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Written by LLH
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Friday, 10 April 2009 |
An Interview with Elizabeth Barton, of Trinity Diamonds.
Elizabeth Barton, owner of Trinity Diamonds , is carefully sipping coffee as she spills about how the car accident economy is effecting the jewelry industry.
1) How are diamonds surviving the economic downturn? I have been in the business for ten years, and the majority of my customers are from word of mouth. I actually have seen a slight increase in my diamond sales. I do think that it has something to do with my lower profit margin since I do not have the overhead of employees or a retail store.
2) Have you noticed changes in your business due to the recession?
Most definitely. People who would be buying 2carat diamonds might opt for 1.50. I am also seeing a higher interest in 18 karat gold. In the past, customers really wanted platinum. Also, items that might be considered more of a luxury item are not moving as quickly.
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3) Are there changes in the jewelry business as a whole?
Like most businesses there have many lay offs. The trade shows I have been to are so much slower then ever.
4) Do you think the bad economy is going to give way to new trends in jewelry? Well, I think customers will turn to classic pieces such as pearls. When you only have a certain amount of money it is wise to invest in something that you can wear to weddings, on dates, to an interview, and/or out dancing. When I think of what is classic I always look at first ladies. They always look elegant. Also, I think colored stones will become more popular because of their affordability compared to diamonds.
5) Many stores are offering diamonds for a slashed price during these difficult times. What should a customer know before buying a diamond on sale?
Customers should always do their research. Many lower quality diamonds are easier to discount as they are more common than diamonds of higher quality. And not all lab certificates are created equal. There is a reason why diamonds from certain labs command higher prices. It is my experience that better labs have stricter grading policies.
6) Are any items static? For example engagement rings, or are you seeing changes there too?
As far as my inventory is concerned my cufflinks are not moving as fast as they used to. They were a really hot product. They are coins from different countries that I have hand enameled. They all have different themes so it was a great way for men to express themselves. But, when men don't have jobs they don't really need cufflinks.
7) Items must be more expensive due to the high price of gold. How does that factor in?
Items are more expensive. Silver has become more popular because it is more affordable. I have a great silver designer that I carry. It is really unique and more unusual than the everyday polished silver. One finish is done in a matte finish while the other is done with a tool that has diamond on the end which pulsates the metal. The result is that from afar it looks like tiny diamonds.
8) Are there any discounts to be had working with a private jeweler in these times instead of shopping at Macys? Well, I would not say I offer engagement ring"discounts" since I know Trinity Diamonds mark up is much lower than chain stores. I just do not have their overhead. I am able to pass the saving onto my customer. Since I tend to sell diamonds that have been graded an "excellent" or "ideal" cut by GIA or AGS labs the discount really comes in knowing that you bought "prime realestate". I like to think of Trinity Diamonds as ocean front property...its always desirable and everyone loves it.
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