Bill Boyajian: Change in order to survive

In a meeting among several members of the world jewelry industry which took place during the JCK expo in Las Vegas, the ex president of the GIA (Gemological Institute of America) and respected counselor of companies Bill Boyajian declared that the economic crisis has influenced the jewelry business and will surely scar the market, which is the reason why the jewelry and precious stone industry needs to change its course and move forward. «If you are intending to keep selling retail jewelry the way you have in the past years, then you will find yourselves on the course of failure”, he commented, “No one will come out of this recess unharmed”. Boyajian stated that he often hear jewelers wishing that things would go back to normal, only they have to understand that the new “normal” will be slightly different (…) Concerning retail, the economy has just accentuated the permanence of the recess in the industry. During the last years, about 500 to 700 jewelry stores have closed each year. In 2008, about 1400 stores have closed, while this year, over 2200 are expected to close. The jewelry workshops and manufacturers are suffering as well, since there are far lesser stores which will buy from them. This is the reason why a big part of them has made a turn towards retail, in order to be able to channel their production towards the market. «I predict that the next generation of retail jewelry trades will be both designers and manufacturers” declared Boyajian, adding that the retail store owners have to learn the manage their stock in a smarter way, in order to come out of this situation as winners. During but also after the recess, the jewelry makers will have to reinforce the customer support department as well as the jewelry repair department. Also, wedding jewelry should be advertised in every possible way, since it is a market that has not been suffering from the recess as much as the other departments. Boyajian stressed the fact that it is not enough for a shop to create a website, but that it has to be renewed constantly in order to mirror the contemporary way stores will function from now on: “The Internet has changer the way we consume goods. Younger customers especially do not buy anything before researching the Internet”. Jewelers will have to keep in mind that their employees must be perfectly trained and up to date with any new development. In a market which has turned very competitive, the right sellers are the best arms of those who want to survive. Another method to make your business stand out is positive thinking: “the number one key to success is to think big of yourself. Always keep in mind that you are unique and different from the others”. Moreover, the first thing a jeweler must keep in mind is that his product is unique and special compared to the others. “We sell joyful products for happy people” concluded Boayjian. Source: Venetico Magazine