The Care and Feeding of Silver Jewelry

July 24th, 2010

How do I keep my silver jewelry looking bright and shinny?

If you wear silver jewelry regularly, there’s not much of a chance of it looking scruffy and tarnished. But if you don’t wear your favorite silver style that often, STOP WORRYING.

Here are some suggestions to get it looking as good as new.

• Once you do begin to see some darkening, you can use readily available, store-bought silver cleaning compound.

• On the other hand, I often use a mixture of standard liquid dish detergent, luke-warm water and a little ammonia. I dip the jewelry in the concoction  and use cuetips to clean the hard to reach corners. I dip the cleaned jewelry in plain water (to neutralize the ammonia and to take off any dirt the cuetip missed) and use a soft cloth to dry it off. It works like magic.

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• Never use toothpaste to clean silver. It is far too abrasive and can permanently damage your jewelry.

• Be sure to remove silver jewelry if you are working with household cleaners that include bleach or ammonia. For that matter, common sense will tell you not to wear ANY jewelry when working with ‘difficult’ equipment.

• If you are going swimming in chlorinated water be sure to remember to remove your jewelry.

• Invest in tarnish-proof bags or pouches for individual pieces of silver jewelry when you store them. An airtight, clean plastic bag would be great. They not only help prevent tarnish but protect your jewelry from nicks and scratches. When you store your jewelry be sure it is dry, (moisture foster tarnish), and clean.

Remember, treat silver jewelry as you would any fine piece of jewelry, or watch, with care, sensitivity, common sense and respect.

 

Silver Jewelry: I Thought You’d Never Ask.

July 15th, 2010

Here are some facts and figures on silver jewelry from a survey by one of the nation’s leading jewelry trade magazine, National Jeweler. You may find these facts and figures interesting.

• Of all the people who bought silver jewelry this year, 51% paid between $100-$250.

• Best sellers were reported to be silver items below $100.

A silver jewelry survy by National Jeweler

• Necklaces and bracelets accounts for 31% (each) of all the silver jewelry purchased this year.

• 43% of all jewelry stores in the survey reported silver sales increases.

• When asked where jewelers source their silver merchandise, 43 said in the US.

• Eight percent of jewelers surveyed said their branded merchandise comes from foreign designers.

• Best selling silver jewelry brands are: Pandora, Elle, Kelim, Cordova, David Yurman, and John Hardy, to name a few or the most popular.

A Jewelry Buying Trip to Hong Kong

July 4th, 2010

pix-of-john-brassemNot that long ago, I escorted a bunch of American jewelers to the awsome 80,000 square ft. Hong Kong Convention and Exibition Center. It was September and the jewelry ‘fair’ was in town.

The Fair, thanks – in part — to the beautiful Centre, has grown to be the largest jewelry show in the world (so they say). This was my 15th trip and it was obvious – to me anyway — that the extravaganza gets bigger and better every year.

I had been guiding a group of American  jewelers around the Fair — and Hong Kong — on a “Sourcing Mission” — as I do from time to time. Their first impression of Hong Kong was shock enough, but nothing compared to their ‘wide-eyed’ astonishment of the Fair.

I even arranged for several jewelers to meet with manufacturers, outsidehk-street (1) the Centre, in an effort for them to develop a few long-term vendor/supplier relationships.

It was time to fly home. We picked up our custom made suits and shirts — and other oriental “souvenirs” — and headed for the airport. The Hong Kong Airport Express, by the way, is one of the best and, hold on to your hat, fastest in the world.

I was in my American Airlines seat, not particularly happy to sit — in one place — for 22+ hours during the flight home. Fortunately, I was sitting next to Bill, a second-generation jeweler from northern Michigan. We had an airline meal (tasted like a Brillo pad), saw a movie, read a magazine and had – sigh — only 19 hours to go.

Bill took out his laptop and started writing a Trip-Report to his Dad. When he finished, he let me read it. I thought you may find it interesting too.

                                                      INTEROFFICE MEMO

To: Bill, Sr.
From: Bill, Jr.
Subject: Hong Kong Trip, Sept: 17-21
Date: Sept: 22

Our first effort in buying direct form overseas was, I think, quite successful, (but very tiring). I will email you this Memo during my stopover in LA. I’ll go into detail when I get to the office next week.

Here are the key points.

