Three Secrets to Bridal Business Success

1. Embrace Custom Ring-Building Programs

The economic downturn taught jewelers a crucial lesson: overstocking inventory that doesn't sell is a risky habit. Enter the new generation of custom ring-building programs, which allow both jewelers and customers to get exactly what they want without the financial risk.

"Some people might be skeptical, but I see it as a valuable addition to any existing business," says Pat Javaheri, president of Los Angeles-based Amden Jewelry. Five years ago, the 35-year-old company began crafting orders from custom ring-building programs. Since then, the number of such programs has increased by approximately 20%, according to Javaheri.

Technological advancements have significantly improved the functionality and appearance of these programs. For instance, M. Geller launched the first version of its Bridal Ring Builder in 2004 and is now on its third iteration. "We constantly monitor the competitive landscape and evolving technology," says Louis Price, Chief Operating Officer of M. Geller. The latest version includes layout and color scheme updates, as well as simplified search functions to enhance user experience.

2. Utilize "Brass-and-Glass" Inventory Programs

Retailers often hesitate to invest in diamond engagement rings that may not sell, while vendors struggle to secure the credit needed to supply entire showrooms. A growing number of suppliers now offer "brass-and-glass" inventory programs, allowing retailers to purchase engagement ring replicas made of metal alloy and cubic zirconia at a fraction of the cost.

Initially, many jewelers were resistant to this idea. "We had customers who said, 'This isn't for me; I only sell the real thing,'" recalls Dominick Gabriel of Gabriel and Co. However, these same jewelers reconsidered after seeing the success of the program in other stores. Gabriel and Co. offers eight different assortments of their best-selling mountings and allows jewelers to customize their own mixes.

Bridal consumers generally do not mind the look of the replicas or the wait time for custom orders, says Gabriel. He advises retailers to keep about 10 to 20 real sets of popular engagement ring styles on hand for those customers who need a ring immediately.

Matthew Roth, Vice President of Overnight Mountings, also notes growing acceptance of these programs. "It's been easier to overcome resistance because jewelers talk to each other. They hear that the program is working," he says.

3. Leverage Celebrity Endorsements

Colored diamonds have become a staple on the red carpet and are now making their way into bridal jewelry, thanks to endorsements from celebrities. Jennifer Lopez set the trend in 2002 when Ben Affleck proposed with a pink diamond solitaire. Although the engagement didn't last, the allure of colored diamonds was firmly established.

In recent years, several celebrity brides-to-be have been seen flaunting colored diamond rings. Country singer Carrie Underwood has been spotted with a yellow diamond ring designed by Johnathon Arndt. Kristen Bell, star of "Heroes," shows off a 3-carat natural fancy-colored brown diamond ring by Neil Lane. Supermodel Naomi Campbell reportedly sports a black diamond ring from Van Cleef & Arpels.

Robert May, Executive Director of the Natural Color Diamond Association (NCDIA), notes that many retailers still do not carry colored diamonds. However, offering even a small selection could attract customers looking for unique rings that stand out.

Interesting Stats

• The global bridal jewelry market is expected to reach $107.3 billion by 2025, growing at a CAGR of 4.2% from 2019 to 2025 (source).
• Custom jewelry sales have increased by 30% over the past five years, driven by consumer demand for unique and personalized pieces (source).
• Colored diamonds account for less than 0.1% of the world's diamond production, making them extremely rare and valuable (source).

By integrating these strategies, jewelers can not only survive but thrive in the competitive bridal market. Whether it's through custom ring-building programs, cost-effective inventory solutions, or leveraging celebrity endorsements, there are numerous ways to attract and retain customers.

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