practical way for gemmologists to identify a<br />

perceived challenge to the opal industry.<br />

In his paper on the heat treatment of Australian<br />

sapphire in this same issue, Terry Coldham<br />

pointed out that Tombs recognised something<br />

different about sapphire in 1974 and reported it<br />

in The Australian Gemmologist.<br />

Coldham believed it was heat-treated sapphire<br />

a few years before gemmologists knew about<br />

these treatments; however, Tombs recognised<br />

the difference and understood its importance.<br />

Tombs’ investigative work continued to guide<br />

jewellers and gemmologists. An example was in<br />

1971, with‘Fakes and Frauds – Caveat Emptor’,<br />

which meant let the buyer beware when<br />

soldering was completed on a jewellery piece<br />

containing yellow sapphires.<br />

The sapphire changed colour and became ‘as<br />

near to a cape colour diamond as may be’.<br />

Another example was his 1991 paper ‘Some<br />

comparisons between Kenyan, Australian<br />

and Sri Lankan Sapphires’, where he strongly<br />

advised against heating a sapphire in a setting.<br />

If the sapphire was from Kenya, it may turn<br />

green!<br />

Tombs founded the Valuers Association of<br />

Australia and designed a jewellery valuation<br />

form for retailers with his colleague<br />

Kenneth Mansergh. The duo advised that<br />

the purpose of the valuation had to be<br />

stipulated, whether for insurance purposes,<br />

retail replacement, or other purposes.<br />

These forms became standard practice in<br />

the industry and helped to reduce jewellery<br />

valuations being used as a marketing tool rather<br />

than the purpose for which they were intended.<br />

Legacy<br />

Tombs was always interested in encouraging<br />

people to study, furthering education, and<br />

conducting research in the field.<br />

In his honour, the Geoffrey Tombs Research<br />

Fund was established in 2004 with an initial<br />

grant from the GAA Federal Council and<br />

continuing contributions from the GAAendorsed<br />

Gem Studies Laboratory (GSL).<br />

Australian GAA members with a GAA Diploma<br />

in Gemmology or equivalent can apply for<br />

assistance in gemmological research.<br />

Geoff Tombs is rightly regarded as Australia's<br />

‘father of modern gemmology’.<br />

For his remarkable contributions to advancing<br />

the fields of gemmology and jewellery, Geoff was<br />

awarded the Member of the Order of Australia in<br />

the 1997 Australia Day Honours List.<br />

This well-deserved award went to a generous,<br />

humble person whose achievements should<br />

inspire all of us to be proud of our field and to<br />

work hard to make our own contributions to<br />

continue his legacy.<br />

Linda Ozmen is a Fellow of Engineers Australia and<br />

the Gemmological Association of Australia.<br />

For more information on gems and gemmology,<br />

visit www.gem.org.au<br />

<strong>April</strong> <strong>2024</strong> | 23


ADDENDUM TO THE<br />

<strong>2024</strong> STATE OF THE INDUSTRY REPORT<br />

Grey Areas:<br />

<strong>Jeweller</strong>s operating without a store<br />

The retail landscape is constantly evolving and significant change occurred during the global<br />

pandemic. That was especially true for the jewellery industry, which saw some notable changes<br />

that required a comprehensive review of the sector.<br />

724<br />

Decline in independent<br />

jewellery stores in<br />

Australia between<br />

2010 and 2023.<br />

KEY FINDINGS: AT A GLANCE<br />

The change in definition<br />

for 'independent jewellery<br />

store' accounted for a<br />

significant amount of the<br />

decline documented in<br />

the <strong>2024</strong> SOIR.<br />

After innovative new<br />

business models proved<br />

successful during<br />

the pandemic, many<br />

jewellers opted to<br />

continue operating their<br />

business without a store.<br />

57.4%<br />

Percentage of jewellery<br />

stores in Australia that<br />

are independent.<br />

O ne of the most valuable components of the<br />

<strong>2024</strong> State of The Industry Report (SOIR) is the<br />

introduction of clear distinctions for the industry’s<br />

many evolving sectors.<br />

When the first SOIR was published in 2010, it<br />

attempted to count the number of retail jewellery<br />

stores in Australia. To complete this task, definitions<br />

were required.<br />

In 2010, the definition of a jewellery retailer included<br />

businesses that were not ‘traditional’ stores. For<br />

example, the data included jewellers and designers<br />

who operated from what was defined as ‘upstairs<br />

premises’ or studios and workshops at the time.<br />

These businesses were colloquially referred to as<br />

‘upstairs jewellers’. While these businesses were<br />

open to the public, they typically did not carry stock.<br />

They are more service based, usually offering<br />

customers a bespoke design and manufacture of<br />

custom-made jewellery service.<br />

This term also encompassed jewellery and watch<br />

repair businesses.<br />

In the 13 years since that report, the industry has<br />

evolved significantly. This evolution can largely be<br />

attributed to two key events: the rise of social media<br />

and the COVID-19 pandemic.<br />

Understanding these various businesses and their<br />

differing characteristics and attributes is crucial<br />

when completing an industry study of this nature.<br />

The <strong>2024</strong> report refined various definitions to<br />

keep up with industry changes and record a more<br />

accurate reading of the current retail landscape.<br />

For that reason, the definition of a ‘jewellery store’<br />

now better matches government descriptions and<br />

legislation and is as follows:<br />

A jewellery store is a physical retail premises.<br />

This does not include any area intended for use<br />

as a residence. These stores are usually located on<br />

a high street or shopping centre. Under the terms of<br />

the lease, they are used wholly or predominantly for<br />

the sale of jewellery and watches to consumers.<br />

24 | <strong>April</strong> <strong>2024</strong><br />

The business must be readily available for the public<br />

to visit during business hours. No appointment is<br />

necessary. The business must carry stock readily<br />

available for purchase when a customer visits; that<br />

is, the item does not subsequently need to be made/<br />

manufactured.<br />

As an unintended consequence, this change in<br />

definition contributed to the documented overall<br />

decline in independent jewellery stores between<br />

2010 and <strong>2024</strong>.<br />

That is, many businesses considered independent<br />

jewellery retailers in the 2010 report were no longer<br />

regarded as ’stores’ in <strong>2024</strong>, regardless of whether<br />

or not the business is still trading.<br />

These businesses – between 150-200 - have been<br />

redefined as ‘Retailer – No Storefront’ (see below).<br />

The latest report found that between 2010 and 2023,<br />

there was a decline of around 700 independent<br />

stores - about 25 per cent of the market; however,<br />

this includes the redefined businesses.<br />

<strong>Jeweller</strong> estimates that this change in definition<br />

contributed to the ‘loss’ of between 150 and 200<br />

businesses from the overall count.<br />

Retailer - No Storefront<br />

Retailers operating without a traditional storefront<br />

remain an important part of the Australian jewellery<br />

industry and, as mentioned, have been labelled<br />

‘Retailer – No Storefront’.<br />

They are defined as follows:<br />

A business that sells jewellery and/or watches<br />

to consumers and does not operate from a<br />

jewellery store. These include jewellery designers<br />

and manufacturing (bench) jewellers operating<br />

from professional workshops or studios.<br />

They are often located in CBD buildings, which can<br />

be visited by the public, typically by appointment.<br />

They may also operate out of residential premises.<br />

Normally, these businesses do not carry stock<br />

and often deal in niche markets and custommade<br />

products.<br />

It seems simple enough, right? Well, there’s an issue<br />

with this definition. It’s what’s known as a ‘negation’<br />

or an ‘apophasis’—language that defines the object<br />

by what it is not rather than by what it is.<br />

So, what is a Retailer – No Storefront? For this<br />

report, <strong>Jeweller</strong> has divided the category into five<br />

different categories.<br />

Some of these categories have overlapping<br />

characteristics; however, the only thing that unites<br />

all five is that they are jewellery businesses that<br />

operate without a traditional store.<br />

• Studio/Workshop - Bench <strong>Jeweller</strong>s and Designers<br />

These businesses sell jewellery and/or watches<br />

to consumers and operate from a (leased/rented)<br />

studio or workshop space.<br />

Typically, these businesses do not carry stock<br />

and often deal in niche markets and custommade<br />

products.<br />

In major metropolitan areas, these jewellers are<br />

often located in CBD buildings, which can be visited<br />

by the public; however, these visits may require an<br />

appointment in advance.<br />

Examples would be the many jewellers operating<br />

from the Century and Manchester buildings in<br />

Melbourne and the Dymocks and Trust buildings<br />

in Sydney.<br />

There are also studio and workshop jewellers<br />

that operate outside of the capital city CBD areas,<br />

particularly in Queensland.<br />

The key point to be understood is that these are<br />

commercial premises.<br />

Whether the space is considered a ‘workshop’ or<br />

a ‘studio’ depends entirely on how the jeweller<br />

views or markets their business.<br />

While a workshop implies a focus on practical and<br />

technical knowledge and work, a studio is usually<br />

associated with design and artistic exploration while<br />

creating original works.<br />

In practice, they mean the same thing. One person’s<br />

workshop is another’s studio!


<strong>2024</strong> STATE OF THE INDUSTRY REPORT<br />

JEWELLERS WITHOUT STOREFRONTS<br />

RETAILER<br />

STORE<br />

RETAILER<br />

NO STOREFRONT<br />

INDEPENDENTS<br />

CHAIN STORE<br />

BRAND-ONLY<br />

BENCH JEWELLER/<br />

DESIGNER<br />

SHOWROOM<br />

SERVICES & REPAIRS<br />

ONLINE-ONLY<br />

Fine <strong>Jeweller</strong>y<br />

Fine <strong>Jeweller</strong>y<br />

<strong>Jeweller</strong>y<br />

Studio / Workshop<br />

<strong>Jeweller</strong>y<br />

Fashion <strong>Jeweller</strong>y<br />

Fashion <strong>Jeweller</strong>y<br />

Watches<br />

Home-based Business<br />

Watches<br />

Approximately 3,500 stores; 95 per cent of industry revenue<br />

Approximately 200 businesses; 5 per cent of industry revenue<br />

CHART A - REDEFINING THE CATEGORIES: Unlike the 2010 State of the Industry Report (SOIR), the <strong>2024</strong> report excluded a number of retail jewellery businesses from the 'store count'. This exacerbated the<br />

decline in store numbers to 24 per cent. While manufacturing (bench) jewellers and designers dealing with the public (consumers) - as well as watch and jewellery repair businesses - have always existed, this side<br />

of the industry has greatly evolved. This is in large part due to the COVID-19 pandemic, which called for a redefinition of a number of retail categories. Only the first three blue categories are now defined as<br />

retail jewellery stores for the purpose of the SOIR: A jewellery store is a physical retail premises usually located on a high street or in a shopping centre. It is worth noting that the three categories shown in blue<br />

include more than 3,500 stores and are estimated to account for around 95 per cent of all industry revenue. The remaining four orange categories account for between 150-200 businesses nationally, and while an<br />