1. The jewelry styling was wonderful. I never realized that each geographic region has a different design look. I thought Bali, Middle Eastern and Indian styling was especially noteworthy.

2. I spent a good deal of time with seventeen manufacturers. I bought 42 samples which will be FEDEX’d within 2 weeks. Of those 17, I had lunch with five, who could fit into our future.

3. The prices here are generally terrific — not surprising since these are manufactures’ prices. I saw several styles that we carry and, as far as I can tell, are about 45% below what we now pay.

“The prices ..I saw…here are generally teriffic….about 45% below what we now pay”

4. I also met with six smaller factories who were not exhibiting at the Fair. They seemed more innovative and eager.

5. I gave the fifteen drawings and ideas, that Sue developed and gave me before I left, to several factories. The designs will be a great nucleus for our new Brand. The factories will design them from scratch via their CAD system as soon as possible. They will be ours exclusively.

6. I know you expressed concern about their quality. I gave them our Quality Control Standards Manual. They also showed me their customer list and even some of the styles they were about to ship to the States. I don’t think quality will be a problem.

I’ll fill you in on their invoicing, payment and delivery schedules when I get back. Now that I know my way around here, this should be quicker and cheaper next year.

Bill.

More on Silver Jewelry

June 26th, 2010

Lady with HatSilver jewelry has had a long and noble history, second only to gold. It’s been popular for thousands of years, traced all the way back to the ancient Egyptian, Phoenician, and Byzantine empires.

Silver was also popular in colonial America where it developed as an important craft. (Paul Revere was a well-known silversmith in those days.)

Silver is harder than gold and more plentiful. The abundant supply and its ease to work with, makes it more affordable, (ranging from $10 to $20 per onze) and a wonderful alternative to gold and platinum.

All Sterling Silver has a fixed, and tightly regulated, standard of purity. It consists of 925 parts silver (out of 1,000) and 75 parts copper. (Legally, Sterling Silver jewelry must be is stamped .925). Like gold, sterling silver is also used to plate other metals.

One of the major benefits of silver is that it can — because of price –  be set with beautifully designed, deep colored and large semi-precious stones. The stones, relatively inexpensive, can range in color from brilliant red to apple green to royal blue — your choice.

On the other hand, silver can also be gorgeous by itself with any number of finishes such as bright, sandblast, nugget, you get the idea.

“…silver jewelry can be especially beautiful when set with gorgeous deep-colored semi-precious stones…”

Since silver has a neutral color, the finish and colored stone used is simply a matter of taste.

(More later)

To Become and International Player

June 25th, 2010

Now that you are, (or should be) comfortable with buying (sourcing) from overseas, it’s time to get your passport and hop on a plane to Hong Kong.

budda_While Hong Kong is a wonderful and vital city, it also is the unofficial jewelry center of Asia.

Most countries with a jewelry manufacturing standing have cities with annual jewelry fairs, shows, or exhibitions: Bangkok, Istanbul, Shanghai, and so on.

The Hong Kong International Jewelry Show is no exception. Thanks in part to the beautiful, bird-shaped exhibition center, the Hong Kong show has grown to be the largest jewelry in the world, according to its organizers. The extravaganza gets bigger and better every year.

The range of designs, the diversity of the visitors, and the size of the building in which the show takes place, however, can be intimidating.

The more than 4,500 exhibitors are arranged by global regions: Asia, Europe, Middle East, Africa, South America, and so on. You’ll know you are in the right place when you bump into a buyer from a big jewelry chain, one from a TV home shopping network, or even your competitor.

“Bali’s designs are exclusive to the island, which specializes in silver and gold mesh looks.”

After you have selected and purchased the merchandise you need for the season, start taking notes on what global region appeals to you—and your customer—and will be hard to replicate by your competitor. Once you have picked a particular country, make a point to go there the next time you’re on a buying trip. A few highlights include:

• Bali, Indonesia: Designs are exclusive to the island, which specializes in silver and gold mesh looks. There are also manufacturers that make miniature stone carvings (i.e. faces and the like) that could become unusual pendants.

• China and Hong Kong: These are the places to go for jewelry with unusual details. They specialize in highly complicated handiwork.

• Bangkok, Thailand: If you’re into Victorian jewelry, this is the place to go, since Thailand was a British possession during Queen Victoria’s reign.

