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Honored Contributor
Posts: 37,927
Registered: ‎06-11-2011

Surprising News At My Local Jeweler's

Each year in early December the small, family-owned jewelry store where I have been a customer for many years has a Customer Appreciation night that is very extravagant with a catered party and lovely gift bags with purchase. Due to COVID this year, the party was off of course but the store is having a weeklong customer appreciation sale and still giving out a nice gift bag with purchase. They have very good precautions in place regarding COVID including limiting the amount of customers in the store

 

I went in for a short time and mentioned to the owner that I thought it is very nice that, given this year with small businesses, he was willing to still give gifts with purchase to his customers. He has a very longtime and loyal customer base whom I'm sure would  make purchases for Christmas gifts and at other times from him even without his annual party/gifts.  

 

When I also mentioned this to one of the employees who usually waits on me, that employee told me that the store has been doing really well and, in fact, the month after retail stores in my state were allowed to reopen, it was the best month they've had in all the years they'd been in business! I was so surprised because jewelry is certainly not a necessity and a lot of people have lost jobs or otherwise had economic hardship during the pandemic.  Whereupon he told me that there has been a huge increase in engagement ring sales, esp during that first month they reopened.  😄  I remarked that I suppose being in close quarters stuck at home made people go one way or the other!

Respected Contributor
Posts: 3,587
Registered: ‎06-03-2010

Re: Surprising News At My Local Jeweler's

@Pearlee  That is interesting to hear.  I was also surprised when speaking to a local real estate person on how fast homes are selling and over asking price (within days).  I told him I thought so many people were out of work and how are they buying houses.  He told me that it seems that most of the people out of work are the ones with lower annual incomes, and the higher income groups were now working from home.  Also, the interest rate was so low, a lot were buying now.

 

I had a friend who put his home on the market, and it sold in days, and they offered $40K over asking price, and knowing the seller, they would have not underpriced their home.

 

I'm glad your local business is doing well, that is good to hear.  I also try to support local businesses, it's so hard now just to stay in business with the lock downs starting and stopping here in California - starting tonight for 3 weeks, right up until Christmas.  And this is the time of year that most business make the majority of their sales, so it's really difficult for them, and I fear many will not survive.



......You look like I need a drink.....
Honored Contributor
Posts: 37,927
Registered: ‎06-11-2011

Re: Surprising News At My Local Jeweler's

@CAcableGirl2  The exact same thing is going on in my city with real estate.

 

I think what surprised me so much about the jewelry store is that jewelry is such a non-necessity!  I meant to mention too that none of the staff there lost their jobs which made me happy because I like the staff.

Respected Contributor
Posts: 2,782
Registered: ‎03-11-2010

Re: Surprising News At My Local Jeweler's

Glad that some small businesses are doing well in this difficult time.  We are retired and our income hasn't really been affected by the virus although there are a few things we may change going forward.

 

It doesn't surprise me that some folks are out spending $.  We were locked down here for a few months in the Spring.  During that time, other than grocery deliveries I spent basically nothing.  So when things opened up again, I had some extra money to spend.  Some of my friends had that same experience. Combine extra cash with the freedom of being allowed out again, it seems predictable that folks would be looking forward to going shopping again.

Esteemed Contributor
Posts: 5,904
Registered: ‎03-12-2010

Re: Surprising News At My Local Jeweler's

People with incomes have been saving. No commuting, travel, vacations and very limited restaurant dining. Many weddings and celebrations have been postponed. In addition the stock market is at an all time high. I am sure that those who love their jewelry are buying. Anything that makes a person happy.

 

Hopefully charitable giving this holiday season will bring true happiness to the givers and certainly the receivers. That's the true and enduring meaning of the holiday season.

 

Buying and giving are not mutually exclusive.

Honored Contributor
Posts: 13,192
Registered: ‎03-09-2010

Re: Surprising News At My Local Jeweler's

I wonder if they have been buying gold?  I understand that small time jewelers make a killing off of buying gold. (When people bring in broken necklaces, dinged bangles, etc.)

 

 

Honored Contributor
Posts: 37,927
Registered: ‎06-11-2011

Re: Surprising News At My Local Jeweler's


@Lucky Charm wrote:

I wonder if they have been buying gold?  I understand that small time jewelers make a killing off of buying gold. (When people bring in broken necklaces, dinged bangles, etc.)

 

 


@Lucky Charm  Yes they buy gold, silver, and estate jewelry but only the most exquisite, fabulous pieces of estate jewelry. During this customer appreciation sale their 2 estate jewelry cases are 50% off. During all the many years I've shopped there, I've only bought one piece of jewelry that was not an estate piece. I have some fabulous estate pieces -- every one of them purchased from one of their 50% off the estate cases sales, that I couldn't possibly have bought at the retail price of a new piece.  Such as the piece I bought this week. 💍

Respected Contributor
Posts: 4,936
Registered: ‎07-02-2015

Re: Surprising News At My Local Jeweler's

That's interesting info from the jewelry  retail universe.  I think I heard on CNBC-TV stock market news that Tiffany has had a fairly good year when it comes to earnings and revenue, despite all the turmoil elsewhere.

 

Wouldn't be surprised if  people staying home, working from home, quarantining for months have produced a huge crop of babies-to-be.  That could also mean more weddings to come or other occasions to celebrate with jewelry.

 

 

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Trusted Contributor
Posts: 1,201
Registered: ‎10-16-2020

Re: Surprising News At My Local Jeweler's

I find it odd that jewelry would be selling so well anywhere right now.  I stopped wearing my rings due to all the handwashing plus I don't want them to get germy anyway or have to worry about it.  I wear earrings but even that not very often because just who the heck cares in a sea of face masks. 

Valued Contributor
Posts: 582
Registered: ‎03-09-2010

Re: Surprising News At My Local Jeweler's

I live in a small rural town in Michigan. I asked a friend who owns a jewelry store if things were starting to pick up for him. He surprised me by saying this is the best year that they have ever had! He's been in business over 35 years. No travel, no vacations, quarantine in general, etc. has helped him quite a bit.