Unless you’ve been living on a remote island somewhere, you are aware of recent industry and general economic layoffs in the workforce. It was simply a matter of time that the overhang of economic stimulus would subside.
Recession has been looming for the past year or more, so the luster of what we all experienced in 2021 and even parts of 2022 has dulled. People are again traveling at all-time highs, so the industry is feeling the effects of a more historically normal (pre-COVID) business climate.
Add to this the confusion that has been caused by the disruptive nature of lab-grown diamonds. We all saw the wave of change coming, but none of us expected it would impact bridal sales like it has. The precipitous drop in prices is affecting the gross profit of jewelers who sell them and it is likely that over-production will cause further price declines.
All of this spells concerns about the future of our industry and how to navigate these uncertain times. It demands both attention and action, especially for jewelers at or nearing retirement age who may be considering a transition plan or exit strategy.
At The Gordon Company we specialize in guiding jewelers through these challenges so they can leave the business with money in their pocket and a well-deserved retirement. If you are at a point of decision-making about the future, contact us right away for a confidential, no-obligation consultation on how we can help you.