Gem Shop Tips
- You have to stock a large selection of loose stones.variety of gems image by OMKAR A.V from Fotolia.com
A gem shop is two businesses rolled into one: a jewelery store and a gem-cutting supply shop. Because of this dual identity, the gem shop owner caters to buyers of finished gems as well as to gem cutters seeking to buy rough stones. By using time-tested marketing methods, the shop owner can meet the needs of most customers. - Stock a large selection of finished gemstones. A customer may walk in with a specific design for a ring in mind. If you don't have the stone requested, the customer will go to another gem shop.
- Provide good customer service. This will ensure repeat business: Loyal customers are the lifeblood of any business. Many gem shop customers are professional jewelery makers who need a constant supply of stones. Jewelery makers may be finicky, since their profits depend on the quality of the stone. If you have quality stones, you have an excellent chance of repeat business.
- Join a trade organization to enhance your professional credibility. The Gemological Institute of America, or the GIA, is a trusted nonprofit trade and educational association. You would benefit from becoming a member and displaying the group's symbol in your shop window. The GIA offers training classes, and professional laboratory and grading services. According to the GIA, the group graded the Hope Diamond and the De Beers Millennium Star diamond.
Join the Better Business Bureau. By displaying the "BBB" placard, you further enhance your professional credibility. - Know your gems. To be successful, you must have a wide range of knowledge about gems. Customers can range from the neophyte gem buyer to a GIA-certified master gem cutter. For example, the first person in line at your gem shop may ask for a pretty, red gemstone. The next person in line may look at a gem and ask: "Why is the second pavilion cut at 34 degrees instead of 38 degrees?" You have to know the answer, lest the second customer peg you as an amateur and go elsewhere.
- Gem cutters are key to your customer base. You have to stock a wide variety of gemstone rough to satisfy your customer's needs. Gemstone rough is a natural stone straight out of the mine, and are also called "rough gemstones" or "rough" in the industry. Gemstone rough is plentiful, so you can carry a large inventory without a large capital outlay. By providing your customers with instant gratification, you assure a loyal customer base of gem cutters.
