In the Loupe - March 2022 Edition

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T H E

LOUPE

The Premier Jewelers Cooperative

M a r c h 2 0 2 2 • I s s u e 101 2021 WAS A BANNER YEAR FOR OUR INDUSTRY. — RJO CEO SARAH STREB

BOOM! $14.93 Million Dividend THE GENERAL MEMBERSHIP LUNCHEON at RJO’s Winter Buying Show at the end of January had its usual large crowd. Attendance at the Show was high, as was the enthusiasm. As RJO CEO Sarah Streb was walking through her annual presentation about RJO, there seemed to be a little buzz building as she began her discussion of the organization’s financials.

Coming soon would be the reveal of this year’s patronage dividend, a program unique to RJO, one which returns a certain percentage of purchases made through the group. For many, the dividend offers a purchasing advantage unmatched elsewhere.

Those who follow the annual dividend seemed to know what to expect. The highest amount paid out

was three years earlier, a healthy $7.8 million. It has, not unexpectedly, been a bit lower the last two years, around $7.6. Could it improve upon that?

As the large gathering quieted, the announcement came: “This year RJO will be paying its retail members 5.58% back on all purchases made through the group, totaling nearly $15 million in the annual dividend checks.”

There was a gasp, followed by a round of applause.

Smiles were everywhere. The final amount—$14.93 million—is the highest ever patronage dividend in the organization’s 56-year history.

More about the Show and the milestone achieved, can be found inside this issue.

15M

$14.93

The RJO Dividend Millions of Dollars Paid to RJO Members Every Year IN 1990, WE HAD 220 MEMBERS WITH SALES TOTALING $14 MILLION. NOW, WE ARE PAYING NEARLY $15 MILLION BACK IN DIVIDENDS. — RJO BOARD OF DIRECTORS PRESIDENT TERRY DICKENS

$4.9 4M

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In the Know with RJO

Past Performance IN THE SPIRIT OF THE SUPER BOWL, and all those commercials, I became acutely aware of the content being shared within these multi-million-dollar messages. One disclaimer in particular struck a chord with me. The disclaimer I hear on many financial services commercials. You know the one: “Past performance may not be indicative of future results.”

This is usually placed in tiny type at the end of television commercials or is a rapid-fired voiceover on the radio. The Securities and Exchange Commission mandates this wording, so potential investors don’t have unrealistic expectations about a product or service and wind up disappointed.

RJO has turned that disclaimer on its head these past two years, with knockout performances for and from our jewelers and vendors. From the number of new members to the percentages and amounts of annual dividends, even to the amount being spent with RJO vendors, the numbers are really amazing. But when you wrap these successes within the context of an international pandemic, well, I’ve nearly worn out the “!” on my keyboard.

I encourage you to take some time and scroll back through RJO’s Facebook pages to find posts beginning in the middle of March 2020. You can follow jewelers’ history of COVID very intimately. I think you’ll be surprised at how dark the future seemed, how the unknown seemed to manifest as nothing but doom and gloom. But you’ll also see a turning point, as RJO leadership listened and responded quickly; vendors looked out for jewelers, reconstructing sales terms on the spot; and jewelers, in kind, took chances, such as increasing their online presence, working with employees’ needs and concerns, and helping out fellow jewelers as best they could.

If there ever were a time to post a “past performance” disclaimer, it certainly seemed to be during the last two years. And yet, such reserve was unnecessary.

One of my greatest benefits as an RJO leader is I get to see a big picture of how our 1,000+ membership is doing. Even during the darkest days of the last two years, I saw signs of perseverance and growth everywhere, and I tried to share my hopeful observations as best I could. Still, I’m not sure how comforting “just words” can be during such uncertain times, and this is the beauty of our annual dividend announcement. Members see a tangible metric of how the organization is doing, and by association, how their retail jewelry colleagues are doing. I don’t think anything has brought more confidence and joy to our members than our announcement at our Winter Buying Show.

As we enter our post-50 years as an organization, RJO clearly shows no signs of slowing down. A more accurate and more positive phrasing would be that we are successfully fulfilling RJO’s initial purpose and mission. While we’ve watched retailers in other categories struggle, we’ve worked together to provide the tools, networks, and humanity needed not only to survive, but to thrive.

On behalf of RJO, its leadership and staff, I couldn’t be happier for all of our record-breaking successes, and I’m looking forward to many, many more. No disclaimer needed.

