Jewelry Business Guru by Cindy Edelstein

Modern Jeweler Magazine Suspends Publication

With a sad heart we say goodbye to an industry stalwart and some great colleagues. Modern Jeweler never looked better than this past year or so in design, layout and useful content.

Seen on modernjeweler.com blog today:

After 108 years of serving the jewelry industry, Modern Jeweler is suspending publication. We’d like to thank all the people who worked hard over the years to make every issue worth reading. We’d also like to thank the retailers and manufacturers who shared their time and expertise with our readers each month. We hope to find a buyer who believes in the future of the jewelry industry as much as we do. But even if we don’t and the August issue of Modern Jeweler is truly the last, we are sure that the jewelry industry’s strong community and generosity of spirit will ensure its recovery is swift and its future is bright. We’ll certainly miss being there to cover it.

                        - Tim Murphy, Publisher, and Cheryl Kremkow, Editor-in-Chief

BusinessWeek Seeking Nominations: Best U.S. Entrepreneurs 25 and Under

Do designers sometime fudge gemological terms in the name of fashion?

In his new blog, gem expert Gary Roskin, focuses his first Consumer News post on the tale of this month's InStyle magazine cover showing off a Tom Binn's pearl necklace.

To Gary's eye the "pearls" were fishy -- too large to be genuine. And if real at that size they'd be too precious to dye bright colors and too heavy to wear well. And so he went investigating.... you can read the story here.

Suffice it to say.... you need to be sure what you're putting out there. And how editors are writing about your jewels and how well staffers are trained.

Gemologist and author Gary A. Roskin, G.G., FGA, the former gemstone editor for JCK magazine, has just launched the Roskin Gem News Report Web site (www.roskingemnews.com), which covers gemstones and gem-related topics.

New York Times says the jewelry industry is "going through a business cycle"

This article in the New York Times sums up our industry this year well... it's been a very tough year.

I always have the feeling that when articles like this appear -- it signals the end of the cycle. What do you think? I sure hope I'm right and that we've hit bottom. Even if we expect a slow recovery.

The best quote in the article is:

"And yet, sales of diamond rings and wedding bands seem to be holding up better than for other kinds of jewelry. Retailers and analysts say a decent engagement ring is still seen as a necessity for men hoping to get a yes to a marriage proposal........

......... For the retailers the good news, relatively speaking, is that the chains say the rate of deceleration has slowed in the last three months. No one is declaring a recovery, or even that the market has reached a bottom. But Tiffany, which has been selling its signature six-pronged diamond solitaire engagement rings through booms and busts since 1886, is confident the sparkle will return once again.

“We’re going through a business cycle,” said Mr. Aaron of Tiffany. “There will eventually again be a rising tide of affluence around the world.”

Interested in opening a jewelry gallery or other specialty retail store?

Here's a great new read!

Karen Lorene, owner of Facere Gallery in Seattle, has started a blog based on her 3 decades of retailing experience. She intends for her information to be useful to ANY business and I'm sure it will be very useful to retailers and artisans, alike.

She writes in her first entries on her "Building a Business: Try This!" blog:

Chapter One: Build on What You Know

I assume you have a business dream. I also assume you have a bit of business knowledge because you more than likely grew up having had a lemonade stand, a retail summer job, you waitressed, you babysat, you shopped. That's how much business experience I had. If I can do it, you can do it!

Here's the beginning of thirty-seven years of experience in retail. I urge you to TRY THIS!
Let's get specific.

Start a list of what you have, what you need, what you want.

click here to read the whole blog entry.

LVMH-owned eLuxury shuttering retail operations

Seen on nationaljeweler.com today:

Web site eLuxury, a destination for high-end designer closeout apparel, shoes and accessories that's owned by Moet Hennessy Louis Vuitton LVMH, has closed down its retail operations and plans to convert to an "editorial destination" for information on the luxury market.

According to a press release, eLuxury ceased retail operations on June 26 and is "now moving to the next step of its evolution, a process which will reposition it as a premier source of editorial content, information and inspiration for luxury customers around the world."

read full article here.

There are so many discount/sample sale sites -- and many are selling merchandise made just for them rather than purely overstock -- that it's a wonder how they all stay afloat.

Which ones are most successful/useful in your book?????? Comments welcome.