integral part of the industry, revenue is comparatively less significant.<br />

• Home-Based Bench <strong>Jeweller</strong>s and Designers<br />

These businesses sell jewellery and/or watches to<br />

consumers and operate from a residential property.<br />

The business owner may consider this workspace a<br />

‘studio’ or ‘workshop’; however, the critical distinction<br />

is that one jeweller is based on commercial premises<br />

and the other residential.<br />

Therefore, a consumer (member of the public) will<br />

have a different mindset when visiting a jeweller’s<br />

home than when visiting a jeweller’s workshop or<br />

studio in the city.<br />

With that said, this category of retail business shares<br />

many characteristics with the first, namely that they<br />

do not carry stock and tend to deal in niche markets<br />

and custom-made products.<br />

• Showroom <strong>Jeweller</strong>s (By Appointment)<br />

Over the past decade, the term ‘showroom’ has gained<br />

prominence in the industry.<br />

Showrooms are usually located in CBD locations;<br />

however, they typically do not have an onsite studio or<br />

workshop or employ manufacturing bench jewellers.<br />

Showrooms specialise in sales and typically only<br />

employ sales staff.<br />

Any manufacturing work will be done off-site, often<br />

by ‘contracted’ bench jewellers.<br />

Traditionally, the term showroom has been used to<br />

describe a transaction in which a customer views<br />

products and orders the items to be delivered or<br />

collected later.<br />

It is also typically used in business-to-business<br />

transactions rather than consumer retailing.<br />

That is, a showroom does not typically entail a<br />

business carrying stock that a consumer purchases<br />

directly off the shelf.<br />

Showrooms can also operate virtually under a serviced<br />

office arrangement, without staff or stock.<br />

• <strong>Jeweller</strong>y/Watch Repairs and Services<br />

These businesses offer services focused almost<br />

exclusively on repairs and remodelling. They operate<br />

from either residential or commercial premises.<br />

While many jewellers—both with and without stores—<br />

offer services such as repairs and remodelling as part<br />

of their overall business model, a select few focus<br />

exclusively on these offerings.<br />

That said, these jewellers have little, if any, new<br />

jewellery or watch products directly for sale to<br />

consumers — the business is predominantly focused<br />

on technical labour.<br />

• Online Retailers<br />

These businesses promote and sell jewellery and/<br />

or watches to consumers via a website or third-party<br />

platforms such as Facebook, Instagram, Etsy, and<br />

other social media channels.<br />

Online retailers tend to trade exclusively in finished<br />

jewellery and typically do not employ a manufacturing<br />

bench jeweller.<br />

It could be argued that they have more in common<br />

with suppliers than independent jewellery retailers<br />

in that they are likely to operate from a warehouse<br />

or office.<br />

What’s changed?<br />

While no storefront jewellery business is not a<br />

new phenomenon, the COVID-19 pandemic<br />

motivated and hastened significant change.<br />

These changes are heavily reflected in the evolution<br />

of the Retailer – No Storefront category.<br />

During the pandemic, there was an increased<br />

commitment to digital marketing, with social<br />

media platforms utilised to reach customers<br />

locked in their homes.<br />

Embracing change was also particularly enticing<br />

for jewellery businesses that were only marginally<br />

profitable before the pandemic.<br />

Anecdotal evidence suggests that many high-street<br />

jewellers used the pandemic to exit unattractive<br />

leasing agreements.<br />

At the time, this ‘scaling down’ of the business<br />

was a necessity due to the trading conditions of<br />

the pandemic; however, for jewellers who achieved<br />

success under this new model, they soon had an<br />

important question to answer. Should they reopen<br />

their store?<br />

That is to say, if your business struggled before the<br />

pandemic and then discovered success with a new<br />

lower-cost model during lockdowns, would you bother<br />

to return to a bricks-and-mortar store, just because<br />

the pandemic is over?<br />

The answer is probably not!<br />

A new generation<br />

These same conditions also encouraged the birth<br />

of many new jewellery businesses that did not exist<br />

before the pandemic yet operate under the same<br />

Retailer – No Storefront model.<br />

In some cases, the pandemic allowed those<br />

passionate about jewellery - who otherwise worked<br />

in other fields full-time - to launch a new business<br />

for the first time.<br />

There are many examples of this; however, they<br />

usually follow a similar formula. Someone interested<br />

in jewellery manufacturing finds themselves out of<br />

work due to the pandemic.<br />

During that time, they focused on creating jewellery,<br />

launched social media accounts to market their<br />

creations, and then joined an e-commerce platform<br />

to finalise sales.<br />

As sales continued to roll on after the end of the<br />

pandemic, the jewellery business continued—<br />

sometimes with the inclusion of a physical store,<br />

but not often. If it ain’t broke, don’t fix it!<br />

There is also anecdotal evidence to suggest that<br />

many of these new businesses that opened in the<br />

past few years came about after manufacturing<br />

(bench) jewellers chose to ‘go it alone’.<br />

In some cases, this could also be attributed to the<br />

pandemic. These jewellers may have already been<br />

employed by a store that closed due to the pandemic.<br />

These jewellers then decided to continue earning a<br />

living using their designing and manufacturing skills<br />

— this time as sole traders rather than as employees.<br />

Younger tradespeople, more attuned to social media<br />

strategy and marketing, took their skills and started<br />

sole trader businesses, creating attractive websites to<br />

promote their skills and expertise.<br />

The decline in costs associated with the digital tools<br />

and services required to run a business, such as<br />

payment gateways and accounting programs, reduces<br />

the risks associated with running your own business.<br />

The same could be said for access to industry-specific<br />

technology, such as CAD/CAM. Decreased cost and<br />

increased availability mean less risk for sole traders.<br />

Given the trends towards custom-made and<br />

bespoke jewellery, this became an even more<br />

attractive prospect.<br />

<strong>April</strong> <strong>2024</strong> | 25


<strong>2024</strong> STATE OF THE INDUSTRY REPORT<br />

JEWELLERS WITHOUT STOREFRONTS<br />

No longer is there a need to be located in high-traffic<br />

shopping centres or suburban high streets if you<br />

operate a destination business — one that customers<br />

will happily travel to.<br />

For those who performed well during the pandemic<br />

and remained successful after its conclusion, there<br />

was no need to return to a traditional retail store.<br />

Satellite showrooms<br />

While the market always determines how an<br />

industry evolves – as, they say, necessity is the<br />

mother of invention – it’s fair to say that not all<br />

change has been positive.<br />

<strong>Jeweller</strong> noticed an increasing trend during the<br />

six-month research phase of this report, which<br />

was labelled ‘satellite showrooms’.<br />

As detailed above, the showroom-style jewellery<br />

business existed before the pandemic, and there’s<br />

nothing ‘wrong’ with this approach to doing business.<br />

With that said, the pandemic also encouraged several<br />

questionable practices. Some of these jewellers are<br />

now advertising and promoting their businesses in a<br />

misleading or deceptive manner.<br />

For example, <strong>Jeweller</strong> has observed many examples<br />

of new businesses without storefronts marketed<br />

as having showrooms in all or many of Australia’s<br />

capital cities.<br />

The problem is that in many cases, these showrooms<br />

don’t exist; they are often ‘virtual offices’ with no staff,<br />

operated from a serviced office arrangement.<br />

The business often lists the phone number of its head<br />

office or may have a local phone number, which is<br />

redirected, unbeknownst to the customer, who thinks<br />

they are dealing with an employee in their city.<br />

These businesses will offer a virtual appointment<br />

with their ‘highly specialised jewellers’ based in the<br />

head office. In other words, the ‘interstate showroom’<br />

is nothing but a digital facade!<br />

The trend is more evident post-COVID because<br />

technology has dramatically improved in the past<br />

few years, and consumers have become accustomed<br />

to not visiting stores.<br />

With CBD rents crashing during the pandemic,<br />

establishing the ‘appearance’ of a jewellery showroom<br />

in other capital cities has become less expensive.<br />

This facade is suitable for jewellery as it is a highmargin<br />

product.<br />

In other words, the additional cost of renting a small<br />

interstate office, either as a physical location or a<br />

serviced office, could be far outweighed by the sale<br />

of a single piece of fine jewellery.<br />

Closing remarks<br />

With lockdowns in place and jewellery stores across<br />

much of Australia closed for the better part of two<br />

years, many jewellers were forced to alter their<br />

business to make ends meet.<br />

The COVID-19 pandemic and the rise of social media<br />

as a viable avenue for business acted as a ‘onetwo<br />

punch’ for the jewellery trade, working handin-hand<br />

to change the nature of the industry’s<br />

peripheral figures.<br />

While the trading conditions of the pandemic forced<br />

change upon businesses with physical stores, and a<br />

IN A SNAPSHOT<br />

Redefining the Industry<br />

RETAIL STORE<br />

Independents<br />

A jewellery business that is not part of a chain.<br />

More often than not, these businesses operate<br />

from a single store. These stores are often<br />

‘family-owned’ businesses.<br />

RETAIL STORE<br />

Chains<br />

A group of five or more fine or fashion<br />

jewellery stores trading under a single (brand)<br />

name, with one ownership entity – either<br />

person or company - coordinating buying and<br />

marketing activities across the group.<br />

RETAIL STORE<br />

Brand-Only Stores<br />

(REFER TO CHART A)<br />

One or more fine or fashion jewellery stores<br />

that market and sell its own brand of jewellery<br />

and/or watches. Usually a vertical-market<br />

operation, these stores do not utilise local<br />

suppliers and do not distribute to third-party<br />

stockists on a large scale.<br />

RETAILER - NO STOREFRONT<br />

Studio/Workshop Bench <strong>Jeweller</strong>s & Designers<br />

These businesses sell jewellery and/or watches<br />

to consumers and operate from a (leased/<br />

rented) studio or workshop space. Whether<br />

the space is considered a ‘workshop’ or a<br />

‘studio’ depends entirely on how the jeweller<br />

views or markets their business.<br />

RETAILER - NO STOREFRONT<br />

Home-Based Bench <strong>Jeweller</strong>s & Designers<br />

These businesses sell jewellery and/or watches<br />

to consumers and operate from a residential<br />

property. Typically, these businesses do not<br />

carry stock and often deal in niche markets<br />

and custom-made products.<br />

RETAILER - NO STOREFRONT<br />

Showroom<br />

A business that promotes itself as a<br />

‘showroom’ in CBD locations without<br />

an onsite workshop or studio. Usually,<br />

a showroom business will not employ<br />

manufacturing (bench) jewellers and may only<br />

have sales staff.<br />

RETAILER - NO STOREFRONT<br />

Online Retailers<br />

These businesses promote and sell jewellery<br />

and/or watches to consumers via a website<br />

or third-party platforms such as Facebook,<br />

Instagram, Etsy, and other social media<br />

channels.<br />

RETAILER - NO STOREFRONT<br />

Services, Repairs, & Remodelling<br />

These businesses offer services focused<br />

almost exclusively on repairs and remodelling.<br />

They operate from either residential or<br />

commercial premises.<br />

lack of employment opportunities encouraged others<br />

to take the leap into jewellery for the first time, the<br />

common denominator was always the internet.<br />

Research by IBM Data has suggested the pandemic<br />

accelerated this shift to e-commerce by around<br />

five years. This has forced retailers to rethink their<br />

operations quickly.<br />

The emergence of ‘click and collect’ services is one<br />

of many examples. Consumer demographics and<br />

shopping behaviour also changed significantly.<br />

Older consumers embraced online shopping<br />

during the pandemic, and these habits have<br />

continued despite its conclusion.<br />

These changes are not only reflected in the jewellery<br />

industry; many retailers have transformed the layouts<br />

of their stores to reflect new consumer expectations.<br />

When we think of a traditional map of the jewellery<br />

industry, we naturally focus on the relationship<br />

between suppliers/wholesalers and retailers,<br />

whether independent or chain stores.<br />

The landscape has changed significantly for retailers<br />

operating without a storefront in recent years.<br />

Following the pandemic, this model is more viable<br />

than ever, driven by increased consumer access via<br />

social media and the internet.<br />

The success of these Retailer – No Storefront<br />

businesses during and following the pandemic is also<br />

another timely reminder that the observation of store<br />

closures is not a ‘red flag’ for the wider industry.<br />

Just as trends come and go, so do jewellery<br />

businesses and stores. As long as consumer<br />

interest in jewellery and watch products remains<br />

high, there's little cause for concern - despite the<br />

decline in independent stores.<br />

Alternatively, if consumer sales do not decrease while<br />

a significant number of stores closed, it could be<br />

argued that it creates a healthier industry – the same<br />

revenue is divided by fewer (stronger) businesses.<br />

As has been said many times in the <strong>2024</strong> SOIR,<br />

everything is a matter of perspective.<br />

SOIR ADDENDUM EXPLAINED<br />

This article is an addendum to the State of the Industry<br />

Report<br />

published in December 2023. The purpose of the<br />

six-month study into the Australian jewellery industry is<br />

two-fold – it’s a historical document offering an in-depth<br />

examination of the trade from which a glimpse of the future<br />

may be obtained.<br />

As is often the case with studies of this nature, the research<br />

often uncovers unexpected insights. These include significant<br />

changes due to advances in technology, the evolution of<br />

consumer habits and expectations, and the unforeseen<br />

impact of an unprecedented global pandemic.<br />

In some cases, the space allocated to specific sections of the<br />

report was insufficient because of the additional detail and<br />

information obtained. This article is one such case where it<br />

was noted that a significant amount of jewellery businesses<br />

have begun operating without the use of a traditional store as<br />

a result of the pandemic and technological advances.<br />

There is a host of additional information uncovered during<br />

the SOIR research period, which was also unable to be<br />

included in the initial report due to space and time limitations.<br />

<strong>Jeweller</strong><br />

will continue to publish addendums to the SOIR to<br />

analyse and clarify an ever-changing industry.<br />

26 | <strong>April</strong> <strong>2024</strong>


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The <strong>2024</strong> Exhibition presents an opportunity to view<br />