Sarah Streb RJO CEO

RJO Board News APPLICATION REQUESTS FOR THE BOARD ELECTION WILL BEGIN IN APRIL. Watch your email and the RJO Exclusive Facebook page for more information.

BIG NEWS – BOARD APPROVES ADDITIONAL SHOW VOUCHER DISCOUNTS based on previous year buying, starting with this summer’s Show. See page 4 for RJO’s new purchase qualifications.

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FAMILY. DIVIDEND. SUPPORT. BUYING POWER.

From RJO’s Facebook Page SERVICES THE RJO PAGE ON FACEBOOK hosts a variety of interesting discussions every day. Here is an edited exchange from last month:

Centralized Billing Patronage Dividend RJO Website (rjomembers.com) Buying Shows (Fall/Spring) In the Loupe – RJO’s newsletter Free Print and Radio Ad Library (on the RJO website) Educational Seminars (at the Buying Shows)

Member-to-Member Incentive Program (Recruitment Program)

Organized Buying Trips to Antwerp RJO Directory Travel Vouchers at Shows (offered at varying times)

Free Hotel Room Incentive (at the Buying Shows)

Reply One: I am in Connecticut, where we have a lot of sand and salt. I put down a 1/4” vinyl planking with a pad underneath, over a concrete base.

I got it from Lumber Liquidators. Six years have passed, and it looks excellent!

Reply Two: We live in Iowa, and salt, snow, and dirt are a way of life for us.

We put down vinyl flooring—which has been great—but went with a very dark color. It shows so much salt and footprints we have to mop it multiple times a day. Not fun in the winter. Guess it’s time to mop! A multi-tone or a grey would be something to think about. It never dawned on me three years ago a dark wood would be this bad. I love the waterproofing of vinyl and wouldn’t hesitate to put it in again, just with a different color.

Reply Three: We remodeled and have luxury vinyl tile down the middle of the store. I put in a permanent rug to reduce the salt, as it helps to catch the actual salt pellets. We use the Norwex mop system, and it is better than any chemicals or even water and vinegar. We are in Wisconsin.

Reply Four: We did commercial laminate in kind of a rustic wood look, it’s been great, and it’s super easy to maintain.

Reply Five: I use a rug service. They change rugs as often as you want.

RJO Informational Email Blasts

Reply Six: Carpet squares. But I would do vinyl planking for a hardwood look. Just my opinion.

Purchase Vouchers (at the Buying Shows)

RJO Membership Certificate RJO Next Gen and RJO Succession Experiences Private Label Credit Card Service JewelConnect Scholarship Opportunities (from the RJO Foundation)

Post: Remodel advice needed. We are located in the middle of New York state and as such we are in the middle of winter, which brings in the snow, salt, and other mess into our store. We currently have a good industrial carpet but would like to hear from others on what you use for flooring.

Carpet, tile, wood?

Reply Seven: I went to a Covid test sight, and they had dark plank flooring, and it was a wreck. I started talking with the girls, and they said all winter they need a dedicated floor cleaner. That made up my mind—I’m staying with carpet. I had the samples and was super excited, but I hate the dirty floor look and worry about possible slips and falls.

Reply Eight: In Nebraska, I had carpet for years, but now have vinyl plank.

It’s the glue-down type so there is no clicking noise when walked on! I love it. Yes, it needs to be mopped more in winter, but at least it can be cleaned. Carpet is disgusting.

Reply Nine: My son likes the vinyl planking, also. He has done his own home himself, so I guess we should be able to do it ourselves. Will probably do the carpet runner down the center for bad weather, as well.

FAMILY. DIVIDEND. SUPPORT. BUYING POWER.

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BIG NEWS! RJO is Headed to Antwerp in October

AFTER A (VERY LONG) TWO-YEAR HIATUS, RJO is once again sponsoring a trip to Europe this fall. With travel restrictions lifting around the world, now more than ever we want to encourage you to consider traveling with the RJO crew to Antwerp this October.

The RJO Board approved additional Show voucher discounts based on previous year buying, starting with this Summer’s Show. New purchase qualifications:

This single trip will begin on October 2 and run one week, through October 9. Hosts for this upcoming trip are Erika Godfrey, of Hawthorne Jewelry in Kearny, NE; and Nancy Marchell, of Signature Jewelers in Grand Forks, ND.

