So how is the industry holding up so far this year? A salient question, but a hard one to answer without some statistical context.
The very first copy of Jewellery Focus rolled off the press 10 years ago this month.
The industry has done a good job of holding steady and ending a decade of contraction this year. The hallmarking figures graph ‘bottomed-out’ showing modest but definite increases in almost every month of the last 12.
It is of course disappointing to see that the hallmarking figures have fallen into year-on-year decline for October.
If you follow business news closely and your confidence is affected by it day to day, then this month will have made for a turbulent one.
It has taken years for the jewellery industry to get back to a semblance of growth. But where once the whys and wherefores of economic rise and fall could be identified, isolated, and understood, they are becoming more opaque.
I was reminded of the old adage yesterday – turnover is vanity, profit is sanity. It’s so clichéd as to sound almost like bad advice, but of course anyone in business knows it holds as true today as it did when the first merchants started trying to glean a few …
Too many jewellers are not prepared for a future where online sales will make up the majority of retail purchases.
Almost two years ago I wrote sceptically about the initial murmurings of a merger between the two major jewellery trade associations.
I don’t know about you, but, being a journalist, I don’t like being forced to have a stab in the dark where really important information is concerned. You wouldn’t guess your profit, you don’t guess how much you’ve sold this month.