Opening an upscale jewelry store with a child- where? Please advise! Thanks!

[capecodcathy]

I'm with you Smarty. Although I have to admit I like looking at it!
It is funny, though, I've had other people in my profession from across the country who contact me to find a certain type of jewelry in my area. There's a certain cache about it. I think I'm going to start asking that store for a percentage of the sales.

[perszona]

Being a gem dealer, I just could not resist an answer... yes, you can sell a stone or jewelry for more later if you by the right thing. If you buy colored stones , ask for the certificate and ONLY BUY untreated, completely natural stones (especially with rubies and sapphires which 90% of the time are heat treated to increase saturation and color and reduce inclusions), they are more expensive but increase in value later, especially over 1 and then ESPECIALLY over 3 carats. With diamonds rings, go for the one big stone versus many small diamonds if you want value - small diamonds does not increase in value much. And, of course, try to buy a stone separately from a gem dealre and hen create a jewlery, that way you do not get the retail upmark.

As for my living somewhere... knowing now my goals and situation, which State is better to live and work in? MA, Connecticut or New York? What is the cons and pros of each? I always live in CA so I have no idea. Thanks...

[smarty]

Thanks for the explanation.

I have no idea what is the best place for you. Each place has advantage and disadvantages. I would first figure out where you want to open up the store regardless of your situation (being a single parent.) Then look for living arrangement.

There are so many Jewelery stores. As a business, you need to figure out who your customers are. Who your competitors are. What is your niche? What can you provide that others cannot. Why should they buy from you? Also, for someone/customer to believe in you (trusting you with their big $$$$), it takes a while to establish your business. This is why people go to Tiffany instead of Costco for Jewelry. Only you can answer these questions yourself. Do lots of homework. Asking question in forum like this is just a small start. Ask for contacts in this area. What people like and what they can afford around here may be very different than in CA. I suggest writing a business plan.

[perszona]

I am writing a business plan and I do know what my specialty will be, but I would need to find the place I want to be at. Because the jewelry line I want to create is high-end but still affordable (by this I mean better than most retail stores especially chains but not Harry Winston or Bulgari), I need a place with affluent people around but it does not need to be Beverly Hills (The equivalent on the East Coast, whatever city or town that might be). Because I prefer green versus the city, I do not want to do Boston or NYC (latter is too busy with jewelry as it is anyway). So... I need a pretty green town with life and some rich people in it, kind of like Carmel-by-the-Sea in CA or Santa Barbara. I do not care which State it is in. Please let me know if you have some suggestions. Thanks!

[smarty]

There is really nothing comparable to Santa Barbara. Houses are only $700K-$2million. Much cheaper than Santa Barbara.

For MA, you can try Wellesley (West), Manchester-by-the sea (North) and Hingham or Duxbury (South).

For RI, Newport.

The only concern I have for you is those towns may not have the population to support your business. You may need to be in CT... closer to NYC to get that type of income and number of people with those means.

[lorilou]

Originally Posted by smarty

There is really nothing comparable to Santa Barbara. Houses are only $700K-$2million. Much cheaper than Santa Barbara.

For MA, you can try Wellesley (West), Manchester-by-the sea (North) and Hingham or Duxbury (South).

For RI, Newport.

The only concern I have for you is those towns may not have the population to support your business. You may need to be in CT... closer to NYC to get that type of income and number of people with those means.

I agree with Smarty about the lack of support for your wonderfully specialized business (in those small towns he mentioned). Having said that, CT might be a good choice. Check out Woodbury, CT. It is a scenic, lovely small town known for its high end antiques dealers. This might work out well for you, because people come there to shop and spend money...good traffic potential. I live in MA and go there several times a year to visit their lovely collection of shops. Also, you might want to look into Natick, MA, where they have an upscale shopping center "The Natick Collection"...very nice...and I haven't seen anyone there with qualms over spending money. Good luck and welcome to MA. PS: are you sure you don't want to live back in Carmel-by-the-Sea??? What a place!

[miu]

Originally Posted by smarty

Being a man... I really do not understand why women want to pay big $$$$ for some stones. Everyone knows the mark up is in the 100s of percent. Yet, they cannot resist buying it.

What is worst... you cannot sell the diamond for the same price that you bought a few days ago.

I collect jewelry. I only buy pieces on the secondary market (used). Some from friends in the business, antique picking at shops and shows, and also eBay. I think that I've done quite well. Buying used jewelry (and there is a ton of it out there) is the best way to avoid that initial depreciation hit right after purchase. I find it best to buy high quality pieces by known designers only and the jewelry needs to be clearly marked with the maker's signature. I also stay away from the lower gold carat jewelry (14 kt or less).

With buying a large diamond to have it set by a jeweler, don't buy a new stone, but rather one that has been removed from an older piece of jewelry. Used diamonds are a better price also. And those dealers price their stones discounted from the diamond industry's Rappaport sheet.

Anyway, back to the topic at hand. My grandparents had a house in Pebble Beach. In fact, where it once stood is where the famous golf course moved their 17th hole to. Oh well. And there is no place like Carmel in MA. That is because Carmel is warm all year around. The New England seacoast is wonderful, but the traffic is very seasonal. I think that the Cape would have potential for you, particularly Provincetown, maybe Truro. Best yet would be Nantucket or Martha's Vineyard. And just work harder to make all of your money in the summertime and hope for extra sales from the locals for Christmas and Valentines Day. For summer traffic, what about in the Bershires around Tanglewood?

And imo you need some snob value to help convince the rest of your customers to pay a decently strong price for your wares. Snobby customers will help develop your name as desirable jewelry designer. My aunt is a jeweler. She teaches at a university in Seattle and has some work at the Boston MFA.

[leorah]

Rhode Island was once the jewelry capital of the US and there are still many jewelry suppliers in the Providence area. The interesting thing about the Massachusetts/RI area is that there are quite a few high-end custom jewelers who do quite well even though they are located in small towns. The Cameo Shop in Chartley and Mark Morrell in Concord come to mind. I think you would do fine almost anywhere as long as you are willing to do a lot of work to promote your business and get the foot traffic started. The Paradise City and Fine Furnishings and Jewelry shows are ideal venues for showcasing your work. There are other shows in the Boston area that would also be appropriate and would help you make contacts and generate foot and web traffic for your business.

Good luck!

[15steps]

as far as what the poster above said about cape cod, truro is a terrible place for a jewelry store, too small. nantucket sounds alright, very seasonal. you'd probably want to stay out of provincetown, there's a fine jeweler there whose been around for close to 40 years along with about half a dozen lesser shops. too much competition maybe.