FEBRUARY 2022
VOL. 2 ISSUE 2
JEWELRY TRAINING Graduate Gemologist Appraisals Have Arrived! We will now be providing stores with GIA Graduate Gemologist Appraisals for some of the jewelry we are selling. The Gemological Institute of America (GIA) is the world's foremost authority on gemstones, and they invented the most common system and standards used worldwide for grading diamonds. The strategy of providing appraisals on some items has proven to increase sales, profit, and jewelry turn as well as provide company credibility and build customer confidence for the rest of the jewelry we sell. 1/2ct and larger diamonds, and jewelry selling for more than $1000 USD are the types of items that will benefit from having an appraisal. Appraisal benefits to share with your customers: 1.GIA Appraisals are valid for Insurance companies all over the world. 2.$100 value but is free with the purchase of the appraised item! 3.The “Retail Replacement Value” I use is comparable to the Retail Selling Price – Not an inflated, unrealistic value seen on many other independent appraisals.
Display Tip: Print an extra tag and/or starburst and place on the appraisal near the Retail Value. This way the customer can see that we are selling far below the typical jewelry store price, and they are getting a fantastic value! The first round of appraisals will come with some of the diamond stud earrings we purchased for all stores. We will expand the In-house Appraisals Program to include other items in January 2022. For the Caribbean stores, I will be appraising select items when we are shipping inventory to the stores, as well as appraising special items that can be brought to me at HQ. For the US stores, items can be brought to HQ for appraisal for a 1-week turnaround. This appraisal service is provided free for our stores, so if you have an item that customers have been asking if it comes with an appraisal, or you think an appraisal will help you sell it – make sure to let your manager know and get the item to HDQ.
Greg Weiss, AJP, GG (GIA) Director of Jewelry Operations