$100,000 - $149,999: 1% $150,000 - $199,999: 1.5% $200,000 - $499,999: 2% $500,000 - $749,999: 2.5% NEW

$750,000 - $999,999: 2.75%

NEW

$1,000,000+: 3%

Travel dates and itinerary have been set, and the trip includes an optional side trip to Paris. We would love to have you come along as we travel the globe to the Diamond Capital of the world! Scan this QR code, or go here on the web, to sign up to receive Antwerp-related announcements.

RJO Foundation Finds Success at Winter Buying Show THE RJO FOUNDATION held one of its regular meetings at the Winter Buying Show and hosted some fundraising raffles, as well.

The Foundation welcomed a new member to the RJO Foundation Board of Directors: Billy Smith, of Cornerstone Jewelry in Springfield, MO. Also, the Foundation’s 100+ Club added 7 new members, to bring the Club’s total to 103.

The Foundation’s 100+ Club is a group of RJO members personally committed to raising money for the RJO Foundation Endowment Fund. To be recognized as a 100+ Club member, a financial commitment of $200 each year is required.

The money raised will be used to sustain the RJO Foundation Scholarship program, which provides scholarships and grants to RJO retail owners, vendor owners and their employees. To date, the RJO Foundation has awarded RJO members more than $72,000 in scholarships.

The RJO Foundation Board of Directors meets at each of the RJO Buying Shows. Meetings contain in-depth discussions regarding the role the Foundation will play in the industry, sustainable fund-raising campaigns, scholarship opportunities, and more.

Outside of the Club, the Buying Show’s fundraising efforts raised more than $2,000: • $1,050 from raffle ticket sales for a painting donated by RJO member Mike Doland. The winner was Richard Melancon, of Melancon Jewelers in Abbeville, LA. • $520 from the raffle of a Southern gift basket, sponsored by RJO and Jewelers Mutual. The winner was Nummi Jewelers in Superior, WI. • $768 from the sale of RJO Foundation Winter A promenade highlighting The RJO Foundation, and its scholarship winners, greeted attendees at the Winter Buying Show.

Buying Show T-shirts and related clothing.

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PLAN NOW FOR OUR NEXT

BUYING SHOW!

Starting in March, RJO will have a weekly post aimed to MAXIMIZE your knowledge of all things RJO. Our hope is you will learn something new and MAXIMIZE on the amazing benefits offered by the best group in the industry!

Finding an Item Easily, Quickly, and 'All-RJO' “HOPEFULLY, RJO JEWELERS are aware of the RJOmeet.Me system.” says Andy Boundy, an RJO vendor and manager of RJO services JewelConnect, Repair.Jewelry, and RJOCustomHatch. “The system is exclusive to RJO members, and the hundreds of retailers that do use the system should know there’s an awesome new feature to help you find hard-tosource items. If not, well, there is one—an entire RJO system dedicated to the sourcing and research of items within RJO.”

can do, as well. There are more than 150 vendor profiles, all searchable in multiple ways, so you can find the right RJO vendor for your needs. There are thousands of sample items, as well as downloadable catalogs, personnel searches to find your rep, and much more. You can choose wider searching by category or narrow it right down using the thousands of keywords on the system. You can even research these keywords to find interesting new lines, ideas, and items to add to your store.”

Boundy describes the genesis of the system, mainly stemming from RJO members posting images on Facebook and then asking, “Who makes this?” He says Facebook is great, but there is now an RJO system that does the same thing but is more widely accessed and allows easier communication.

Boundy is encouraging RJO jewelers to use the system by offering unique sales announcements.

“Not all RJO retailers or vendors use Facebook regularly,” says Boundy, “but RJOmeet.Me is in constant use, and it alerts members to activity—so everyone can get involved.”

He describes a simple process: Choose “Vendor Request” from the RJOmeet.Me website and add an image or description to find any item. The system allows vendors to reply to jewelers directly, if they share contact information, or replies can be sent via the system, which allows for a more private inquiry.

“This is just one of the new functions on RJOmeet.Me,” he continues, “but there’s a lot more it

“There’s always a great prize draw for retailers using the system,” he says. “We’ve given away Apple AirPods and iPads, and this month there’s a sweet set of Bose headphones up for grabs. Also, more importantly, when you use the RJOmeet.Me system, you keep the business all RJO. You already know how that works for you—just look at your recent dividend.”

Boundy encourages members to use RJO’s own system to find items difficult to source, to use it to find vendors, research lines, find products, and even order memos. All features are ready now on RJOmeet.Me. Check it out at https://rjomeet.me

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Vendor Profile

Concept Marketing: Allies of Sensitive Ears NEARLY 50 YEARS AGO, in 1973, Larry and Rebecca Moore started Concept Marketing as a ... well ... a jewelry industry marketing firm. Soon after opening, Larry developed a stainless-steel ear-piercing stud that was safe for sensitive ears.