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jewellery seen in one attractive location.<br />

Wednesday 31st July <strong>2024</strong><br />

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& Thursday 1st August <strong>2024</strong><br />

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TRADE ONLY<br />

T: 0427 920 474<br />

E: mail@austopalexpo.com.au<br />

www.austopalexpo.com.au<br />

<strong>April</strong> <strong>2024</strong> | 27


Australia’s #1 <strong>Jeweller</strong>y Directory<br />

Looking for new product ideas? Maybe you have an unusual request for a diamond or gemstone or perhaps<br />

you need a new supplier for your bread and butter items? Or you are looking for a new watch brand?<br />

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Not only is the Supplier Directory the largest and most comprehensive<br />

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28 | <strong>April</strong> <strong>2024</strong><br />

www.jewellermagazine.com


ADVERTISING FEATURE<br />

<strong>April</strong> Buying Guide<br />

Time for change?<br />

Looking for the next 'big thing' to stock in your<br />

jewellery store? You've come to the right place.<br />

<strong>Jeweller</strong><br />

has compiled a Buying Guide packed with<br />

the latest releases and new collections from<br />

Australia's industry leading suppliers.


<strong>2024</strong> | APRIL BUYING GUIDE<br />

Adidas<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/brands/adidas<br />

Dive into the trendsetting fusion of style and<br />

sustainability with the Adidas Retro Wave Two<br />

watch, where retro aesthetics meet modern<br />

sustainable innovation. This timepiece features<br />

a 37mm white eco-ceramic case with a<br />

corresponding white dial and a stunning white<br />

bio-resin strap, providing a comfortable fit and<br />

sporty aesthetic.<br />

August Berg<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/brands/august-berg<br />

This new collection reflects the value of<br />

craftspersonship and beauty first espoused by<br />

William Morris. The double rose gold case in<br />

30mm, made of pure high-quality surgical grade<br />

stainless steel (316L) is paired with an Italian<br />

leather Woad Blue strap. The delicate crown<br />

features an engraved "AB-infinity logo, completing<br />

an elegant look.<br />

ADTC<br />

adtc.com.au<br />

BECKS<br />

becksgroup.au<br />

ADTC offers a range of tennis<br />

bracelets and necklaces<br />

set in beautifully crafted<br />

18-carat white and yellow gold<br />

mountings.<br />

Australian sapphires and<br />

diamonds – the perfect fusion<br />

between a love for Australian<br />

metals and fine craft. Proudly<br />

crafted in the BECKS South<br />

Australian studio, these sapphire<br />

and diamond rings embody the<br />

unique beauty of Australia’s<br />

natural treasures.<br />

ADTC presents a variety of stunning<br />

wedding bands featuring round<br />

brilliant and fancy-cut diamonds.<br />

The selection provides retailers<br />

with exquisite options and hasslefree<br />

service. With unmatched<br />

beauty and quality, ADTC offers<br />

retailers exceptional pieces to meet<br />

customer demands.<br />

The BECKS range of Tantalum<br />

rings are a modern and sleek<br />

take on the classics. These rings<br />

are hypoallergenic and highly<br />

resistant to tarnish and scratches<br />

– perfect for today’s busy lifestyle.<br />

30 | <strong>April</strong> <strong>2024</strong>


APRIL BUYING GUIDE | <strong>2024</strong><br />

Blumoon<br />

blumoon.com.au<br />

Blumoon is dedicated to sourcing<br />

exquisite fancy-colour diamonds,<br />

each chosen for its brilliance and<br />

allure. The company's mission is to<br />

offer customers unparalleled access<br />

to these stunning diamonds at<br />

prices that make luxury attainable.<br />

Ellendale Diamonds<br />

ellendalediamonds.com.au<br />

Discover Ellendale Diamonds's new<br />

premium jewellery line, capturing<br />

Australia’s natural beauty. Crafted<br />

from the finest Australian gold,<br />

each piece features exquisite<br />

pink diamonds sourced from the<br />

prestigious Argyle mine in Western<br />

Australia.<br />

BluMoon Diamonds is thrilled to unveil its<br />

latest additions: an emerald tennis bracelet<br />

and oval eternity ring featuring calibrated<br />

diamonds boasting D to E colour and VVS<br />

clarity. These stunning pieces epitomize<br />

luxury and sophistication, perfect for those<br />

who appreciate unparalleled beauty and<br />

craftsmanship.<br />

Furla<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/brands/furla<br />

Calvin Klein<br />

MGDL<br />

mgdldistribution.com.au<br />

Luxurious timekeeping defines this new<br />

Furla silhouette with an elegant bracelet<br />

setting and deep forest green sunray<br />

35mm dial, subtly printed with the iconic<br />

Furla Arch logo in a discreet pattern.<br />

Bright white crystals set in gold-toned<br />

stations mark the hours, mirrored by the<br />

12-sided bezel in brushed gold-tone steel.<br />

This watch from Calvin Klein features<br />

a repeated modern coin-edge texture<br />

on the bezel for an elevated look.<br />

It continues down the centre of its<br />

softly sculpted bracelet, links with<br />

an elegant and minimalistic sunray<br />

dial. Superior craftsmanship meets<br />

effortless, timeless styling. Also<br />

available in gold-tone and two-tone.<br />

Gerrim<br />

gerrim.com<br />

Classique<br />

SAMS GROUP AUSTRALIA<br />

classiquewatches.com<br />

Elegant and enchanting, Gerrim<br />

International’s Exquisite Emerald<br />

Collection features natural<br />

emeralds adorned with diamonds.<br />

These rings exude sophistication<br />

and timeless beauty. They are<br />

available in nine-carat yellow or<br />

white Gold.<br />

This piece from Classique is adorned<br />

with sapphire crystal and powered by<br />

Swiss Quartz Movement. Personalise<br />

the look with a wide selection of dial<br />

designs that cater to unique tastes.<br />

With matching options for both men<br />

and women, the Carson Watch is a<br />

symbol of timeless sophistication for<br />

any occasion.<br />

<strong>April</strong> <strong>2024</strong> | 31


<strong>2024</strong> | APRIL BUYING GUIDE<br />

Hugo Boss<br />

MGDL<br />

mgdldistribution.com.au<br />

BOSS puts its iconic stamp on<br />

the classic pilot’s watch with<br />

the Skytraveller, a sporty and<br />

sophisticated chronograph with<br />

a date function. The modern<br />

timepiece boasts a host of<br />

exciting design details, including a<br />

prominent, diamond-cut reflector<br />

ring, CD-cut sub-eyes at 12 and<br />

6 o’clock, and elegant tapered<br />

indexes with chamfered edges.<br />

K & K<br />

K&K presents a diverse selection<br />

of natural champagne and<br />

cognac diamonds, featuring a<br />

variety of hues and exquisite<br />

fancy cuts. Every stone undergoes<br />

meticulous inspection to uphold<br />

stringent standards for quality<br />

and authenticity. With elegant<br />

champagne tones and rich<br />

cognac shades, K&K provides<br />

a stunning array to meet the<br />

discerning needs of customers.<br />

Ikecho<br />

Ikecho.com<br />

The Aurelia Earrings are a<br />

testament to the allure of natural<br />

Golden South Sea pearls. Crafted<br />

from nine-carat yellow gold,<br />

these earrings showcase the pure<br />

beauty of one of the largest and<br />

most valuable pearls. Sourced<br />

from the gold-lip variety of the<br />

Pinctada Maxima South Sea pearl<br />

and embellished with drop-shaped<br />

pearls, each boasting an AA grade,<br />

these earrings exude elegance.<br />

With an extensive range of<br />

Brazilian emeralds, K&K’s<br />

collection reflects a steadfast<br />

dedication to quality and<br />

sustainability. As a highlight of<br />

the collection, this breathtaking<br />

oval emerald boasts exceptional<br />

colour.<br />

The Eleanor Glasses Chain is a<br />

sophisticated accessory that merges<br />

elegance and practicality. Crafted<br />

with freshwater cultured pearls in a<br />

pristine white hue, each boasting a<br />

unique Keshi shape ranging from 5<br />

to 5.5mm in size, this AA-grade chain<br />

ensures your eyewear is always<br />

within reach with a length of 70cm.<br />

KL Diamonds<br />

kldiamonds.com.au<br />

KL Diamonds offers an impressive<br />

range of Argyle pink diamonds.<br />

This single 0.62-carat radiant-cut<br />

pink diamond is graded by the GIA<br />

as natural fancy intense pink with<br />

clarity included in class three. KL<br />

Diamonds is also a specialised<br />

jewellery manufacturer.<br />

Crafted from sterling silver and<br />

rhodium plated for enduring<br />

beauty, the Sybil Ring features<br />

a single band that gracefully<br />

wraps around a lustrous white<br />

freshwater button pearl. The<br />

pearl measures 10-11mm<br />

and is accented with sparkling<br />

cubic zirconia.<br />

Another sparkling gift from the<br />

outback of Australia — offered by<br />

KL Diamonds — is a 0.19-carat pink<br />

diamond from the Argyle, graded four<br />

purplish-pink with clarity graded as<br />

'included' class one. At KL Diamonds,<br />

you can select, design, and custommake<br />

your unique jewellery with the<br />

professional team based in Sydney,<br />

dedicated to helping every customer's<br />

dreams come true.<br />

32 | <strong>April</strong> <strong>2024</strong>


Discover the beauty of La<br />

Couronne’s created opal collection,<br />

featuring stunning earrings, rings,<br />

and pendants set in luxurious<br />

nine-carat gold. Opal is known<br />

for its play-of-colour, revealing a<br />

kaleidoscope of hues that shimmer<br />

with every movement. These unique<br />

characteristics have earned it a<br />

place as one of the most enchanting<br />

gemstones in the world.<br />

APRIL BUYING GUIDE | <strong>2024</strong><br />

La Couronne<br />

lacouronnejewellery.com.au<br />

La Couronne’s extensive nine-carat<br />

gold collection features yellow,<br />

white and rose gold designs.<br />

Order the best-selling nine-carat<br />

gold diamond heart pendants and<br />

explore a range of earrings, rings,<br />

necklaces, bracelets, pendants and<br />

more.<br />

Labanda<br />

labanda.com.au<br />

Servicing both the watch and<br />

jewellery industries, Labanda<br />

is an Australian supplier<br />

specialising in high-quality tools<br />

and equipment and takes pride in<br />

offering exceptional service.<br />

Orange River<br />

orangeriver.com.au<br />

Maxum<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/brands/maxum<br />

Outsource your jewellery<br />

manufacturing with Orange River.<br />

Orange River offers bespoke<br />

and mass manufacturing of<br />

fine jewellery for retailers at<br />

competitive rates.<br />

Reap the benefits of a carefully crafted<br />

timepiece that values functionality without<br />

sacrificing fashionability. This Maxum Tide<br />

Watch understands that timing is everything<br />

when it comes to the ocean.<br />

<strong>April</strong> <strong>2024</strong> | 33


<strong>2024</strong> | APRIL BUYING GUIDE<br />

Oro Bello<br />

halosleepers.com<br />

Halo Sleepers offers an extensive<br />

range of Sleepers crafted from<br />

sterling silver, nine-carat gold,<br />

titanium, and surgical steel,<br />

available in various sizes, designs,<br />

and colours. Each Halo Sleeper<br />

is meticulously crafted using<br />

top-quality materials, ensuring a<br />

flawless finish.<br />

Pink Kimberley Diamonds<br />

SAMS GROUP AUSTRALIA<br />

pinkkimberley.com.au<br />

Blush Pink earrings radiate a timeless beauty<br />

that complements any occasion with grace and<br />

elegance. Adorned with a charming assembly<br />

of light pink Argyle diamonds, glistening white<br />

diamonds, and a mix of premium gold, each<br />

design is meticulously crafted to capture<br />

attention while retaining a delicate touch.<br />

Ringers Western<br />

SAMS GROUP AUSTRALIA<br />

ringerswestern.com<br />

Ringers Western bespoke jewellery<br />

includes the Tessa earrings in gold<br />

as a simple stud with the beloved<br />

Signature Bull. A perfect match with<br />

any Ringers Western wear, from<br />

jeans to dresses.<br />

Packamate Limited<br />

packamate.com / shop.packamate.com<br />

Discover Packamate's luxury jewellery<br />

boxes, storage solutions, and organisers,<br />

designed to protect and showcase your<br />

precious pieces with elegance. With<br />

customisable designs, each box is<br />

tailored to unique tastes.<br />

Rosefield<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/brands/rosefield<br />

