You ARE buying gold, right?

I hope you’re not afraid to buy gold, diamonds, coins and flatware. Many jewelers are. Here’s why;

1. I can’t see myself offering pennies on the dollar for jewelry I sold years ago.

2. I’m afraid I would insult my good customers.

3. I’m not exactly sure how to do it.

4. I don’t trust my staff to do it right.

5. We’re an upscale jeweler. It would make us look cheesy, like a pawn shop.

6. I don’t have the liquid cash to pay for scrap.

7. There are too many places in town doing it already.

8. I don’t want that type of customer in my store.

9. We don’t know coins.

10. There are more reasons, but this is a pretty good start. I had to make it to 10.

I’m here today as God is my witness begging you, PLEASE DO IT! There isn’t a jeweler I know that buys gold who regrets that decision. It is an amazing financial boost to your business and creates another entire stream of traffic with which to convert to sales or repairs.

The short answers to the excuses above;

1. You’d be absolutely amazed at the number of YOUR customers who are selling the gold they bought in your store to the guys down the street. That’s right, YOUR GOOD CUSTOMERS!

2. When you explain to them that you are simply recycling the gold and refining it, they’ll understand. Tell them the price you are now paying is the scrap price. If an item is in great shape, recommend they keep it or trade it in on another piece of jewelry. Give THEM the chance to say “Oh.. no that’s fine. I just wanna get rid of it.” Also, remember the trade up. You can offer more if they take an in-store credit. Hey, now we have an opportunity to sell jewelry and look like a hero!

3. I’ll teach you. Other jewelers will teach you. Just ask the question at the bar at your next jewelry show. You’d be amazed what you can learn when you buy someone a drink.

4. If you don’t trust your staff to do it right, why are you trusting them with your inventory every day? They can learn. It’s easy.

5. This would simply be an additional service you offer, just like repairs, appraisals and jewelry cleaning. Your customers will appreciate coming to and trusting YOU rather than the kids in polo shirts down the street.

6. Find the cash. You’ll be able to turn those dollars into keystone or better profit in days. If you have to, scrap some of those pieces that have been sitting in your cases for 5 years. There! Instant cash.

7. But YOUR customers want to come to YOU.

8. Your store has a presence and will attract to it customers fitting of that presence. Plus, if someone comes in that doesn’t look like “your typical” customer, it gives you an opportunity to train your staff about not judging customers. Ask me sometime about the potato farmer with muddy boots and overalls who bought the $50k diamond for cash.

9. Coins can be simpler than jewelry and other metals because they are known format. You just need to learn how to spot the fakes. Buy a coin guy lunch at Applebee’s and he’ll tell you more than you want to know.

If you’re not buying gold and want to get started, call me. I’ll teach you how to do it very profitably for the cost of a Stuller, 14k, 7mm comfort fit band, size 10.

Go buy some gold!

Posted on by Jimmy DeGroot Posted in Blog

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