“As part of a one-step ear piercing system,” says Concept’s president Laurie Smith, “the Concepts ear piercing stud was manufactured in both highly polished stainless steel (silver tone) and a 24-karat gold electroplated stainless steel (gold tone), using an innovative process that endures to this day. When jewelers shared that their customers could wear the Concepts ear piercing studs—but some would have allergic reactions when transitioning to other pierced earrings— Larry developed Concepts Earrings for Sensitive Ears, earrings everyone could wear!

After a published recommendation in a medical journal and gracing the cover of a national bridal magazine, Concepts nickel allergy free earrings for sensitive ears hit the ground running!”

Smith is the daughter of the company’s founders and owns it with her sister, Terry Turner, who—along with Terry’s husband Jacob—serve as vice presidents.

The sisters explain: “Our father saw the opportunity of a “niche market” using earrings jewelers worldwide could carry and still meet the great need for nickel allergy free earrings made correctly.

We currently offer some Sterling Silver earrings and pendants, but our brand name Concepts nickel allergy free stainless-steel earring line continues to be the main focus of our company.”

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Smith says the company further distinguishes itself to jewelers in four ways: 1) offering a “destination product” that fills customers’ needs (Concepts Earrings for Sensitive Ears); 2) providing promotions to attract customers and encourage sales, such as their Diamond Earring promotion many RJO Jewelers promote at $19.99 retail; 3) carrying a variety of ear-piercing earrings, instruments, and supplies; and 4) featuring items perfect for gifts with purchases, gifts, and price-point promoting.

“So many styles, so many earrings,” says Turner. “Even though we ship same-day and next-day, we actually hand-assemble, hand-package and make many, many items specifically to order. We have more than 3,000 different styles of earrings, all made in the USA!” Concept Marketing is marking its 40th year as an RJO member this year.

“After working in the jewelry industry for many years, our father developed countless relationships with jewelers and suppliers,” she says. “He recognized the great benefit of the RJO ‘cooperative group’ of jewelers joining together to ensure best pricing and vendor suppliers. He knew we could offer RJO jewelers a strong performing, quality product. Additionally, we offer marketing, to continually expand their repeat customer base, building traffic and sales of all their fine jewelry. Back then—as it is today—being an RJO vendor is a coveted position we have cherished and celebrated over the last 40 years.”

“The relationships formed over the last four decades have meant so much to our company,” she continues.

“Working with RJO staff and RJO members is always a pleasure. We genuinely feel appreciated as a vendor, as much as we appreciate being a vendor member and all our RJO customers.”

Concept Marketing is located at 1000 Arendell St. in Morehead City, NC. Phone: (800) 926-3277 Website: www.conceptsjewelry.com

FAMILY. DIVIDEND. SUPPORT. BUYING POWER.

AT THE RJO WINTER BUYING SHOW’S Membership Luncheon, CEO Sarah Streb (above) took the stage to provide her annual overview of the past year for the organization. This year she had a real Showstopper: the highest-ever patronage dividend in the organization’s storied 56-year history.

This year RJO will be paying its retail members 5.58% back on all purchases made through the group, totaling nearly $15 million in dividend checks. Over the past ten years, RJO has paid out nearly $68 million to its member owners.

As RJO staff made its way through the sales reports following the show, they were thrilled to find the Birmingham show also had record-high sales, making it the best Winter Show in RJO history!

To the left are three slides presented at the Winter Show: The 2022 Dividend, the Past Ten Years of the RJO Dividend, and a 2021 New Member Overview.

Click on them to view them larger.

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Click on photos to view them larger.

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Jeweler Profile

David Hayman Jewellers: Passionate About Jewelry VISITORS TO SOUTHERN CALIFORNIA will find a multigenerational, family-focused jewelry store about ten miles northeast of Disneyland: David Hayman Jewellers. Founded more than 40 years ago, the store remains family owned and operated, and still passionate after all these years.

Like her parents—who are both alumni of GIA— Jessica studied at GIA, is a Graduate Gemologist, and currently works in the store. She meticulously inspects every piece of jewelry, so customers can feel confident in knowing they are getting exactly what they’ve paid for. She also does appraisals on site.