Experience a completely new aesthetic with the<br />

Heirloom watch from Rosefield. The thicker<br />

gold-tone rectangular case and dual finishes<br />

on the white dial are sophisticated, and the<br />

mini links on the gold bracelet add a feminine<br />

touch and are easily adjustable with a sliding<br />

closure.<br />

Keep collections inside<br />

Packamate's stylish jewellery<br />

organisers featuring various<br />

compartments and holders.<br />

Experience convenience and<br />

sophistication with our exquisite<br />

jewellery storage solutions.<br />

Sapphire Dreams<br />

SAMS GROUP AUSTRALIA<br />

sapphiredreams.com.au<br />

A bold, striking pendant displaying<br />

a unique arrangement of blue<br />

sapphires and white diamonds,<br />

Harper from Sapphire Dreams is<br />

unforgettable.<br />

34 | <strong>April</strong> <strong>2024</strong>


APRIL BUYING GUIDE | <strong>2024</strong><br />

Stones & Silver<br />

stonesandsilver.com.au<br />

Classic and timeless, this beautiful<br />

.925 sterling silver functional locket<br />

from Stones & Silver features the<br />

sparkle of the cubic zirconia stone<br />

on a 40cm + 5cm extension chain.<br />

Also available in yellow gold plated<br />

over .925 sterling silver.<br />

TIMEX<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/brands/timex<br />

The Timex Marlin Chronograph Tachymeter<br />

is the first chronograph in the Marlin line<br />

and is powered by a quartz movement. This<br />

detailed rendition features a tachymeter<br />

index, a unique date window placement,<br />

and a perforated natural brown leather<br />

strap. It retains the classic Marlin features,<br />

including a sturdy stainless-steel case,<br />

domed acrylic crystal lens, and vintagecoloured<br />

dial.<br />

Set in .925 sterling silver with<br />

brass and copper accents,<br />

this beautiful spinner, anxiety,<br />

or meditation ring from<br />

Stones & Silver is the perfect<br />

addition to your collection.<br />

These rings can be very<br />

useful for stress and anxiety<br />

relief as the physical spinning<br />

of the rings can help to calm<br />

the body and mind.<br />

Tommy Hilfiger<br />

MGDL<br />

mgdldistribution.com.au<br />

The latest trend in earrings<br />

these Stones & Silver .925<br />

sterling silver flower earrings<br />

have a soft brushed finish with<br />

a shepherd kook and a 30mm<br />

drop. These earrings are also<br />

available in yellow gold plated<br />

over .925 sterling silver.<br />

The TH85 is characterised by an<br />

elevated watch design featuring a<br />

40mm case on a solid three-link<br />

stainless steel bracelet. Durable<br />

and reliable, it is water resistant<br />

to 100 meters (10ATM). Thoughtful<br />

details are shown through the TH<br />

Monogram engraved on the crown<br />

and an exhibition case exposing<br />

the exceptional quality of Japanese<br />

automatic movement.<br />

Worth & Douglas<br />

wdrings.com<br />

Ted Baker<br />

DESIGNA ACCESORIES<br />

designaaccessories.com.au/ted-baker<br />

Fresh new designs to the Worth<br />

& Douglas and ZiRO collections<br />

offer a sophisticated tri-tone<br />

look. Crafted in yellow, white, or<br />

rose gold with black zirconium,<br />

these rings feature unique<br />

patterns that cater to a variety<br />

of tastes.<br />

The Tessye collection is a sure way to add<br />

a chic touch to every outfit. A petite 17mm<br />

rose gold rectangle case with a rose gold<br />

dial and crystal detailing is linked to a<br />

rose gold stainless steel chain, adding a<br />

feminine touch to any wrist.<br />

<strong>April</strong> <strong>2024</strong> | 35


36 | <strong>April</strong> <strong>2024</strong>


FEATURE<br />

Pink Promises<br />

CELEBRATING THE BEST OF THE BEST<br />

Just as an artist works with the best available materials,<br />

jewellers enjoy creating jewellery with rare and elusive<br />

diamonds and gemstones. SAMUEL ORD speaks with<br />

jewellers about their passion for pink diamonds.<br />

Calleija


PINK BUTTERFLY BROOCH<br />

HARTMANN'S<br />

THE ETERNAL PINK<br />

DIACORE<br />

THE PINK LAKE RING<br />

LINNEY'S<br />

F<br />

rom buried deep within the<br />

Earth’s surface and into stores and<br />

private collections worldwide, pink<br />

diamonds have captured the hearts and<br />

minds of jewellery designers and consumers.<br />

Remarkably rare, startlingly valuable, and<br />

uniquely Australian, pink diamonds remain<br />

unrivalled symbols of luxury.<br />

When it comes to the desire for luxury jewellery,<br />

pink diamonds have been a ‘perfect recipe’ for<br />

success; however, as is the case with any recipe,<br />

it’s important to understand the value of each<br />

ingredient.<br />

In November 2020, the Argyle Diamond Mine<br />

in Western Australia was closed after 40 years<br />

of operation. Among the 20 million carats of<br />

diamond rough extracted each year from the<br />

mine, a fraction of a single per cent were pink.<br />

Despite the rarity of these stones, the Argyle<br />

mine still accounted for more than 90 per cent<br />

of the world’s pink diamonds. While larger pink<br />

diamonds tend to be sourced from outside<br />

Australia, most of the world’s highest-quality<br />

stones were extracted from the Argyle.<br />

Before the pandemic, demand for pink diamonds<br />

was already high, largely due to the associated<br />

marketing and promotional efforts of the Argyle<br />

Mine; however, after the mine's closure — and<br />

with the world’s leading source of pink diamonds<br />

closed — popularity soared.<br />

In recent years, pink diamonds and pink diamond<br />

jewellery have continued to make waves at<br />

high-profile auctions. In the past year alone,<br />

the following sales occurred:<br />

At Sotheby’s in New York, the Eternal Pink was<br />

sold for $USD34.8 million ($AUD53.35 million).<br />

The cushion mixed-cut fancy vivid purplish pink<br />

diamond weighs 10.57 carats and is set in a ring<br />

flanked by trapezoid-shaped diamonds.<br />

Remarkably rare, startlingly<br />

valuable, and uniquely<br />

Australian, pink diamonds<br />

remain unrivalled symbols<br />

of luxury.<br />

At Phillips in Geneva, a ring set with a cutcornered<br />

rectangular modified brilliant-cut fancy<br />

intense pink, VVS1 clarity pink diamond weighing<br />

20.19 carats, accented with baguette diamonds,<br />

was sold for $USD13.7 million ($AUD21 million).<br />

At Sotheby’s in Hong Kong, a ring set with a<br />

cut-cornered modified brilliant-cut fancy intense<br />

pink diamond weighing 21.94 carats was sold for<br />

$USD11.94 million ($AUD18.3 million).<br />

At Christie’s in Hong Kong, the Pink Supreme<br />

Diamond<br />

– a ring featuring an internally flawless<br />

fancy intense pink cushion-cut diamond of 15.48<br />

carats set in gold - was sold for $USD10.75<br />

million ($AUD16.48 million).<br />

The success of this pink diamond jewellery at<br />

international auctions further highlights the<br />

appeal these unique stones have not only among<br />

Australian consumers but also the wider world.<br />

Origin story<br />

<strong>Jeweller</strong>y designers take great pride in the pieces<br />

they create. With the international spotlight still<br />

firmly on pink diamonds, it should be no surprise<br />

that these artisans ‘bring out the big guns’ when<br />

it comes to these stones.<br />

A select few have been appointed as Argyle Pink<br />

Diamonds Select Ateliers – a small circle of<br />

master jewellers entrusted with the legacy of<br />

pink diamonds.<br />

Fuelled by civic pride and the understanding that<br />

these pieces will be viewed alongside some of the<br />

world’s most valuable and extravagant jewellery,<br />

these designers are willing to spend exhaustive<br />

hours ensuring that each piece is perfect.<br />

The Australian origins of pink diamonds have<br />

long been important to Justin Linney, creative<br />

director of Linney’s in Western Australia.<br />

Linneys is a family-owned manufacturing<br />

jeweller established in 1972, with a design studio<br />

located in Subiaco. He says that as a jewellery<br />

manufacturer, the business always intends to<br />

source the finest materials from WA – and pink<br />

diamonds suit that philosophy.<br />

When asked if there were any pink diamond<br />

THE HEART OF TRASTEVERE<br />

HOUSE OF CERRONE<br />

THE VAULT COLLECTION<br />

HARDY BROTHERS<br />

ARGYLE PINK AND BLUE<br />

DIAMOND RING<br />

MONDIAL<br />

38 | <strong>April</strong> <strong>2024</strong><br />

THE SATINE ANGEL<br />

MUSSON JEWELLERS<br />

PINK BAGUETTE RING<br />

KIMBERLEY FINE DIAMONDS


THE ADORATION PENDANT<br />

NINA'S FINE DIAMOND JEWELLERY<br />

ARGYLE ELEGANCE RING<br />

J FARREN-PRICE<br />

ARGYLE CHARMS BRACELET<br />

WORLD SHINER<br />

jewellery pieces he was particularly proud of,<br />

Linney quickly pointed to the Pink Lake Ring.<br />

The piece features a 0.25-carat Argyle pink<br />

diamond with a medley of white diamonds,<br />

platinum, and white gold.<br />

“The Pink Lake Ring is one of my personal<br />

favourite pieces from our Artisan Collection for<br />

the contrast of colour and its Linneys signature<br />

freeform design,” he tells <strong>Jeweller</strong>.<br />

“It is one of 50 one-of-a-kind creations from<br />

our Artisan Series Collection, each adorned<br />

with an Argyle pink diamond and handcrafted<br />

at our Subiaco workshop by Alan Linney and<br />

our master jewellers.”<br />

It was a similar story for Kimberley Fine Diamonds,<br />

established in 1991 by Frauke Bolten-Boshammer<br />

and located close to the Argyle Mine.<br />

Kimberley Fine Diamonds proudly considers<br />

itself Australia’s ‘most remote diamond house’.<br />

The business crafts jewellery that reflects the<br />

colours and contrasts of the state’s outback<br />

