Open Letter to the Jewelry Industry:
I wish to express my gratitude to David Geller of Jeweler
Profit for his continuing support and education of retail
jewelers. Since becoming a client of Jeweler Profit our shop
has undergone many postive changes.We started using Geller's
Blue Book of Jewelry Repairs and Design in 2000. Since that
time our gross sales and profit have doubled. It didnt
happen overnite, but we have adherred to David's direction
for our store.
Having a personal visit from David to go over
our business was the best decision I made in years. He took
the time to explain what my bookeeping really means,and his
emphasis on "turn of inventory" was right on target for us.
Also he pointed out improvements to be made in many areas of
our store that being here daily we could not see. If your
business is in the dark or needs a refreshing attitude, I
highly recommend David's fresh vision of our industry to
"make yourself new".
Jewelsmithe- Jeffery Lomax Southern
I've used Geller’s books for years now. Since book one I believe....used to think the old way, "I can't get these prices" found out he was right.....I could...do and more. He's right repairs are trust sensitive...its 40 bux just for the VCR guy to LOOK at the VCR...Its 75 for woman to get a good color job on her hair. You can't get 50 bux to size a ring? You can't get 300 bux for a 1ct head and set? Go get a job rotating tires you'll make more money and have less stress...:-)
Paul Dodd: Paul Dodds Jewelry-Lee’s Summit, MO.
David,Your pricing book is one of the biggest reasons my business increased its gross by @40%. Thank you for all you do in our industry.
Bob Staley: Bob Staley Jewelers-Cartersville, GA
I just wanted to let you know that your price book has changed our business completely. My staff uses it like a bible on take-ins. It certainly keeps the pricing fair from one job to another.
I use The Edge and with the books repair numbers already in the program. It makes repairs brainless. If anybody doubts the prices in it I can assure you them that they can get paid the rates in your book.
We are in a small rural town without a lot of high income families (not poor just middle income) and we receive very few complaints about the pricing. We do get their jewelry back within a week normally which is a big difference from what they're used to.
Kevin Hilderbrand: Hilderbrand Jewelers-Perryville, MO.
Take a week or two and quote the prices from the book and as Geller would say "One in ten may walk". I had to re-consider my pricing on custom pendants and rings that we repeat often. After seeing what others charge for similar but commercial items we are very under priced. Even when we quote on a custom remount we tend to be a little afraid to quote what we want and instead quote what we think will be sure to get the sale. Yet another 20% would not have lost the sale I am sure. Jack Schatzley
P.S. David, you are most welcome to use my quote. In fact since I made that statement I am getting 4.5 mark-up on my repeated custom pendants. Some I sell 6 to 10 a year others 4 to 6 a year.
Jack Schatzley: Schatzley's Gems-Toledo, OH.
I remember when the guy came over and installed the new sink faucet for me, $125.00 for 45 minutes. Or the guy that hung a new light fixture in my store, $300.00 in one hour. Heck, I just shelled out $350.00 to a dude for 3 hours of tree trimming.... Tire rotation, State Inspection, check the air conditioner and oil change last week, a fast Franklin plus. Am I worth what these guys get paid, Yes I am.
Interesting that I was just reading a Usenet group for DFW and there was a person that needed a battery replaced in his Movado. A sweep of the mall and the first place wanted $7.95. "I was not about to trust them with my watch at that price" he said. Next place was a chain store, leave it 5 days and $25.00. He wanted it now. Last stop was a repair chain found in most malls, $30.00 and they did it right then with a two year guarantee. Done deal. Note that the 1st place was too cheap, he could not see the value of quality, the 2nd place took too long, the third, while the most expensive, was just right for Goldilocks.
We use Geller’s Blue Book, we get the prices, we live better because of it. Another thought. If you think that you will lose customers due to the higher and deserved price, what percentage will you lose? 10%? 20%? (You won't) OK, say if 20% walk (they won't) and your prices increased 25% for what you charge now, you get 5% more money for less work, less material bills, less risk of a job gone bad.
I remember the day when the shop was to bring in customers so you could sell them your jewelry, those days are gone. There is no loyalty anymore and the shop must be a profit center for your store. Otherwise it is sucking profits from the other areas.
There’s a good point about pointing at the price in a book. Even for the prices I know, I always open the book, point at it and say "This is all it will cost to size your ring, check and tighten each stone, and I will warranty against stone loss for 1 year". The normal reply is "When can I get it?"
Use the book, then use the extra money to take your family somewhere nice for a week and enjoy what life is really about. Randy Chambers
Randy Chambers: Chambers Jewelers-Fort Worth, TX
I've heard people say they can't get "Geller's Prices". Yet they get in a gold toned watch from Citizen with a $3.00 movement in it and they sell it for $350. That's because somebody at Citizen told them it could be sold for that much and sent it into the store pre-tagged at $350. The jeweler pointed to the price and sold it for $350. Never even occurred to the jeweler that they couldn't sell a gold toned watch with a $3.00 movement for $350. Never occurred to the customer either.
Point and sell. In our store we used to have type written sheets with jewelry repair prices for most things. And because it was ONLY for most things everyday employees would come to me and ask how much do we charge for something. David's first book put an end to that. Everything was in one place.
As for as pricing...we are in the second poorest state with one of the lowest per capita incomes. David's first book was actually lower for some basics than what we had already been charging. The prices in Las Cruces for bread, gasoline, cars, cotton underwear, and coffee are the same as in Atlanta. Why shouldn't jewelry repairs be the same? Computer repairs, car repairs, toaster oven and VCR repairs. Same here as in Atlanta.
What is the charge in a leather shop to shorten a crocodile belt 2 inches, re-glue, and finish the ends? Don't know? Neither does a customer who comes into YOUR store know how much two platinum V-tips on a marquise cost until you tell them. Just point to David's book and tell them. And add: "That's pretty cheap insurance to keep from losing a nice diamond like that, don't you agree?".
Get David's new book and CD's and by at least one extra book. You'll need it. Hal Jones
Hal Jones: Jones & Company Jewelers-Las Cruces, NM
Just want to let you know, I immediately started using your 5.0 pricing system in my two stores, the extra money taken in paid for my order in just 48 hours. I was amazed at how many customers paid for the express service. I am sticking to it, thank you, thank you, thank you,
The Harbor Goldsmith I & II