The store was founded by David Hayman and wife Teri in 1981. David, a master jeweler, serves as CEO and Teri as CFO. In college, David studied art, specializing in three-dimensional design. After taking his first jewelry class, he fell in love with miniature sculpture, which resulted in him creating one-of-akind commissions in silver, and then gold. After quick and early successes, people began asking David to add diamonds and colored stones to his designs.

David apprenticed to a very talented bench jeweler to perfect the art of setting stones.

“Jessica definitely inherited her father’s eye for custom design,” says Teri. “She loves to design and manufacture custom pieces on a very large scale. She’s passionate about helping clients create one-of-a-kind pieces. She also works directly with manufacturers to bring in some of the most sought-after pieces, available in a price range to fit any budget.”

“The reason my wife and I started the store,” says David, “was because I was laid off from my job as a bench jeweler a week before we got married. We opened the store shortly after the wedding, and it was the best decision we ever made!”

“My dad was on a mission to create beautiful, oneof-a-kind jewelry designs that would be loved and handed down for generations,” says daughter Jessica Tjelmeland. “They’ve been providing quality products and exceptional service to the beautiful people of North Orange County for more than four decades.”

“Our primary goal has always been to exceed every client’s expectations,” says Jessica.

David agrees: “Our mission has been simple: offer the best in quality, value, service, and selection to our clients. We are proud to have served generations of families as their trusted jeweler for beautiful diamonds, fine jewelry, engagement rings, custom designs, and expert jewelry repair.”

Jessica says RJO has helped the store partner with high-quality vendors, with better pricing and better terms.

“We have built many great friendships with other retailers and vendors we have met through RJO over the years,” she says. “It is so nice to have friends and colleagues in the industry that we share ideas with or call for advice. Oh, and we really appreciate the dividend checks.”

David Hayman Jewellers also is passionate about giving back to the community which has contributed so much to their years of success.

Says Jessica, “My mom is the driving force behind David Hayman Jewellers supporting Meals on Wheels, National Charity League, Jewelers for Children, YMCA, Toys for Tots, and CHOC Hospital, and many more local schools and charities, often providing silent auction items.”

Teri and David Hayman, along with daughter Jessica Tjelmeland.

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David Hayman Jewellers is located at 18250 Imperial Highway in Yorba Linda, CA. Phone: (714) 996-9032 Website: www.davidhaymanjewellers.com

FAMILY. DIVIDEND. SUPPORT. BUYING POWER.

Jewelers Mutual® Group

Four Burglary Tactics & How You Can Stop Them NOT ONLY WILL CRIMINALS TAKE the path of least resistance when it comes to exploiting jewelry store security, but they can easily recognize yours. Do you know what the weakest spot in your security is?

Even if you have strong jewelry store security, criminals can get creative and use trickery to commit their crimes. With smash-and-grab and grab-and-run thefts on the rise, what can business owners do to keep jewelry store burglary attempts at bay?

Each moment of the heist is planned and coordinated around observed lapses in security, which is why breaking down the criminals’ burglary tactics can help you identify areas of improvement for your security. Here are four of the most common tactics and how you can respond.

Casing of the interior and exterior of the premises Before doing anything, criminals need to assess the layout of your store. To do this, they will try to get as up-close and personal as possible—even visiting your store and posing as a potential customer.

They will do their research online to look for virtual tours and photos.

Usually, the first thing any burglar will want to establish is an escape plan from a protected premise they can execute, should anything go wrong during the burglary.

Your Response: Keep note of odd or peculiar occurrences with a suspicious incident logbook. Make sure to review your surveillance footage for any patterns around the suspicious incidents. Share any information you have with your local police and ask them to

increase their surveillance of your neighborhood. Continue sharing experiences with crime prevention networks, as your colleagues and neighbors may have encountered and reported similar incidents.

Download this free suspicious incident logbook and check out other downloadable guides and checklists to help keep your business secure.

Cut an entrance though the roof and wait out the determined alarm response time These criminals look for a remote and unobservable point of entry.

They are counting on the fact law enforcement officers dispatched in response to alarms will check doors for signs of forcible entry and not suspect they are working on the roof. They have all night to execute their burglary, so they will wait out the predetermined alarm response time patiently.

Your Response: A response is critical every time an alarm is activated. Arrange to meet local law enforcement to unlock your store and have them conduct a thorough interior investigation for the source of the alarm signal. Don’t arrive at your business or enter the premises unless local law enforcement or a guard dispatched from your alarm service company is already there.