wilderness.<br />

When asked about her favourite piece, Bolten-<br />

Boshammer provided an 18-carat white gold ring<br />

set with a 0.33-carat pink champagne baguette<br />

diamond. Two white baguette diamonds of<br />

0.33-carat combined weight complete the piece.<br />

She says she loves the sleek lines of the<br />

baguette diamonds and the soft tone of the<br />

pink champagne. The rarity and size of the pink<br />

diamond are, of course, an added bonus.<br />

History lesson<br />

Many Australian jewellers have had long and storied<br />

connections with pink diamonds – among them is<br />

Olivar Musson of Musson <strong>Jeweller</strong>s in Sydney.<br />

The family behind the business recently<br />

celebrated its 50th anniversary, marking the<br />

moment with the release of the Diavik Midnight<br />

Sun - featuring a hero 18.08-carat fancy intense<br />

yellow oval diamond set into a ring featuring a<br />

bouquet of 4.09-carats of pink diamonds.<br />

Beginning with audacity<br />

is a great part of the art of<br />

painting, and describing<br />

many of these pieces as<br />

audacious may indeed be<br />

an understatement.<br />

Musson was eager to rewind the clock to<br />

2012 and discuss the Satine Angel, featuring a<br />

1.02-carat fancy intense purplish pink cushioncut<br />

diamond. This stone was Lot 2 of Argyle’s<br />

2012 International Diamond Tender.<br />

“Our creation – the Satine Angel - emerged<br />

as a testament to the fusion of exquisite<br />

craftsmanship and visionary design,” he explains.<br />

“Crafted more than a decade ago, this bespoke<br />

design features Satine set east-west across<br />

the finger, framed by claw-set clusters of<br />

pear-shaped white diamonds, evoking the<br />

ethereal beauty of angel wings. Its timeless<br />

elegance transcends eras, reflecting the evolving<br />

landscape of engagement ring trends and<br />

popular setting styles in <strong>2024</strong>.”<br />

He continues: “Satine Angel remains a cherished<br />

masterpiece in our Argyle Pink Diamond archive,<br />

a reflection of our ability to create enduring<br />

works of art that will capture hearts and inspire<br />

awe for generations to come.”<br />

Also based in Sydney is House of Cerrone,<br />

operating Australia’s largest handmade jewellery<br />

workshop, elevating the next generation of<br />

artisans with apprenticeship programs.<br />

When contacted for this story, Dominique<br />

Cerrone drew attention to the Heart of<br />

Trastevere, a ring inspired by the tree<br />

branches in a town in Rome.<br />

The ring includes a 0.82-carat SI2 Argyle<br />

princess cut diamond, a 0.90-carat D VVS2 ovalshaped<br />

diamond and a 0.82-carat D VS1 heartshaped<br />

diamond in a claw setting. Each stone is<br />

set in 18-carat rose gold.<br />

Cerrone describes the ring as "a harmonious<br />

merger of nature and opulence, exuding an<br />

enduring sense of beauty and refinement."<br />

Another Australian retailer with a long connection<br />

with pink diamonds is Hardy Brothers, founded in<br />

Sydney in 1853 and based in Brisbane today.<br />

CHERRY BLOSSOM<br />

BROOCH<br />

GIMEL<br />

ARTEMIS ARGYLE PINK<br />

DIAMOND RING<br />

CALLEIJA<br />

PINK DIAMOND RING<br />

BULGARI<br />

<strong>April</strong> <strong>2024</strong> | 39


AUSTRALIAN<br />

PRINCESS<br />

NECKLACE<br />

LINNEYS<br />

Discover our limited edition<br />

pieces that are available for<br />

overnight delivery.<br />

Visit markmcaskill.com.au<br />

Mint tourmaline, ceylon sapphires<br />

with blue and white diamonds<br />

set in 18ct gold<br />

Wallace Bishop purchased Hardy Brothers in 1997 and has five stores in<br />

Australia today. Chief operating officer Alexander Bishop says his favourite<br />

is a ring designed by CEO Stuart Bishop for the Vault Collection.<br />

A 0.50-carat fancy intense Argyle pink diamond from Lot 12 is set east-to-west<br />

and surrounded by a halo of pink diamonds in 18-carat rose gold. The centre<br />

stone sits atop white Asscher cut diamonds in an 18-carat white gold band.<br />

“Aside from the ring's breathtaking beauty, we love how the modern design<br />

and cut of the diamonds seamlessly complement the longstanding heritage<br />

and allure of the rare Argyle pink diamonds,” Bishop explains.<br />

Come one, come all<br />

THE AVALON RING<br />

NINA'S FINE DIAMOND JEWELLERY<br />

Nina's Fine Diamond <strong>Jeweller</strong>y was among the first to purchase diamonds<br />

from the Argyle Diamond Mine, forging a partnership shortly after it opened<br />

in 1983.<br />

The business was started in 1966 in Kununurra, a small town in the remote<br />

East Kimberley region. Despite the closure of the mine, the passion for<br />

Argyle diamonds has continued at Nina’s, now located in Dunsborough.<br />

In January of his year, Nina’s launched Crescendo – an exhibition of ten<br />

pieces valued at $AUD1.7 million dollars. The exhibition features more<br />

than 400 Argyle pink diamonds in a collection that took more than 500<br />

hours to complete.<br />

Describing the exhibition as a ‘love letter’ to pink diamonds, general<br />

manager Shivangi Modi is eager to spread the word about these<br />

remarkably rare stones.<br />

“Our point of difference is that we actively encourage people to try our<br />

jewellery on – even pieces valued at close to $300,000. Crescendo, while<br />

grand, won’t be locked away in a vault,” she tells <strong>Jeweller</strong>.<br />

“We want people to touch, feel, and see the incredible craftsmanship and<br />

discover the hidden details in the extraordinary settings, some of which<br />

only the wearer can see.”<br />

When asked about a favourite piece, Modi could not decide between two.<br />

The first was the Adoration Pendant, a 0.34-carat fancy intense purplishpink<br />

pear-cut diamond.<br />

Set with 90 Argyle pink diamonds, each tier of this pendant is raised slightly<br />

higher than the last, ensuring that the feature stone is always prominently<br />

displayed.<br />

The second was a piece known as the Avalon Ring. Shoulder stones are<br />

accompanied by an inner halo of 0.08 carat of round-cut pink diamonds<br />

set in rose gold.<br />

A 0.24-carat oval-cut pink diamond is enthroned in rose gold claws, adding<br />

a final fancy cut to the centre of the geometric arrangement. The hidden<br />

pavé-set diamonds adorning the under-bezels in the basket of this ring are<br />

a ‘marriage of form and function’.<br />

“The pieces in Crescendo are representative of the care and quality taken<br />

with all of Nina's creations. It’s a collection of distinctive pieces containing<br />

40 | <strong>April</strong> <strong>2024</strong>


PINK POSTERITY RING<br />

JAMES THREDGOLD<br />

STACKABLE RINGS<br />

ELLENDALE DIAMONDS<br />

a multitude of tiny details that combine into one extraordinary whole, a<br />

creation of sublime beauty,” she explains.<br />

“Starting with a single or matched pair of hero Argyle pink diamonds,<br />

each piece is created to reflect a 360-degree thought process and made<br />

right here in our Dunsborough workshop by our master jewellers.”<br />

Word spreads fast<br />

As previously mentioned, pink diamonds have consistently made<br />

international headlines at fine jewellery auctions over the past year.<br />

The examples given earlier are just a few of the significant sales. A<br />

Bulgari ring featuring a fancy intense pink emerald-cut diamond of 6.99<br />

carats, with baguette-cut diamonds set in platinum, was also sold for<br />

$USD10.52 million ($AUD16.12 million) at Christie’s in Hong Kong.<br />

Another ring – this time set with a round-cornered rectangular modified<br />

brilliant-cut fancy vivid purplish pink diamond weighing 5.01 carats -<br />

was also sold in Hong Kong for $USD6.46 million ($AUD9.9 million).<br />

The pink diamond phenomenon has also spread as far as Denmark,<br />

where Hartmann’s operates in Copenhagen.<br />

Owner Ulrik Hartmann says that one particular piece is always<br />

prominent in his mind when discussing pink diamonds.<br />

“Hartmann's Pink Butterfly Brooch is not just a piece of jewellery; it's<br />

a masterpiece, a testament to unparalleled craftsmanship. Among the<br />

treasures in our Argyle Pink Collection, this brooch stands out as my<br />

absolute favourite,” he tells <strong>Jeweller</strong>.<br />

“Adorned with a stunning combination of 9.81 carats of Argyle pink and<br />

blue diamonds and 3.85 carats of white diamonds, this brooch celebrates<br />

elegance and sophistication.<br />

He added: “What sets it apart is the intricate design that allows the wings to<br />

move gracefully, mirroring the delicate flutter of a real butterfly.”<br />

It’s clear from these responses that the majesty of pink diamonds brings<br />

out the best in jewellery designers.<br />

The popularity and value of the stones encourage artisans to test their<br />

skills and to create timeless works of art. The result is some of the<br />

world's most eye-catching fine jewellery.<br />

As the old saying goes, beginning with audacity is a great part of the<br />

art of painting, and describing many of these pieces as audacious may<br />

indeed be an understatement.<br />

However, there’s little doubt that this willingness to push boundaries<br />

when creating pink diamond jewellery has contributed to the ongoing<br />

popularity of these rare and elusive stones long after the closure of the<br />

Argyle mine.<br />

Featuring delicate pink tones of<br />

Argyle pink diamonds<br />

PinkKimberley.com.au<br />

Become a stockist today 02 9290 2199<br />

<strong>April</strong> <strong>2024</strong> | 41


BUSINESS<br />

Strategy<br />

If only: Don’t be afraid to make an<br />

exhibition of yourself<br />

Don’t be afraid to dream big. BARRY URQUHART discusses the importance of promoting your<br />