Once you are comfortable with the factories with whom you are working, it could be time to develop alliances. An alliance with a favorite manufacture could lead to special prices, delivery, exclusive designs, and a long list of other benefits. It just depends on creativity.

dreamschart_65569841-2An established alliance could lead to acquisitions, mergers, joint ventures, or any other deal that you, your lawyer, or accountant can devise. There’s nothing like having a formal – or informal — price, delivery, style ‘alliance’ with your favorite factory(s) around the world. They could end up being a partner.

With implementation and foresight, you are now an international company, with the experience and partners to grow globally. You just need imagination and a willingness to become an international ‘player’.

Silver Jewelry at Tiffany

June 22nd, 2010

I was walking up Manhattan’s Fifth Avenue the other day and decided to drop in on Tiffany & Co.’s remarkable flagship store on 57th Street.

With all the talk of fluctuating prices, how does Tiffany consistently produce excitement and wonderful silver jewelry?

One of the TV hosts on the FOX BUSINESS NETWORK asked me the same question recently.

dreams-lady-leafBack to the store. I took the elevator to the second floor – “Silver and Porcelain”: the directory said. The doors opened to an organized confusion. This is where the action was, at least for now.

Customers, (mostly female tourists with an occasional New “Yhawka”), younger that those on the first floor, (none older than 35, I think) were huddled over the cases, sometimes two or three deep while they passed credit cards to the Ambassadors behind the counter.

Having been in the silver jewelry business for the last eight years, after a decade in the gold jewelry industry, I have a pretty good understanding of silver merchandising and pricing. What was all the excitement?

“With all the talk of fluctuating prices, how does Tiffany consistently produce excitement and wonderful silver jewelry?”

I took a hard look at their silver showcases.

In my estimation, the silver jewelry was merchandised wonderfully. Each case displayed a grouping of branded (i.e. Elsa Peretti, Paloma Picasso, Tiffany 1837, T&CO, Tiffany Signature, and many others), silver designs, especially pendants and bracelets. Prices ranged to cover all major price points.

I could tell from the tailored silver designs (all with a Tiffany “look’), the designing was done exclusively by (or for) Tiffany and probably manufactured overseas and in the US. From what I could see, the quality was very good.

Over the years, Tiffany has pioneered in styling like the well-known, 3-pronged Tiffany setting. There was innovative styling here too. Small total weight diamonds set on silver bracelets, woven silver bracelets, torque designs among others.

They had done their homework.

Jewelry Sourcing…..

June 15th, 2010

 Globalization, shrinking margins, the Internet, competition, a lousy economy and who knows what else, encouraged many US jewelers to look beyond the US borders for growth and profitability.

 Nothing new here; they’ve been hearing about Global Opportunities for years. 

 

I invited a group of independent jewelers to join me in one of my semi-annual sourcing trips to Hong Kong — a great — if not the best – place to launch a global jewelry initiative.

 

We will simply be doing what mass retailers, jewelry chains, department stores – their ferocious competitors — have been doing for years. As a matter of fact, it is not unusual to bump into a buyer from a big chain or one from a TV shop-at-home network.

 

The range of designs, the diversity of the visitors, the size of the Hong Kong jewelry manufacturing base, can be intimidating.  I know, since I have been sourcing (buying) jewelry in Hong Kong for years.

dreamsjeweler_50563941-2

 

My job was to minimize the jewelers’ shock and quickly guide them to find the product and designs they were looking for. (I asked them to prepare a kind of a product “wish list” before leaving the US). 

It was time to fly home and with our oriental “souvenirs” — and headed for the airport via The Hong Kong Airport Express, one of the best trains in the world.

(To be continued)

Jewelers: Take a Peek Overseas

June 13th, 2010

dreams-earth_1Before the ‘great’ recession of 2007-2010, jewelry executives relied on boom-time conditions (low interest rates, consumer confidence, high employment and the like) to lead customers to their store.

Now, with an improving economic climate, these same managers may already be singing the latest, hand-waving rendition of Kumbayah – good-bye recession, hello good times.

But wait a minute. Jewelers still face tough sledding and numbing uncertainty about conflicting industry trends; inflation/deflation, interest rates and gold and diamond prices. Don’t forget to add to the usual confusion of pricing, internet competition, shrinking margins, you get the picture.

“Jewelers  may already be singing the latest rendition of Kumbayah – good-bye recession, hello good times.”