Disable the alarm and video surveillance systems If they’ve gotten this far, criminals don’t want to leave a trail. An unexpected alarm going off could spoil their cover, and getting captured on video could lead to their arrest later.

Your Response: Aside from having an alarm system that is UL-certified or equivalent, you should make sure your burglar alarm communication path is protected by line security. This guards against attempts to compromise the integrity of the communication path between your business and the monitoring facility. By installing additional motion detectors and video cameras above your ceiling tiles, you can detect would-be burglars who may be hiding there otherwise undetected, during a basic search of the interior.

Get in and get out ... or stay all night A burglar’s objectives are made much easier when merchandise is left out of the safe and in plain sight. However, since criminals do their homework, they are prepared to spend hours in a jewelry business to compromise a safe.

After monitoring response times or figuring out how to completely disable your alarm system, they will determine the level of security your safe or vault offers and what level of time and resources are needed to dismantle it.

Your Response: If you always follow a high standard of procedural security, criminals will know there are probably easier targets out there. This begins with putting all your merchandise away at night in a safe or vault. Always opt for a safe rated highly by Underwriter’s Laboratories, such as a TRTL-30X6.

If you want to learn more about how you can keep your jewelry store safe 24/7, ask for our Jewelers Mutual’s A Jeweler’s Guide to 24/7 Security.

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NEW VENDORS Buzz Advertising Agency Marquette, MI Tammy Benda (906) 786-3445 www.buzzadvertisingagency.com As a full-service agency, our number one goal is to help our partners grow their business. This means we optimize your marketing strategy for YOU, your market, and your customers—not get you to spend more of your budget on a specific advertising solution. We look at the whole picture and build advertising plans that use a variety of services to help you get the biggest buzz for your budget. Our dedicated marketing team pros help you with advertising, market analysis, media buying, and ad trafficking, as well as creative and strategy email management and graphic design, social media, and digital management. We’ll help you keep your media consistent on all platforms.

NUNU Hollywood, FL Bhavin Mehta, Sonal Gadhvi, Bdhuvaneshwarii Sawant www.nyou.in We are here to unlock the highest potential and therefore transform into the best version of ourselves. Services available include: Organization Value Design & Architecture (Companies); Values, People, Better Business & Vision; GROW to Excellence: how to individually grow and make changes to better our daily lives in a holistic approach; Image Management: business image development, personal brand, appearance; Behavior Workshops/ Seminars (for retailers/companies): mind power, sales, decoding body expressions, and motivational workshops.

Retreats for RJO members from any of our signature workshops are available, as are ala-carte options.

For terms and discounts, visit RJO’s online Vendor Directory

MILESTONES Merle Montgomery Illingworth, Jr., of Illingworth’s Jewelry in Albia, IA, died on December 20 of last year at the age of 93.

John E. Kock, of Kock's Jewelry in Hutchinson, MN, died on August 22, 2021 at the age of 85.

Alexander F. “Alex” Langolf, of Alexander Fine Jewelers in Fort Gratiot, MI, passed away August 19 of last year. He was 79.

Beth Annette Moser, of Moser Jewelers in Tipton, IN, died on January 5. She was 62.

Our thoughts go out to the families.

Does RJO Have Your Most Up-to-Date Email Addresses?

If you’ve changed your email address lately or would prefer to receive RJO communications at a different address, please let us know.

Address updates and changes can be directed to Erin Sharp in the RJO office at: erin@rjomembers.com

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COVER STORY

Sign, Sign Everywhere a Sign Even though RJO's membership tops 1,000, each of those 1000+ individuals run their stores their own way. And each probably has their unique way of looking for or interpreting "signs" that can help them with their store. Signs manifest themselves in many areas, and they can be distinctive based on a variety of factors, such as financial savvy, years in business, geography, and even the weather.

For example, a jeweler in a very small town in the northeast relies on the snow forecast as a sign for him to know when to increase or decrease staff. As he explained to a fellow jeweler a few years ago, if weekend snow is so bad that it closes the roads, he calls in extra help, since shoppers won't be jumping into their cars to go the larger metro area a half-hour away.

He claims his personal indicator—road-closing snowfalls—has served him well.

We asked a variety of jewelry professionals to provide some examples of signs and indicators which jewelers may find interesting and potentially valuable. Our hope is some of these 'signs' will serve as your own personal economic indicators, giving fresh perspective on things you may have overlooked or need to pay greater attention.