business in a post-pandemic retail landscape.<br />

Many people lost touch during and<br />

because of the COVID-19 pandemic. It is<br />

little wonder there is intense interest in<br />

and demand for conducting and engaging<br />

with exhibitions of products, services, and<br />

applications.<br />

Social isolation and quarantines damage<br />

people's psyches. Most long to reach out,<br />

connect, and engage with people who<br />

matter. That includes clients, customers,<br />

suppliers, associates, and staff.<br />

Astute business leaders are taking the<br />

opportunity to make an exhibition of their<br />

companies, brands, products, and people –<br />

sometimes extending to themselves. Being<br />

an exhibitionist seems timely.<br />

Reservations about contaminations, intent,<br />

and understanding are readily and rapidly<br />

overcome. In their many incarnations and<br />

sizes, exhibitions fill needs and stimulate<br />

interest in new and established products,<br />

services, and apps.<br />

Relationships are being rekindled,<br />

established, and extended. Increased<br />

business activities are natural<br />

consequences. Hosts are from a broad<br />

cross-section, including professional<br />

associations, buying groups, marketing<br />

networks, manufacturers, distributors,<br />

suppliers, and retailers.<br />

Creative concepts in invitation designs,<br />

displays, demonstrations and samplings<br />

generate interest in and demand for brands.<br />

The shadow of the pandemic and its<br />

evolving variants overhang the marketplace.<br />

Attendance totals tend to be down, as do<br />

multiple registrations and participants.<br />

Trials and tribulations associated with<br />

travel remain perceptual, if not an absolute,<br />

impediment and filters. This has been a<br />

catalyst for the programming and conduct<br />

of multiple smaller events.<br />

Among the by-products are increased<br />

engagements, interactions, and<br />

transactions.<br />

Swings and roundabouts<br />

One significant emerging trendcentres on<br />

contractions and terminating social media<br />

campaigns.<br />

Increasingly, funds and budgets are<br />

allocated to re-entering and profiling a<br />

strong physical presence among existing,<br />

past, and prospective clients, customers,<br />

and collaborators.<br />

Self-conducted exhibitions provide<br />

platforms with certain endearing and<br />

enduring features. These include exclusive<br />

access to time-specific events, stimulating<br />

interest and generating a sense of urgency.<br />

Promoting new products, the full<br />

complementary range, infrastructure<br />

support, service arrangements, and specific<br />

offers capture attention and often represent<br />

enhanced value.<br />

Everything old seems new again. In many<br />

instances, and covering numerous aspects,<br />

these events are relaunch and launch<br />

occasions.<br />

They should be considered new, with<br />

formats free from traditions and past<br />

practices. Interactions, communication, and<br />

networking remain the key, fundamental<br />

and practical lubricants for commerce.<br />

Social media and technology should be<br />

deployed to complement, not replace,<br />

Astute business<br />

leaders are<br />

taking the<br />

opportunity<br />

to make an<br />

exhibition<br />

of their<br />

companies,<br />

brands,<br />

products,<br />

and people<br />

– sometimes<br />

extending to<br />

themselves.<br />

the human quotient. When integrated,<br />

multi-channels are optimal for positioning<br />

companies, brands, people, and products.<br />

The programs and schedules should<br />

feature facilitating interactions, including<br />

peers. Smaller, targeted events are<br />

seemingly appealing to promoters,<br />

invitees, and participants.<br />

However, care must be taken to avoid<br />

overburdening targeted entities,<br />

executives, associates, clients and<br />

customers with messages, invitations, and<br />

opportunities. Saturation via social media<br />

has been a critical determinant in the<br />

declining use of those media.<br />

Objectivity<br />

In the prevailing time-poor, pandemicaffected<br />

marketplace, with attendant<br />

and consequential reluctance to be<br />

overexposed to viruses, infections, and<br />

medical and social contaminations, it is<br />

imperative to determine set and specific<br />

objectives for exhibitions and similar<br />

events.<br />

A good starting point is a clean<br />

slate. Traditions and past practices,<br />

including scheduling, should be at least<br />

marginalised, if not deleted.<br />

Attendee benefits, advantages and<br />

rewards must be conspicuous, alluring<br />

and compelling. Even in periods of<br />

recession, customers, clients, and<br />

purchasing managers find satisfaction and<br />

delight in purchases.<br />

That is reason enough to contemplate<br />

planning, promoting, and conducting<br />

exhibitions and similar events.<br />

42 | <strong>April</strong> <strong>2024</strong>


New venues, presentations, and packages<br />

enhance appeal.<br />

Against the backdrop of several variants<br />

of COVID-19, it is important to remember<br />

that in commerce, few things are more<br />

infectious than excitement and enthusiasm.<br />

If only...<br />

In business, as in life, all or most things<br />

are possible … within limits. The limits,<br />

boundaries, and parameters are self- or<br />

human-imposed. Exciting prospects remain<br />

unrecognised and unfulfilled.<br />

It is sobering to realise that increased<br />

sales, enhanced market share, elevated<br />

competitiveness, and more repeat and loyal<br />

business are possible.<br />

Fundamental is the need to recognise and<br />

not prematurely apply value judgments and<br />

tolerance levels. These impact, influence,<br />

and determine the quantum of advantages,<br />

benefits, and rewards. Variances and<br />

variability are inevitable.<br />

Thus, the determination of right and wrong<br />

is arbitrary. The message is: don’t hold<br />

back.<br />

A strong focus on and commitment to<br />

desired goals and outcomes put into<br />

perspective the question - how?<br />

An unencumbered, free flow of detailing,<br />

prioritising, costing, and integrating means<br />

expedites the possibilities, propositions,<br />

proposals, and hypotheses that are devoid<br />

of reservations, apprehensions, and<br />

risk resilience should be documented,<br />

evaluated, refined, developed, and possibly<br />

extended. Only then can and should value<br />

judgments be applied.<br />

Permutations and computations generate<br />

a host of options. Significantly, the phrase<br />

‘if only’ is by nature value-free. It multiplies<br />

tempting alternatives to the traditional, the<br />

established and the ingrained.<br />

Product/service ranges, supply chains,<br />

communication channels, marketing<br />

content, systems, styles, structures, and<br />

shared values are and should be subjected<br />

to the challenging proposition—if only!<br />

Dare yourself<br />

Being bold, daring, and different seems<br />

logical in a crowded, suppressed, and<br />

contracting economy and marketplace, if<br />

not static.<br />

Recent success stories have,<br />

understandably, prompted the statement:If<br />

only we had done this before. Questionably<br />

applied constraints should be cast aside.<br />

Bunnings, the high-profile Australian<br />

hardware chain, is a case in point. It has<br />

recently significantly extended its product<br />

range twice. Pet food, toys, and care are<br />

now available in up to three aisles. The<br />

category of hardware has been remodelled<br />

to be home-based.<br />

Unconditional love from pets is being<br />

returned and rewarded in spades with<br />

absolute non-discretionary purchases and<br />

expressions of love and fun.<br />

Some 1,000 stock items of cleaning<br />

products, including dishwashing tablets,<br />

laundry liquid, and handwash, are now<br />

being added. Four aisles will feature the<br />

brand names OMO, Dettol, Sukin, and<br />

Sunbeam.<br />

For Bunnings and others, the challenge is<br />

to venture into the unknown. In the past,<br />

such innovations were inconceivable and<br />

unattainable.<br />

Compliance and conformity are<br />

constraining forces and characteristics<br />

of many public sector entities. They, too,<br />

would benefit from changes in attitudes,<br />

perspectives, and risk tolerance—if only.<br />

For ideas, concepts, innovations, and<br />

technologies that do not ‘fit’, reverse<br />

engineering is an alternative. That is, the<br />

business model and template. If only.<br />

KEY FACTORS<br />

TO CONSIDER<br />

WHEN<br />

PROMOTING<br />

YOUR<br />

BUSINESS<br />

Capitalise<br />

Make the most<br />

of emerging<br />

technology.<br />

Oversaturation<br />

Social media<br />

users are<br />

exhausted<br />

by relentless<br />

advertising, so<br />

spend your time<br />

and money wisely.<br />

Desire<br />

Consumers are<br />

searching for<br />

new and exciting<br />

products.<br />

Rekindle<br />

Rebuild<br />

relationships that<br />

were lost during<br />

the pandemic.<br />

Service stations were established in the late<br />

1980s on petrol pumps, driveway service,<br />

bulk oil, lubritoriums, and greasy concrete<br />

floors that were particularly uninviting to<br />

female consumers and commuters.<br />

The typical ethnic owner worked in the<br />

lubritorium in soiled overalls and transacted<br />

cash transactions. Modernity is refreshingly<br />

clean, bright, and inviting, with a strong<br />

emphasis on food-to-go and convenience.<br />

No place to hide<br />

Every aspect of business, society, family,<br />

and self could, and arguably should, be<br />

subjected to this concept of ‘if only’.<br />

Generative artificial intelligence allows<br />

some businesses to increase their<br />

resonance with existing and prospective<br />

customers. Images can be finessed,<br />

ensuring more significant impact and recall.<br />

For those business owners who choose<br />

to or insist on being the face, voice, and<br />

presence of the business, its products,<br />

services, and people, subtle ‘touch-ups’ with<br />

generative AI are possible.<br />

Aging voices, conversational phrasing and<br />

sub-optimal articulation can (and possibly<br />

should) be recalibrated. The essential<br />

characteristics can be ‘intelligently’<br />

retained. We can all do with help,<br />

sometimes and in some ways.<br />

There is much to commend assertiveness,<br />

change, forthright counselling, and<br />

embracing the realisation of possibility and<br />

probability.<br />

A founding step forward could be a simple,<br />

endearing and potentially enduring phrase:If<br />

only.<br />

BARRY URQUHART is managing<br />

director of Marketing Focus. He has been<br />

a consultant to the retail industry since<br />

1980. Visit: marketingfocus.net.au<br />

<strong>April</strong> <strong>2024</strong> | 43


BUSINESS<br />

Selling<br />

Measuring success in sales and thriving<br />

with high expectations<br />

Employees thrive when they are given clear expectations.<br />

DOUG FLEENER explains the importance of measuring sales performance.<br />

One of my favourite quotes, which I love<br />

to share, came from Jerry Kohl. He is the<br />

co-founder (along with his wife, Terri) of<br />

Brighton.<br />

“The only thing my bank takes is money.”<br />

I love it. You can’t deposit effort and highfives,<br />

training and practice, compliments,<br />

and likes; you can only deposit money.<br />

You either need your staff to do something<br />

better or different. That’s it! Everything falls<br />

into one of those two categories.<br />

Those are unique for each store and even<br />

each employee. That’s why a one-size-fitsall<br />