As jewelers crawl out of the recession, it won’t do to craft a recovery strategy based on pre-recession business models. Instead, they have to be more sensitive to unexpected “post-recession” opportunities that, almost certainly, will appear. Make no mistake—for all the hand wringing the recession created, the recovery will produce an equal amount of mind-blowing growth strategies.

Now, more than ever, jewelers need international vision. With instant (email) communication, excellent foreign manufacturing, breathtaking styling and ubiquitous airline travel, alert jewelry managers should at least take a peek overseas.

Selling Silver Jewelry

June 1st, 2010

 

I thought it might be interesting to look under the hood and compare the retailing of karat gold jewelry to the retailing of silver jewelry. Some of the contrasts may surprise you. Which brings us to another point: these are my opinions and experiences. I give you the right to disagree with any of them. 

“It’s no surprises that silver jewelry appeals more to the younger consumer.”

 

Target Customer:

only dream-eyes Karat Gold Jewelry: With the price of gold now more than $1,200 an oz. the gold component has a major affect on retail price. Obviously, the target customer is an, um, older lady with a higher disposable income.

 

Sterling Silver Jewelry: It’s no surprises that silver jewelry appeals, in general terms, to the younger consumer. Just walk into a high school or attend a wedding party, (chain link bracelet, disk dangle, silver neck chain anyone?), and it’s obvious silver jewelry is a staple.

 

There are exceptions, of course. On occasion, a special silver jewelry brand bridges the gap between target consumers. Kalim Jewelry Designs comes to mind.

 

Pricing:

 

Gold: Since the price of gold has increased the cost of 10k, 14k, 18k jewelry, margins have to be constrained or retail prices will hurt sales. Keystone is the margin here. Obviously, design is important here since there is a need to limit gold content.

 

Silver: Although the cost of silver has also run up, (silver is now $17 an oz.), it is still inexpensive enough to allow for larger and creative designs. Generally, there is ‘room’ to allow designs to ‘carry’ the larger, beautiful semi precious stones. Margins can still be as high as 4-5x manufacturers’ cost.

 

In-Store Selling:

 

Gold: Briefly, and in general terms, the customer’s purchase of a gold item can be a hand wringing, time consuming and emotion filled experience. (Uncle Harry where are you?) Whether its price, gold or concept related, the consumer’s decision-making process is profound.

 

Silver: In general terms, the consumer’s purchase of a silver design is, usually, on impulse. Gone are the days of wondering if a silver bracelet will turn a wrist green or if an earring will make you sick. Silver manufacturers have solved these problems through improved alloys and product plating.

 

One last thought. It should only be a matter of time, before watch companies offer silver watches.

Lover of silver jewelry

May 2nd, 2010

Cue the Trumpets. Sterling silver jewelry is hereby recognized as a viable and dynamic jewelry category by the “Main-Street” jewelry storeowner.

Wait a minute, there’s an illogic here. Numerous jewelry retail channels have already recognized silver jewelry for what it is; beautiful, creative and especially profitable.

mystery-ladyTake Tiffany & Co., for example. Over the years, Tiffany has become a retail channel by itself. Their skilled management team pioneered silver styling, (i.e. remember the 3-pronged Tiffany setting), merchandising, branding, (i.e. Elsa Peretti, Paloma Picasso) and pricing. Silver jewelry has become a strong – if not major — part of their product mix. How big a part is, of course, a carefully guarded trade secret? They’ve been doing their silver jewelry homework for decades.

“Cue the Trumpets. Silver jewelry is hereby recognized as a viable and dynamic jewelry category.”

Take major department stores, for example. Silver jewelry has become a department store staple. Just check Macy’s, (Judith Jack’s Victorian silver jewelry ‘look’), or check other department stores for popular designer brands. Silver jewelry has become an important showcase profit center.

Take the big TV shopping networks, OVC and HSN, for example. They both have a wonderful eye for combining semi-precious stones, (Malaysian Jade, Lapis Lazuli, Charoite, Blue Lace Agate, the list is endless), with silver. Some stones are even hand carved.

Where did I find all this information, you ask. For almost seven years, I owned a very successful silver jewelry brand. (I sold it a couple of years ago.) I designed and then imported the brand from Hong Kong, India, China, Thailand, Italy, Indonesia, Mexico, Africa and Canada

After all this time, I’ve acquired an understanding of silver jewelry marketing, sourcing, merchandising and pricing.
Dare I say it? I’ve developed a strong bias to silver jewelry.