Engraving (With Fresh Eyes) “Most jewelers tend to overlook several potential new revenue streams in their jewelry stores,” says Bill Warren, best-selling author and owner of Gold Mine Fine Jewelry in Hudson, NC. “A case in point regarding my own operation was when I came in one morning and looked at a computerized engraver I’d purchased several years ago. It was collecting dust. It caused me to give myself a mental ’Slap in the face‘ for having spent so much money on this piece of equipment, only to let it sit and occasionally be used.”

“Yes,” he continues, “we had clients coming in asking if we did now-popular fingerprint memoriam jewelry, baby hand and footprint engraving, as well as pet paw jewelry. Here we had an incredible revenue stream staring us in the face. Our first step was to contact local funeral homes, pet shops, veterinarians,

kennels, etc., to offer this new service. Hand flyers, posters, emails, and social media were also crucial to getting the word out. After building this standalone business—quite literally there are days we turn the engraver on at 8 and it runs until 5, doing engraving (not glamorous, but extremely profitable). All of this because I took the time to put “fresh eyes” on equipment I already owned that was collecting dust.

I’d highly recommend all jewelers do the same.”

Drilling (Down Through Data) “Entering data correctly and setting up the product categories is very important to help generate reports, and the more you can drill into a report from your POS, the more it will help your business,” says RJO vendor Anish Desai, of Star Gems in Norcross, GA.

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Financial Data: Ugh. Not everyone has the creative seeing eye of a Bill Warren. For most jewelers, looking for signs of profit usually means slogging through financial data. Paring down numbers, ratios, and trends to those that are the most helpful can be mind-numbing. The website Retail Owner offers guidance for understanding retail finances and has been able to offer specific guidance for specialized retail categories. “Jewelry Stores” is one of those categories, and the site provides an outline of important and helpful benchmarks.

Highlighting six key ratios in three categories, the site notes that these ratios can be used in five ways: • For perspective, allowing you to see how you compare with other jewelry stores.

• For goal setting, as an aid in setting your own targets for the upcoming year.

“A good example,” he says, “is creating a brand as a category and then further breaking down that brand. It could be by product, such as rings, pendants, or earrings, for example. You could also use “custom” as a brand category, and further breaking that down would be very helpful. It allows your business to read those reports to help develop growth strategies, as well as how to scale better. Clear concise segmentation within your store itself always helps you analyze with a more detailed outlook, which, in turn, can help to allocate growth strategy dollars.”

• For financing, as a way to see what financial institutions will look for in examining your store's performance.

• For understanding, mainly of your store's credit worthiness.

• For saving time, empowering jewelers to assess their own benchmarks.

The three categories are: Financial Strength • Debt to Worth Ratio: Compares what the company ”owes“ creditors to what it ”owns.“ Measures the financial strength of the business.

• Current Ratio: Tests for solvency or ability to meet current debt obligations. Measures how well you can cover current liabilities with liquid assets.

Inventory Productivity • Inventory Turnover Trends: Measures how often, at present rate of sales, your entire inventory is completely sold and replaced during a given year. Measures inventory ”velocity.“ • Gross Margin Return on Inventory Investment: Measures the gross margin returned for each dollar invested in inventory.

Margins and Profits • Pre-Tax Profit Percent Trends: Indicates percentage of sales dollars remaining after all costs (except taxes) are recognized.

• Gross Margin Percent Trends: Indicates percentage of sales dollars remaining after costs related to purchasing merchandise are recognized.

Source: Financial Ratio Benchmarks for Jewelry Stores, 2021-2022 https://retailowner.com/Benchmarks/Apparel-Accessories-Stores/JewelryStores#financialstrength

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Role Playing A recent Facebook post, inquiring about when jewelry is considered stale, and what to do about stale jewelry, received dozens of replies.

Sandy Wieman-Morrow, who works in sales and public relations for vendor Berco in Chicago, IL, spent time successfully managing in retail, and she offers these thoughts about signs jewelry might be stale and what to do about it.

“To identify stale jewelry, you should develop a focus group of customers whose opinion you respect,” says Wieman-Morrow.

“Ask them what they think is trending in jewelry and maybe have them review some of your

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slow-moving inventory. I would invite people who are “connectors” in your community.

Connectors are people who are easily identifiable because, while shopping, they offer advice on where to shop and eat. When they find something exciting, they like to help their friends, by sharing their great experiences.”