training program for a seasoned staff<br />

isn’t necessary.What isn’t unique is how you<br />

achieve those changes.<br />

Sales revenue is the number one measure<br />

of success.Of course, effort, motivation,<br />

training, practice, and customer<br />

appreciation are vital to your store/<br />

business success. But those are the<br />

means to the result—sales revenue.<br />

Here are three ways to measure sales<br />

success.<br />

• Sales increases: The cost of doing<br />

business is not going down. Even with<br />

the recent lower inflationary pressure, it<br />

continues to increase.<br />

If you’re not increasing your sales, you’re<br />

not depositing enough money. That’s<br />

why my clients and programs all aim for<br />

double-digit expansion annually.<br />

• Vital KPIs: Measuring and tracking<br />

the right key performance indicators<br />

(KPIs) is essential to understanding and<br />

driving sales. KPIs serve as quantifiable<br />

measures that reflect your business'<br />

critical success factors.<br />

Focusing on the metrics that truly matter<br />

to your business can help you gain insights<br />

into performance trends, identify areas<br />

for improvement, and make informed<br />

decisions.<br />

My favourite sales KPIs in retail are<br />

average sales, conversion rate, and dollar<br />

per traffic. I know many people like UPTs<br />

(units per transaction), but I find that a<br />

secondary KPI whenunderstanding what’s<br />

happening with the average sale.<br />

• Individual staff sales performance:<br />

Tracking individual performance is vital.<br />

I’ve worked with stores that didn’t want to<br />

do this out of fear of impacting teamwork.<br />

The bank doesn’t take teamwork either.<br />

This is merely a data point – don’t<br />

overthink it.<br />

You can choose to give individual goals<br />

or not, and you can choose to share the<br />

individual sales numbers or not. With that<br />

said, you are missing sales if you don’t<br />

know who is selling how much.<br />

If you don’t ring in individual sales, you<br />

can always track the store’s performance<br />

for each employee working that day.<br />

Over time, that data can show you when<br />

employee X is working, the store does<br />

well, but when employee Y is working, it<br />

falls short.<br />

For your information, most stores that<br />

add this are shocked by what they learn. It<br />

is a good shock so they can take action to<br />

increase revenue.<br />

So, let me ask two questions:<br />

• What was the easiest sale you ever<br />

made? I once sold jewellery to a guy who<br />

left his wife during dinner to ‘take a call’<br />

and rushed into the store to buy her a gift.<br />

• What was the worst excuse an employee<br />

ever gave for falling short in sales? I<br />

once had an employee tell me he missed<br />

his monthly sales goal because he had<br />

trouble with his girlfriend. There's nothing<br />

like blaming the girlfriend who had<br />

nothing to do with his work!<br />

Setting high expectations<br />

Ultimately, a leader’s impact is in the<br />

results they produce.For a retail leader<br />

and coach to make a high impact, the<br />

path is as follows: impact staff, impact<br />

customers, and impact revenue.<br />

You impact the staff to improve the<br />

customer’s experience and actions, which<br />

influences the store’s results and revenue.<br />

You don’t make a higher impact by having<br />

the staff do what they already do. You<br />

make changes and improvements.Most<br />

people overcomplicate how to achieve<br />

this. It is simple.<br />

What was the<br />

easiest sale you<br />

ever made?<br />

I once sold<br />

jewellery to a<br />

guy who left<br />

his wife during<br />

dinner to ‘take<br />

a call’ and<br />

rushed into the<br />

store to buy her<br />

a gift.<br />

It all starts with setting new and usually<br />

higher expectations of those better or<br />

different employee actions.<br />

Expectations are a manager's specific<br />

standards or objectives for an employee's<br />

performance (actions and behaviours),<br />

outcomes, and results.<br />

• Have a weekly expectation: Remember, you<br />

are expecting something better or different.<br />

This could be the same for everyone on staff,<br />

or everyone can have their own.<br />

Meet with employees at the start of their<br />

week to agree upon the week’s expectations<br />

and desired outcomes. You can also roll the<br />

same expectation over to the next week but<br />

always have a weekly expectation.<br />

• Set a daily expectation of specific actions<br />

and results: Say, for example, you want the<br />

staff to increase the email capture rate of<br />

buyers.<br />

Each employee should have a target for the<br />

day and specific actions they will take to<br />

achieve it.<br />

• Set tracking and reporting expectations:<br />

Many managers miss this one expectation.<br />

This is the only way to ensure that better or<br />

different actions occur.<br />

For example, we know that getting customers<br />

to engage with and try on products<br />

dramatically increases the likelihood of<br />

purchasing. The only way to know if that is<br />

happening is to have the employee track how<br />

many customers they do that with.<br />

Many owners or managers have told me<br />

that’s not realistic; however, it is. I know<br />

because the leaders who make it happen are<br />

the same ones who consistently increase<br />

their staff and sales.<br />

DOUG FLEENER is the author of a new<br />

book titled The Day Makes The Year<br />

(Makes The Life).<br />

Learn more: dougfleener.com<br />

44 | <strong>April</strong> <strong>2024</strong>


BUSINESS<br />

Management<br />

Five lessons you can learn from<br />

a high-profile business leader<br />

What can we learn from one of the most talked about people on Earth?<br />

DAVID BROWN reflects on the practices of an influential businessman.<br />

Love him or hate him; there is no<br />

doubting the tremendous success<br />

and understanding that Elon Musk<br />

has achieved over the past 30 years in<br />

business.<br />

From his early beginnings as one of the<br />

founders of PayPal, through the creation<br />

of Space X and Tesla, to his more recent<br />

developments in The Boring Company,<br />

his early role in ChatGPT, and his recent<br />

takeover of Twitter (now X), Musk has shown<br />

an ability to achieve what many have<br />

thought impossible.<br />

I recently had the opportunity to read Walter<br />

Isaacson’s biography of the man, and what<br />

stands out is his uncompromising drive and<br />

obsession with whatever he is involved with.<br />

To achieve one successful start-up is a<br />

tremendous achievement; however, to<br />

create four and take over one of the world’s<br />

leading social media platforms.<br />

This occured while juggling a sizeable<br />

hands-on role in every company as a<br />

superhuman level of achievement.<br />

Musk’s ability to engender commitment<br />

while also alienating people draws many<br />

comparisons to Steve Jobs, illustrating that<br />

the life of a genius doesn’t come without<br />

frailties that can make it difficult to live with.<br />

The book provided many lessons that any<br />

business owner would do well to learn from.<br />

Although most of us are no Musk or Jobs,<br />

there are still key principles that we can use<br />

to drive our own businesses forward.<br />

One of the most valuable processes used<br />

by Musk is called ‘The Algorithm’, which he<br />

uses in every company he works in. It goes<br />

as follows:<br />

• Question every requirement: Musk<br />

insists that every process comes with the<br />

name of the person who required it. He<br />

won’t permit processes that, when asked,<br />

receive the answer, “The legal department<br />

requires we do it this way”.<br />

He insists on names so that people are<br />

accountable. As he states, requirements<br />

from smart people are often the most<br />

dangerous as they are never questioned.<br />

He even wants his own decisions<br />

questioned—although, as the book<br />

repeatedly shows, he does get a little<br />

upset when this happens! The purpose of<br />

questioning is to make the requirement<br />

“less dumb.”<br />

• Delete any part of a process you can:<br />

He would rather have a step removed and<br />

added back in than leave it there.<br />

He insists that if you don’t add back 10 per<br />

cent of the processes deleted, you haven’t<br />

removed enough of them.<br />

• Simplify and optimise: This works in<br />

tandem with the second and should, in<br />

fact, follow immediately from it.<br />

He believes all processes should undergo<br />

the scrutiny of elimination before they are<br />

improved.<br />

• Gain momentum: Speed up the process<br />

once you’ve completed the first three<br />

steps.<br />

A common theme throughout the<br />

book was how frequently Musk made<br />

unrealistic timeframes for completing<br />

projects only to have the team<br />

achieve them.<br />

• Automate: Once all other processes are<br />

complete, ensure the system becomes as<br />

automated as possible.<br />

The book's countless examples make it<br />

fascinating, especially regarding Space<br />

X, where Musk and his team were able<br />

to make constant timeframe and cost<br />

savings compared to the burdensome<br />

government beast that is NASA.<br />

Although most<br />

of us are no<br />

Musk or Jobs,<br />

there are still<br />

key principles<br />

that we can use<br />

to drive our<br />

own businesses<br />

forward.<br />

In addition to the five governing principles<br />

of The Algorithm, Musk also adopts several<br />

other key guidelines:<br />

• All technical managers must have handson<br />

experience. He expects his software<br />

coding managers to spend 20 per cent of<br />

their time coding, or “they become like<br />

cavalry officers who can’t ride a horse<br />

anymore”.<br />

He also insists that his design team is<br />

based near the production line so they can<br />

see the consequences of their decisions.<br />

• He dislikes camaraderie in the workplace<br />

as he believes it then becomes hard to<br />

challenge a colleague's work for fear of<br />

throwing them under the bus.<br />

• He believes it’s okay to be wrongas long<br />

as you’re not confident and wrong.<br />

• Don’t ask your staff to do what you won’t<br />

do yourself. Musk is highly hands-on – it’s<br />

not unusual to find him on the factory<br />

floor at Tesla ripping out equipment and<br />

changing processes himself.<br />

• Whenever there is an issue, don’t just<br />

meet with the manager. Go a level down to<br />

those who are dealing with it firsthand.<br />

• Hiring is about attitude. Skills can be<br />

taught; however, attitude requires a<br />

brain transplant.<br />

• Maniacal urgency is optimum. He is<br />

unrelenting with the pressure he creates<br />

for results.<br />

• The only laws are those dictated by<br />

physics. Musk is libertarian, resisting any<br />

authoritative directives or government<br />

legislation as much as he can legally do,<br />

seeing them only as recommendations<br />

where he can.<br />

You may not be running companies the<br />

size of Tesla or X; however, many of the<br />

principles applied by Musk would work<br />

equally well in your own business.<br />

Which of these principles do you currently<br />

apply? Which would you benefit most<br />

significantly from?<br />

DAVID BROWN is co-founder<br />

and business mentor with Retail<br />

Edge Consultants. Learn more:<br />

retailedgeconsultants.com<br />

<strong>April</strong> <strong>2024</strong> | 45


BUSINESS<br />

Marketing & PR<br />

Addressing your digital marketing blind spots<br />

Are you struggling to generate results from your digital marketing efforts?<br />

