April 3, 2018 @ 10:20 AM
Letter to my CPA
“If I made that much money, where the heck is it?”
After getting the tax return back from the CPA, this is the usual question. Jewelers often tell me they aren’t making any money when in fact most I help do make a profit in the store.
Making a profit and having money are two completely different things.
Let’s just talk jewelry sales. If you sell $500,000 and get keystone your gross profit is $250,000.
If expenses are $200,000 then your net profit is $50,000 which is 10% of sales. AWESOME!
“But I have no money!”
Easy. Look at how much inventory you have. At keystone the amount ...
February 21, 2018 @ 12:16 AM
October 4, 2017 @ 3:49 PM
Inside of the Brain of David Geller
Inside of the Brain of David Geller
You may price your repairs and such differently but I’d like to share with you how I think.
NEW 3mm wide half shank
There are two numbers in play here: Materials and labor.
Our price book is based upon a 3 time markup on everything. A narrow half shank that is for a size 6.5 to 7 that is 3mm wide and 1.5mm thick sells for $244.00
How did I get that price?
As a bench jeweler I would cut my own sizing stock, not buy the shank. I figured the weight at 1.13 pennyweights. As I ......
June 30, 2017 @ 2:54 PM
Would you come to work for me for $150,000.00 a year?
I’ve asked this question of many jewelers and over 60% say YES! For many this would be a substantial raise in their pay. I also pay 100% of your medical expenses and have a company 401K plan in place. The month of December is mostly time off for my company, it’s slow then.
Would you work for me for $150,000.00 a year? You would? GREAT! You will start June 1st. Casual dress.
Oh, I forgot to mention. I only give out one pay check and it’s for the $150,000.00.
I pay every year on May 31st!
Is there a problem? I mean $150,000.00 is probably more than you make now. What? You can’t afford to go a year without a paycheck? ...
November 4, 2016 @ 5:43 PM
Finding jewelers to work in your store are as scarce as hen's teeth. But I've found some.
I'm friendly with Blaine Lewis who has a fantastic jewelry school called New Approach School (this is a link).
Twice a year he has a 90 day course where he can turn a green human being into a darn good jeweler. They graduate this month and out of a class of 20 there are nine people who do not have a job at the moment
, the rest go back to their stores.
They need to come and work in your store! Hire them.
The students are trained in these areas:
Essential Skills Learned in Graduate Bench Jeweler Program:
June 14, 2016 @ 11:15 AM
Great news! The Newest Geller Book Training Videos Are Live and Online!
We recently came out with our newest Geller Book, release 6.0. Current metal prices and an increase in labor. In addition the sizing and custom design sections have some higher priced pages if you'd like to try for higher sizing and custom pricing.
It's been my job to share with you the task of training your staff in selling repairs and getting the most money. We've put together videos on our website that have each chapter in the book, with it on the screen and myself narrating the training.
They are free for you and your staff and if you'd like to share with any jeweler friends be my guest.
February 1, 2016 @ 3:02 PM
September 20, 2015 @ 7:52 PM
Results of custom design & pricing survey I sent out last month
About a month ago I sent out a 10 question survey asking you how you would price this custom made sapphire and diamond ring.
I know it was a lot to ask and only 72 people responded but thank you for those 72 people.
Some of the answers can be shown on a bar graph and many were texts that I'll compile. I already had a good guess as to what I would find and the biggest thing is this. Most all of you reading this email have my repair & design price book and chapter 1000 has a simple pricing method to make a ring.
A good example is ......
September 4, 2015 @ 6:58 PM
On polygon.net there was a discussion today of what others charge to rodium plate a ring. In short the store owner said:
Is $40.00 to $50.00 per ring is too much to charge to rhodium plate a ring? What do you charge? What’s the going rate? I just had a lady complain about our price for rhodium 2 white gold rings. Each ring had appx 2 years of wear. We sonic the rings and do a good steaming. Then we buff them including the crown and again sonic them with a good steam. Then we electro clean them with a good rinse. Then we rhodium them. We leave them in the bath about a minute to get a nice coating. When they are done they look like new rings. And in many cases we have to align prongs and......
August 26, 2015 @ 4:06 PM
How to handle when a customer gives you a bad check or a bogus credit card charge that is taken back a few days later when you are using a point of sale program like The Edge; Jewelry Shopkeeper or any other point of sale program
I’ve had many a jeweler contact me after the fact when a customer’s check bounced or as what happened this week when a large sale was made with a credit card and days later the processor took the money back. This was fraud after the fact.
The jeweler mistakenly thought if the money “bounced” or was taken away that he should refund the sale in the Edge (or any other POS system).
No money obviously no sale, reverse it - right?