Author: Hugo Jeffryes

There’s an Icelandic proverb that says “mediocrity is the enemy of greatness”, and in these days of increased competition, a very difficult past couple of years and a potential recession, settling for mediocrity is likely to mean that many businesses don’t survive.In this article, were going to look at how we can use a classic mathematical model to understand where our business sits, and then take steps that will help us stand out in the eyes of customers, drive more sales and improve your bottom line.The Bell Curve: A Simple Way To Understand How We’re PerformingCast your mind back to…

Gem-A has issued a warning regarding fraudulent jewellery parcels bearing fake Gem-A credentials and logos. The affected recipients have reported receiving a ‘diamond solitaire ring in platinum’ enclosed in a distinctive grey or pink ring box, further enclosed in a pink gift bag marked ‘Princess’. A fake Gem-A ‘Identification Certificate’ accompanies the ring – examples can be seen in a recent Gem-A Facebook post:Gem-A’s StanceGem-A CEO, Alan Hart, conveyed his concern stating, “Organisations in the jewellery and gemstone sectors are no strangers to fraudulent practices, but this strange pattern of behaviour whereby unsuspecting members of the public receive items of…

Diamond prices experienced a significant drop in July 2023, with a number of factors contributing to the decline.Diamond data firm Rapaport outlined key trends and developments in the diamond market, including the impact of De Beers’ price reductions, competition from synthetics, and market dynamics. Here’s what these trends mean for the UK jewellery industry.Key Trends in JulyDecline in Diamond PricesDe Beers reduced many rough prices by 5% to 15%, contributing to the overall decline in diamond prices. The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 2.7% for the month, standing at 6,716 on 1 August, down 10.9% since 1…

In the world of jewellery sales, understanding your customers is paramount to success. But who are your customers, really? As diverse as they are, most customers can be grouped into four basic types:This categorisation can offer invaluable insights into their buying behaviour and help you tailor your sales approach. This article delves into these customer types and provides tips for effectively selling to each.The Price Buyer: Competitive Cost is KeyPrice Buyers are customers driven primarily by cost. Their quest for the best deal often makes them less brand loyal; they’ll compare prices across different retailers to ensure they’re getting the…

Trade show season is coming up and, when done correctly, can play a crucial role in the success of businesses, providing a unique opportunity to interact with potential clients and industry peers. With shows like Pure, the Jewellery Show being one of the most highly anticipated events, standing out amidst a sea of competitors can be a challenging task. Participating in these events can significantly enhance brand visibility, generate sales, and forge strong customer relationships. However, to reap these benefits, it’s vital to set clear, realistic objectives. Whether it’s lead generation, enhancing brand awareness, or driving sales, defining your goals…