THOMAS YOUNG discusses common mistakes.<br />

What we don’t know in business hurts<br />

our ability to close sales and increase<br />

market share. The good news is with<br />

awareness comes the opportunity for<br />

change and improvement.<br />

Do what you’ve always done and get the<br />

same results. This is often true in digital<br />

marketing because many businesses<br />

‘stick with what they know’ – they stay<br />

in their comfort zone, and many fail to<br />

implement key digital marketing tactics<br />

needed to improve.<br />

It’s essential to understand why this<br />

is happening and to identify yourblind<br />

spots.I’ll provide recommendations so<br />

you can improve and maximise your<br />

return from your website and digital<br />

marketing strategies.<br />

Digitalmarketing and website<br />

awareness<br />

Many marketers have seen digital<br />

marketing flourish in the past few<br />

years; however, they have yet to fully<br />

understand what is happening and how<br />

to take advantage of it.<br />

These business leaders rarely visit their<br />

company website and review digital<br />

marketing metrics and data.Although<br />

this group has dwindled in size over the<br />

years, they are still prevalent, and their<br />

lack of attention results means missed<br />

opportunities for improvement.<br />

Consider gaining access to Google<br />

Analytics 4 and having the data provided<br />

every month. To gauge your digital<br />

marketing effectiveness, consider your<br />

total monthly visitors, the pages they<br />

visit, and the website traffic sources.<br />

Focus on specific pages that provide<br />

conversion opportunities, optimising<br />

high-performing examples and refining<br />

others that may be lacking.<br />

Identify where website traffic originates<br />

– whether it be organic search or<br />

social media - to focus and fine-tune<br />

your efforts strategically. Make sure to<br />

track those who contact your business<br />

company and other online conversions.<br />

You must visit your business website at<br />

least once a week to see what the world<br />

is seeing. Question your staff about the<br />

data and strive for improvements.<br />

The ‘Know-It-All’blind spot<br />

A closed mind is a beautiful thing to<br />

lose! Success in digital marketing<br />

requires an open mind and the ability to<br />

test new approaches to learn.<br />

This blindside is increasing as younger<br />

demographics come into the workforce.<br />

These people were part of the ‘digital<br />

revolution’ and grew up with the<br />

Internet.<br />

That said, they need a comprehensive<br />

view of what works in digital marketing.<br />

They tend to focus on handling<br />

digital marketing themselves and, as<br />

mentioned, on persisting with what they<br />

are familiar with.<br />

Digital marketing requires variousskills,<br />

and knowing it all is nearly impossible.<br />

The result of this blind spot is trying<br />

something and then giving up when it<br />

does not work as expected.<br />

We often hear that a particular digital<br />

marketing tactic has ‘never worked’.<br />

Today, the game has changed, and<br />

we see a variety of marketing tactics<br />

working together in harmony as the key<br />

to driving the best results.<br />

Embrace a comprehensive digital<br />

marketing plan. Don’t rely on just one<br />

or two tactics to get results. Explore<br />

new digital channels and cover the<br />

essentials.<br />

You must visit<br />

your business<br />

website at least<br />

once a week to<br />

see what the<br />

world is seeing.<br />

Question your<br />

staff about<br />

the data and<br />

strive for<br />

improvements.<br />

You should have a quality website<br />

that meets users' needs, and your<br />

business should be optimised to be<br />

discovered in search engines. Regular<br />

social media posts and a ‘content<br />

calendar’ are great ways to remain<br />

active, while email marketing and<br />

monthly newsletters keep you in<br />

contact with your customers.<br />

New generation of digital marketers<br />

Marketing is a discipline and requires<br />

a team effort with a comprehensive<br />

approach, along with input from<br />

experts.<br />

A do-it-yourself (DIY) approach will<br />

dilute your ability to focus on what you<br />

do well. You most likely don’t do your<br />

own taxes or legal work! Marketing<br />

requires the same input and attention<br />

from experts.<br />

Build a digital marketing staff and<br />

leverage experts to get results and<br />

complement your in-house marketing<br />

employees.Talk to experts and get<br />

feedback.<br />

What’s needed is a new generation<br />

of digital marketers who focus on<br />

strategic intent and translating value<br />

with quality content.<br />

They understand that websites are<br />

the centrepiece of marketing for most<br />

businesses and that digital marketing<br />

is essential to attract new customers.<br />

I hope this new generation is strong<br />

with data and uses metrics to drive<br />

tactics and make informed decisions.<br />

It’s essential to be open to testing new<br />

ideas, leveraging AI tools to improve<br />

work, and embracing learning and<br />

constant change.<br />

Finally, you must be willing to<br />

capitalise on the experience and<br />

insight of experts. This removes blind<br />

spots and generates ideas to leverage<br />

digital marketing's potential.<br />

THOMAS YOUNG is CEO of Intuitive<br />

Websites. He has more than 25 years’<br />

marketing and sales experience. Visit:<br />

intuitivewebsites.com<br />

46 | <strong>April</strong> <strong>2024</strong>


BUSINESS<br />

Logged On<br />

Would you please leave a review?<br />

Consumers increasingly value online reviews.<br />

SHEP HYKEN explains why you should actively pursue reviews for your store.<br />

Getting customers to review their<br />

experience with you is powerful.<br />

Before they make a purchase, go to a<br />

restaurant, stay at a hotel, and more,<br />

many customers do online research,<br />

which leads them to reviews that<br />

help form their opinion of products or<br />

services they want to buy—or even the<br />

business they want to purchase it from.<br />

How do you get reviews? Well, the easy<br />

way is to ask for them! I was recently<br />

asked about how to get good reviews,<br />

and I noted that there are at least two<br />

requirements:<br />

• The customer must be willing to<br />

leave a review<br />

• Your employees must deliver the<br />

positive experience you want your<br />

customers to talk or write about<br />

Customers who leave reviews fall into<br />

two categories. The first is those prone<br />

to leave the review without being asked.<br />

The second is those who are willing to<br />

do so if you ask.<br />

Either way, if they are willing, you should<br />

make sure the review they write about<br />

you is good. The only way to make that<br />

happen is to give them what they need,<br />

which is a good experience.<br />

A few years back, I wrote about a hotel<br />

with a sign that read, “Please leave a<br />

review on Trip Advisor.” Then, I received<br />

terrible service. As I was checking out, I<br />

picked up the sign, showed it to the front<br />

desk clerk and asked, “Do you really<br />

want me to leave a review?”<br />

Here is the point. If you want your<br />

customers to leave a good review,<br />

everyone in your business must<br />

understand that they are all part of<br />

what will be graded. Everyone must<br />

do their job to ensure the customer<br />

has an experience you want them to<br />

write about.<br />

role, they take care of someone doing<br />

something that directly impacts the<br />

customer’s experience—even if they<br />

never see the customer.<br />

You want customers to want to come<br />

back. You want them to talk positively<br />

about you. And, you want a good review,<br />

whether they publish it or not. Make<br />

sure all your staff understand the<br />

goal, then empower them to go out and<br />

achieve it.<br />

If you won’t ask, who will?<br />

Not long ago, I wrote an article and<br />

created a video on ‘Doing More Than<br />

Expected’ – even when it’s not included<br />

in your job description.<br />

I used the example of the server at a<br />

restaurant who ran outside during a<br />

storm to move the outdoor furniture<br />

blowing across the patio to a safer,<br />

more secure spot. He returned to the<br />

restaurant, drenched from the rain,<br />

to applause from the guests. I jokingly<br />

asked him, “Was moving patio furniture<br />

included in your job description?” He<br />

said, “I just do what it takes.”<br />

You want<br />

customers to<br />

want to come<br />

back. You want<br />

them to talk<br />

positively about<br />

you. And, you<br />

want a good<br />

review, whether<br />

they publish it<br />

or not.<br />

fixed things around the office. If he saw<br />

something that wasn’t right, he made it<br />

right.<br />

For example, we changed a frame with<br />

a motivational quote every week. One<br />

week later, the quote and picture frame<br />

were crooked. I noticed it, and while it<br />

bothered me a bit, it wasn’t worth saying<br />

anything about it. By the end of the day,<br />

it was fixed.<br />

Stepping up<br />

I knew who did it, but I still asked loud<br />

enough for others to hear, “Who fixed the<br />

weekly quote?” Of course, the answer<br />

was the guy who fixed everything around<br />

the office. I thanked him and asked him<br />

why he handles things like this. He said,<br />

“If I don’t do it, who will?”<br />

I love those seven words. “If I don’t do it,<br />

who will?” is right up there with “I just do<br />

what it takes.” These are the mindsets of<br />

people who go the extra mile; by the way,<br />

it’s not an extra mile. Often, it’s just a<br />

tiny bit more effort, if any. It’s just doing<br />

it because, “If they don’t, who will?”<br />

When someone comes to work for you,<br />

whatever their role and responsibility,<br />

you hope they are good at it.<br />

If all they do is that role and don’t care<br />

to do anything else, such as fixing a<br />

crooked piece of art in a frame, you<br />

would still be happy with their work. But<br />

what if another employee did the same<br />

and, in addition, was willing to fix the<br />

symbolic piece of art in a frame, even<br />

without being asked? Who would you<br />

rather have working for you?<br />

Your answer is most likely the second<br />

option. That employee is the type of<br />

staff member who will do whatever<br />

they can to care for their internal and<br />

external customers. Why? Because they<br />

do what it takes and know, “If I don’t do<br />

it, who will?”<br />

Hold them accountable and responsible<br />

for ensuring the experience is worthy of<br />

a good review.<br />

Even employees who don’t work on the<br />

front line have a place in the customer<br />

experience they must understand.<br />

In a ‘behind-the-scenes’ supporting<br />

That’s a great attitude to have. First,<br />

you must be the kind of person who<br />

innately knows you should do something<br />

right, even if it isn’t expected. Second,<br />

you must be empowered to make and<br />

act on those choices.<br />

I’m reminded of an employee who<br />

SHEP HYKEN is a speaker and New<br />

York Times and Wall Street Journal<br />

best-selling author who works with<br />

companies to build loyal relationships<br />

with customers and employees.<br />

Visit: hyken.com<br />

<strong>April</strong> <strong>2024</strong> | 47


My Bench<br />

Lani Williams<br />

Windfall <strong>Jeweller</strong>y<br />

• AGE: 39 • YEARS IN TRADE 12 • TRAINING: Small courses in metalsmithing, jewellery making, wax-carving and gem-setting. • FIRST JOB: Windfall <strong>Jeweller</strong>y<br />

OUR CLEO<br />

‘Our Cleo’ is a stand-out piece in our engagement<br />

ring collection. An oval-cut Australian sapphire with<br />

marquise white diamonds on the shoulders. We love to<br />

mix and embrace bold colours in our pieces, and this<br />

piece is feminine with an underlying edge.<br />

FAVOURITE GEMSTONE Champagne diamonds.<br />

FAVOURITE METAL 18-carat white gold.<br />

FAVOURITE TOOL The polishing machine.<br />

BEST NEW TOOL DISCOVERY Dedeco radial disks.<br />

BEST PART OF THE JOB When the gemstones or<br />

diamonds we’ve been sourcing finally arrive at the<br />

studio for unpacking.<br />

WORST PART OF THE JOB Staying on top of my<br />

email inbox.<br />

BEST TIP FROM A JEWELLER Stay in your lane.<br />

BEST TIP TO A JEWELLER Stay in your lane!<br />

BIGGEST HEALTH CONCERN ON THE BENCH:<br />

Breathing in dust, followed by the impact of poor<br />

posture.<br />

LOVE JEWELLERY BECAUSE I can see the beauty<br />

in everything. It gives me an opportunity to express<br />

that beauty in timeless pieces, which will act as a<br />

time capsule. When I’m long gone, my jewellery will<br />

continue to tell my story.<br />

48 | <strong>April</strong> <strong>2024</strong>


<strong>April</strong> <strong>2024</strong> | 49


OPINION<br />

Soapbox<br />

What takes years to build<br />

and seconds to destroy?<br />

Trust is the jewellery industry’s most decisive influence. KIM RIDLEY explains why<br />

building trust with customers and associates should be your biggest priority in <strong>2024</strong>.<br />

We all know that trust is fundamental<br />

in the jewellery industry; however, it’s a<br />

silent influence in business – we often only<br />

turn our attention to trust when something<br />

has gone wrong.<br />

This phenomenon was recently brought to<br />

my attention as my son returned home to<br />

Australia after spending several years living<br />

and working in Jordan.<br />

As I’m sure you know, there’s a great deal<br />

of instability in the Middle East, and the<br />

decision was made for him to return home.<br />

As he finalised the details of his<br />

12,000-kilometre voyage from Jordan to<br />

Australia, I was reminded of how much<br />

trust we place in people we do not know.<br />

services these retailers offer are still based<br />

on trust.<br />

With that said, it should come as no<br />

surprise that success in this regard is based<br />

on our ability to follow through on promises,<br />

reinforcing the trust and respect customers<br />

have in our businesses over time.<br />

Salespeople who prefer to work on ‘shortterm’<br />

transactions and partnerships rarely<br />

succeed in the jewellery industry because<br />

this trade is based on connection.<br />

I’ve worked in the jewellery industry for<br />

many years, beginning at Q Report with<br />

insurance and now with Retail Edge<br />

Consultants, working hand-in-hand with<br />

stores to improve their business.<br />

Delivering<br />

quality products<br />

and services,<br />

maintaining<br />

communication,<br />

and meeting<br />

deadlines<br />

reinforces and<br />

builds trust<br />

and fosters<br />

long-term<br />

relationships.<br />

» Consistency: Delivering quality products<br />

and services, maintaining communication,<br />

and meeting deadlines reinforces and builds<br />

trust and fosters long-term relationships.<br />

In my many years in the business, all<br />

of the most successful jewellers I have<br />

encountered have adhered to these five<br />

principles.<br />

These jewellers build trust with customers<br />

by keeping their word and delivering on<br />

promises, and as a result, their customers<br />

remain loyal.<br />

These principles are particularly important<br />

today because consumers increasingly<br />

approach business with a default feeling of<br />

‘mistrust’.<br />

Whether it be the taxi driver who takes us<br />

to the airport, the travel authorities at the<br />

airport, or even the airline staff – most<br />

importantly, the pilot – when we travel, we<br />

implicitly trust these strangers with the<br />

safety of our loved ones and precious cargo.<br />

These are not personal relationships;<br />

they are associations based on trust,<br />

previous experiences, and, in terms of<br />

business, past transactions.<br />

Travel is not the area of our lives where we<br />

place our trust in a stranger; however, the<br />

principles remain the same – have faith<br />

that individuals we do not know will carry<br />

out important responsibilities and provide<br />

valuable services.<br />

Many other examples exist – many people<br />

use dating apps, leading to personal<br />

encounters and interactions with strangers.<br />

Young people often live in shared homes<br />

with strangers they’ve never met before<br />

moving in.<br />

With online banking, we trust financial<br />

institutions with our hard-earned money<br />

without meeting or speaking with a staff<br />

member.<br />

The jewellery industry may break away from<br />

this practice in some regards. For example,<br />

salespeople sit in front of customers and<br />

look them in the eye when facilitating a<br />

purchase.<br />

Employees will discuss their families and<br />

personal lives with customers; however,<br />

when it comes to the jewellery business, the<br />

The importance of these connections<br />

remains the same. In the coming years,<br />

I’m looking forward to continuing the great<br />

partnerships I’ve formed with retailers and<br />

business owners over the years.<br />

In my new role, I’m also looking forward to<br />

forging new partnerships centred on mutual<br />

respect, trust, and a business goal as a<br />

measure of success.<br />

Building and maintaining a good reputation<br />

in business often boils down to delivering on<br />

promises and providing value to customers.<br />

Said another way, people have faith in you,<br />

and you, in return, trust them.<br />

In my experience, I’ve learned that there are<br />

five keys to building and maintaining great<br />

relationships in the jewellery industry. I live<br />

by these principles and know many of my<br />

customers do, too.<br />

» Trust: Trust is paramount in successful<br />

and productive business relationships.<br />

» Priorities: Recognising the importance of<br />

the customer and prioritising their needs is<br />

crucial.<br />

» Reputation: With the rise of online<br />

reviews in the ‘social media’ age, the<br />

reputation of a business can easily be<br />

shared, accessed, criticised and praised.<br />

Managing the perception of your business<br />

is vital.<br />

» Accountability: Taking responsibility for<br />

any shortcomings and addressing them<br />

promptly is the basis for accountability.<br />

If a consumer does not like you or your<br />

business, the chances of them shopping in<br />

your store are close to zero.<br />

If a consumer does not trust you or your<br />

business – whether it be because they<br />

feel that you don’t have your best interests<br />

in mind or they doubt that you’ll be able<br />

to deliver on your promises –that is a<br />

relationship that must be repaired.<br />

Word of mouth is extremely important in this<br />

industry. When a person trusts a jeweller,<br />

they’ll not only become repeat customers,<br />

they’ll also spread the good word about your<br />

business – whether verbally or online.<br />

The opposite is also true - and as we all<br />

know, negative reviews – whether online or<br />

in person – can be very destructive.<br />

In the year ahead, the opportunity I’m most<br />

excited about is the chance to continue<br />

building on my existing relationships and to<br />

forge new partnerships.<br />

I hope that you’ve set similar goals for your<br />

business.<br />

Remember: Trust may be earned drop-bydrop,<br />

but it’s lost by the bucket load.<br />

Prioritise trust and the rewards will follow.<br />

Name: Kim Ridley<br />

Business: Retail Edge Consultants<br />

Position: Business Development Manager<br />

Location: Queensland<br />

Years in the industry: 15<br />

50 | <strong>April</strong> <strong>2024</strong>


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