“I would put a spiff on inventory that is moving slowly,” she continues, “before I would do any discounts. Salespeople sell what they show, and sometimes we show the same things over and over. I recommend all salespeople be assigned an item from the slow-moving group and then do a 2- to 3-minute presentation on the item at a meeting. This will help them sell that particular item. I love to hand salespeople an item and say, ‘Sell this to me.’ Role play is a must. Once you say something out loud, the words will flow much better when showing a customer.”

Keep it Real Steve Swan, owner of Swan Jewelers Diamonds & Gold in Lake City, MN, thinks some of the most missed signs are those that have been around forever. They’re not big and flashy, but more quiet, down-to-earth ... homespun. Swan offers an example relevant to a topic already covered: • “I owned a Radio Shack franchise up until a few years ago. They would put older merchandise on sale and reduce the price until it was gone.

We treat jewelry the same way—putting it on sale until it sells, regardless of cost.”

No Joke: Signs Can Be Wrong Hiring and keeping good salespeople was the topic of In the Loupe's cover stories in September 2016 and April 2021. This story won't be revisiting that discussion but will look at one aspect, specifically a sign to help hire a good salesperson.

In a recent Facebook discussion about how to know if the person you're interviewing will make a good salesperson, the idea was offered, "Have the person tell you a joke." It was argued this shows if the interviewee can think quickly on his or her feet—a good quality for a salesperson—and you, at the very least, will likely get a good laugh.

This is a sign to ignore. At least that's according to Peter Smith, industry consultant, sales trainer, author (Hiring Squirrels, Sell Something, and The Sales Minute) and columnist for National Jeweler and The Jewelry Book.

"I understand why the jeweler believes the question about telling a joke on the spot is relevant," says Smith. "She presumably wants to know if the salesperson can think on her feet, if she has a sense of humor, and if she comes across as likable. That's a solid menu of good information. However, I want to know if the salesperson is a good listener. I want to know if she has good resilience, and I want to know if she wakes up in the morning ready to make stuff happen. I'm not sure I get any of that in asking her to tell me a joke."

Source: Peter Smith. TheRetailSmiths@gmail.com

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CALENDAR March 2022

F

10 All payments must be received in RJO Office 13 Daylight Savings Time begins 17 St. Patrick's Day 20 First day of Spring 23 All invoices must be received in RJO Office

April 2022

1 - Ramadan begins at sundown - April Fool’s Day

11 - All payments must be received in RJO Office - Vendor Registration opens for Summer Speakeasy— 2022 Summer Buying Show in Minneapolis 15 - Good Friday - Passover begins at sunset 17 Easter 22 - All invoices must be received in RJO Office - Earth Day

NEW MEMBERS Avonlea Jewelers William Baxley Lumberton, TX

Edmunds Jewelers Gary and Suzanne Nageli Pleasant Hills, PA

Rae’s Jewelry George R. Hayes Minerva, OH

Barnes Jewelry Don Adams Amarillo, TX

Ellis Jewelers Jeff Ellis Seymour, IN

Reiniger Jewelers (third location) Paul Reiniger Alton, IL

Referred by John Kutch, Rembrandt Charms, Williamsville, NY

Referred by Matthew Cooper, Jewelex, New York, NY

Cartersville Jewelry Exchange David Harrison Cartersville, GA

Referred by Yogesh Madhvani, Simplex Diamonds, New York, NY

Referred by Chuck Gala, Gala Jewelers, White Oak, PA

Referred by Frederick Goldman, Secaucus, NJ

Goodman & Sons Jewelers Tony Goodman Hampton, VA & Williamsburg, VA

Referred by Jeff Wickersham, Wickersham Jewelry, Rothschild, WI; and Sue Sanborn, Sanborn’s Jewelers, Muskegon, MI

CC Jewelers Nicolina Gardner Traverse City, MI

Jeff Dennis Jewelers Jeff Dennis Gardendale, AL

Charles Lynn Jewelers Brandon and Linda McGuire Abilene, TX

Mills Jewelers George Fritz Lockport, NY

Referred by Tom Marcucci and Aubre Ford, RDI, Rochester, NY

Referred by Tom Hunter, Allison Kaufman, Van Nuys, CA

Shay’s Jewelers Shay Morgan Hoover, AL

Referred by Mike Handley, Gems One, New York, NY

Sheret Jewelers Sheret Jagord Springville, NY

Referred by Elise Rose; Grace Marie Jewelers, VA

Referred by Doug Meadows, David Douglas Jewelers, Marietta, GA

Thank you to the jewelers referring new members to our group. These jewelers will receive a $1,000 finder’s fee for their referral, payable after a new member has been in good standing for at least six months.

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